DUESSELDORF (dpa-AFX) - Ceconomy (MTAGF.PK, MTTRY.PK) reported 8% growth in third-quarter sales, despite COVID-19 related restrictions.
Third-quarter sales amounted to €4.4 billion. Meanwhile, adjusted EBIT declined to €93 million from €-45 million, largely due to the absence of COVID-19 related support.
Sales in the first nine months of the financial year totaled €16.2 billion, up 5.4% over last year. Adjusted EBIT stood at €106 million compared to €113 million reported last year, despite nearly six-month closure of MediaMarkt and Saturn stores in Germany.
'My first impression is: the company is basically on the right track, but there is a lot to do,' said Karsten Wildberger, CEO of CECONOMY and MediaMarktSaturn since August. 'We have grown in sales despite adverse circumstances and have made further progress in implementing our strategy.'
Looking ahead, the company has updated its outlook for the current financial year 2020/21. The company now expects a slight to moderate increase in total sales and adjusted EBIT in the range of €210 million - €250 million for the 2020/21 financial year.
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