Press Releases

CECONOMY reports sales and earnings growth in Q3 – confirmation of full-year targets

08/14/2018

  • Adjusted for currency effects sales increased by 0.8 per cent1; significant growth in Online/Mobile and Services/Solutions
  • EBITDA increased by €21 million to €26 million
  • Impairment of Metro AG stake of around €138 million negatively impacted the financial result and EPS in Q3
  • Free cash flow to be further strengthened – net cost reduction of €250 million in total over five years

Düsseldorf, 14 August 2018 - CECONOMY AG ("CECONOMY") reached further important strategic milestones during the third quarter of the financial year 2017/18 and is on course to achieve its full-year targets. As of end of June, the company had compensated the earnings shortfall incurred in the first quarter. In the third quarter, the result (EBITDA) increased to €26 million compared to the same period in the previous year (Q3 2016/17: €4 million). EBIT improved from €–49 million in the previous year to €–30 million. Sales, adjusted for currency effects and portfolio changes, increased by 0.8 per cent from April to June. The main driver here was strong growth in the Online/Mobile and Services/Solutions business segments. In addition, the World Cup also had a positive effect. At the same time, CECONOMY has consistently implemented its strategic agenda by agreeing to acquire 15% of the Russian market leader M.video and founding the European Retail Alliance. CECONOMY was also able to further strengthen its balance sheet with a capital increase announced at the end of June and the investment of freenet AG as a new major shareholder. The capital increase has been registered in July.

The complete press release you will find here.