February 8, 2019 / 6:08 AM / 2 months ago

Ceconomy maintains profit guidance after better first quarter

BERLIN, Feb 8 (Reuters) - Ceconomy, Europe’s biggest consumer electronics retailer, maintained its profit guidance for its fiscal year on Friday after its first-quarter sales beat expectations boosted by the Black Friday discount sales.

Ceconomy, which runs more than 1,000 Media Markt and Saturn stores across Europe, said sales rose 1.7 percent to 6.88 billion euros ($7.82 billion) ahead of even the most optimistic forecast in a Reuters poll.

Earnings before interest and tax, depreciation and amortisation (EBITDA) fell by 5.5 percent to 291 million euros weighed down by 34 million euros in costs related to management changes.

Ceconomy said in December it expects operating profit to decline slightly in 2018/19, while sales adjusted for currency and portfolio changes should rise slightly. It said it would not pay a dividend for 2017-18.

Reporting by Caroline Copley; editing by Thomas Seythal

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