DUESSELDORF (dpa-AFX) - Ceconomy AG (MTAGF.PK, MTTRY.PK), a German consumer electronic firm, reported Friday that its first-quarter adjusted operating earnings or EBIT grew 8 percent to 248 million euros from last year's 230 million euros.
The improved EBIT reflected an increased gross margin and effective cost control, among other things.
Sales for the quarter dropped to 7.0 billion euros from last year's 7.1 billion euros. Adjusted for currency effects and portfolio changes, sales were up 3.7 percent year-on-year.
Ceconomy said it benefited from high customer demand in the Black Friday period and in Christmas business as well as positive development in the Western/Southern Europe and Eastern Europe segments.
The company recorded slight sales growth of 0.2 percent in online business to a total of 1.8 billion euros. The online share of total sales increased to 26.4 percent.
Individual segments were largely positive in the first quarter. In the Western/Southern Europe segment, sales rose 2.4 percent.
Marketplace sales more than doubled to 81 million euros. The Services & Solutions share of total sales was stable at 5.6 percent.
Looking ahead for fiscal 2024, the company again expects a slight increase in total sales adjusted for currency and portfolio change effects and a clear improvement in adjusted EBIT. All segments will contribute to sales growth. The expected improvement in adjusted EBIT is thanks to the DACH and Western/Southern Europe segments.
Karsten Wildberger, CEO of CECONOMY AG and MediaMarktSaturn, said, 'The successful start to the new financial year 2023/24 confirms our positive outlook for this financial year and strengthens our resolve to achieve our goal of future renewal.'
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News