Ceconomy Swung to 2Q Profit; Backs 2019 View
May 21 2019 - 12:54AM
Dow Jones News
By Max Bernhard
Germany's Ceconomy AG (CEC.XE) said Tuesday that it swung to a
profit in the second quarter, and backed its guidance for the
financial year ahead.
The German retailer of electrical goods reported a net profit
from continuing operations of 25 million euros ($27.9 million) for
the quarter compared with a loss of EUR62 million the same period
last year, when Ceconomy said its second-quarter result was hit by
an impairment of its stake in Metro AG.
Sales from continuing operations fell 2.0% to EUR5.02 billion,
the company said. On a like-for-like basis, sales declined
1.7%.
Ceconomy confirmed its outlook for the financial year 2018-2019,
continuing to expect a slight on-year increase in total sales and
slight declines in earnings before interest and taxes excluding
Fnac Darty SA. The company said its outlook is adjusted for
currency effects and portfolio changes, as well as costs tied to
its reorganization and efficiency program. Expenses relating to
changes in top management in the first quarter also aren't
included, it said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
May 21, 2019 01:39 ET (05:39 GMT)
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