By Anthony Shevlin 
 

Shares in Germany's Ceconomy AG (CEC.XE) rose in early trading after the company swung to a profit in its second quarter.

The 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%.

At GMT 1105 shares in Ceconomy traded 5.3% higher at EUR5.72.

Baader Helvea analysts pointed out that sales momentum remained below expectations.

Analysts at Bryan Garnier said Ceconomy posted a "surprisingly good performance" in terms of profitability during the quarter.

 

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

 

(END) Dow Jones Newswires

May 21, 2019 07:31 ET (11:31 GMT)

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