Dusseldorf, 9 February 2018 - Following a subdued first quarter, CECONOMY AG is driving ahead with its strategic agenda and accelerating the plan of action it has already put in place to ensure that it meets the targets for financial year 2017/18 which were announced back in December 2017. In addition to the absence of negative one-off effects from the previous financial year, the company will over the coming quarters reap the benefits of restructuring MediaMarkt's operations in Russia and Sweden, in particular, and eliminating losses by closing redcoon country organisations. In Italy, CECONOMY anticipates better operating results under the new management. In addition, further cost savings of around €30 million in total are planned in the administrative units at country and holding company levels. Furthermore, CECONOMY has agreed adjusted targets for the key drivers of net working capital with the country organisations and defined an appropriate plan of action that includes reducing inventories and optimising payment terms.
For further information, please see the press release.