October 25, 2018 / 5:03 AM / a month ago

Electronics retailer Ceconomy blames hot weather for poor sales

BERLIN, Oct 25 (Reuters) - Ceconomy, Europe’s biggest consumer electronics retailer, reported a 3.8 percent drop in sales in its fiscal fourth-quarter, which it blamed on unusually hot weather in July and August in its home market of Germany.

Ceconomy, which earlier this month said its chief executive was leaving after a profit warning sent its shares tumbling, posted quarterly sales of 5 billion euros ($5.7 billion), with Germany, Austria and Switzerland contracting 4 percent.

Ceconomy, which runs more than 1,000 Media Markt and Saturn stores in countries across Europe, has seen its business stagnate as sales of consumer electronics have shifted online. ($1 = 0.8767 euros) (Reporting by Emma Thomasson, Editing by Tassilo Hummel)

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