Dusseldorf, 19 December 2018 - In a challenging environment, the past financial year fell short of expectations, as is well known. Following the decline in earnings in 2017/18, CECONOMY has defined measures on a faster and more consistent implementation of its strategy. The Company considers the financial year 2018/19 to be a year of transition, in which it will gradually reposition itself to increase customer focus and productivity of its business. Further investments in IT and logistics are to be made in the coming months. There will be additional expenses in connection with the announced management changes at CECONOMY and, in particular, MediaMarktSaturn as well as the reorganisation of business processes in administrative and central units at MediaMarktSaturn. Details are yet to be determined. The financial year 2017/18 does not constitute a meaningful basis for a dividend payment. Therefore, the Management Board and the Supervisory Board have decided to use the available equity capital to drive forward the Company's transformation as quickly as possible. "In the past financial year, our results fell short of our expectations and those of our shareholders. However, the positive development in the Online and Service business is proof that the cornerstones of our strategy remain intact. CECONOMY is and will continue to be an exciting and, above all, profitable company with a strategy geared towards sustainable success," says Dr Dieter Haag Molkenteller, member of the Management Board of CECONOMY AG.
The complete press release you will find here.