Unieuro S.p.A.: Board of Directors approves 9M 2023/24 results

Adjusted EBIT1 of Euro 10.9 million in Q3 2023/24, up 31.5% on the same period of the previous fiscal year, representing a significant acceleration compared to previous quarters, thanks to an incisive margin management policy and the major cost restructuring plan to protect profits, despite a reduction in revenue of 7.8%. The consumer electronics market saw a significant contraction of 11%2 for the Black Friday week.

9M 2023/24 Results

o Revenues of Euro 1,926.5 million, compared to Euro 2,048.6 million in the same period of the previous fiscal year, in view of the challenging macroeconomic environment and the reduction of certain product categories following years of record growth. o Adjusted EBIT of Euro 15.5 million, compared to Euro 21.2 million in the same period of FY 2022/23, due to the significant improvement in the third quarter, which partially offsets the result for the first three months of the fiscal year. o Net cash3 of Euro 104.0 million, compared to Euro 124.4 million at the beginning of the fiscal year, following the payment of dividends for Euro 9.8 million, and with a Euro 4.5 million outlay for the contract to acquire Covercare.

Outlook 2023/24: on conclusion of the Christmas period, revenues expected in the Euro 2.65-2.70 billion range; confirmation of Adjusted EBIT guidance of approximately Euro 35 million and of net cash in the Euro 20-40 million range at fiscal year-end, following the closure of the Covercare acquisition.

Forlì, January 12, 2024 - The Board of Directors of Unieuro S.p.A. (Euronext STAR Milan: UNIR), Italy's leading distributor of consumer electronics and household appliances, at a meeting today chaired by Stefano Meloni, has reviewed and approved the Interim Report at November 30, 2023.

Giancarlo Nicosanti Monterastelli, Chief Executive Officer of Unieuro, stated:

"Within a market still shaped by slowing demand and promotional pressure, we are satisfied with the significant improvement of the third quarter results, which proves the effectiveness of actions put in place.

We are even more determined to deliver the actions set out in our Strategic Plan: continuing to offer our customers the best purchasing experience on the market, while speeding up the growth of services and profits, also thanks to the recent acquisition of Covercare."

Read the press release:
https://www.emarketstorage.it/sites/default/files/comunicati/2024-01/20240112_141217.pdf

Unieuro S.p.A.
Unieuro is Italy's leading distributor of consumer electronics and household appliances, thanks to an omnichannel approach which integrates direct stores (approx. 280), affiliated sales points (approx. 260) and the unieuro.it digital platform, in addition to the pure digital player Monclick. The company is headquartered in Forlì and has a central logistics platform in Piacenza and approx. 5,700 employees. Listed on the Euronext STAR Milan since 2017, Unieuro reports revenues of Euro 2.9 billion for the fiscal year ending February 28, 2023.

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