Ceconomy AG, the German consumer electronics retailer, announced on Wednesday that its adjusted EBIT loss for the third quarter reduced to 51 million euros, an improvement of 9 million euros compared to the previous year.
Quarterly sales rose by 6.6 percent, reaching 4.9 billion euros, up from 4.5 billion euros in the same period last year.
During the third quarter, Ceconomy and its subsidiary, MediaMarktSaturn, experienced online sales growth across all regions, recording a 9.7 percent increase to 1.0 billion euros, compared to 963 million euros previously.
Sales from the Services & Solutions segment jumped 18.1 percent year-over-year, reaching 348 million euros.
For fiscal year 2024, Ceconomy maintains its forecast for adjusted EBIT to range between 290 million euros and 310 million euros. This forecasted improvement is primarily attributed to the performance of the Western/Southern Europe segment.
Additionally, Ceconomy now projects a moderate increase in currency- and portfolio-adjusted total sales, revised from an earlier expectation of a slight increase. The Western and Southern Europe and Eastern Europe segments are anticipated to be key drivers of this sales growth.
