January 18, 2018 / 9:45 PM / 3 months ago

Ceconomy say operating profit fell 16 percent in Q1

FRANKFURT, Jan 18 (Reuters) - German consumer electronics retailer Ceconomy on Thursday said its operating profit fell 16 percent in the first quarter, citing price reductions around Black Friday and costs to set up its holding company.

Preliminary earnings before interest and tax (EBIT) fell to about 260 million euros ($318 million), down from 308 million last year, the group said, adding that it expects a considerable earnings improvement in Italy. ($1 = 0.8169 euros) (Reporting by Christoph Steitz; Editing by Hugh Lawson)

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