DUESSELDORF (dpa-AFX) - Ceconomy AG (MTAGF.PK, MTTRY.PK), a German consumer electronics company, on Monday reported a rise in revenue for the second quarter, amidst an increase in demand, driven by a recovery in brick-and-mortar business and positive development in the DACH region and Turkey.
For the second quarter, the company generated sales of 5.3 billion euros, higher than last year's 5 billion euros. For the first-half, sales improved to 12.4 billion euros from 11.9 billion euros of previous year.
For the three-month period, the Dusseldorf-headquartered firm's adjusted EBIT improved by 35 million euros, year-on-year, to -23 million euros. For the first-half, adjusted EBIT was at 207 million as against 216 million euros a year ago.
There was significant growth in the brick-and-mortar business in the first-quarter. MediaMarktSaturn generated higher footfall, which increased sales by 11 percent, year-on-year, to nearly 4.2 billion euros.
Looking ahead, in the first-scenario, Ceconomy expects sales, adjusted for exchange rate effects, to increase slightly and adjusted EBIT to improve clearly in the fiscal 2022-23. This is assuming that the macroeconomic conditions will not deteriorate, and the consumer electronics market will shrink moderately at the most.
The second scenario represents the company projects a less favorable macroeconomic development than currently foreseen, which would also more sharply decrease demand in the consumer electronics market. In this case, CECONOMY would have to factor in clear declines in sales adjusted for exchange rate effects and adjusted EBIT.
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