The electronics retailer Ceconomy benefited from a recovery in its stationary business in the second quarter of the 2021/22 financial year.
As the parent company of the two chains Media Markt and Saturn announced on Friday in Düsseldorf, sales rose from 4.3 billion to five billion euros in the months of January to March. This corresponds to currency- and portfolio-adjusted growth of 18.8 percent. Corona-related market closures caused a decline in the first quarter. Operating losses adjusted for special effects fell from 146 euros to 62 million euros.
Despite the uncertain environment, Ceconomy wants to increase sales slightly. “We remain confident for the rest of the year,” said CEO Karsten Wiuldberger. However, the consumer climate is burdened by the war in Ukraine and rising inflation.
The company left the Russian market in 2018, and Ceconomy is not represented in Ukraine either. The only commitment in Russia is a 15 percent financial interest in the electronics retailer M.video. The company does not exercise any rights there, it said. Since no reliable estimate can be derived from the available price data on the Moscow stock exchange, Ceconomy corrected the market value of the investment downwards from 138 million to 43 million euros with the help of an expert.
