December 19, 2017 / 6:06 AM / a year ago

Germany's Ceconomy forecasts higher profits in 2017/18

BERLIN, Dec 19 (Reuters) - German consumer electronics retailer Ceconomy said it expected to improve profitability in the 2017/18 financial year after it lifted earnings in the last quarter in its core market Germany, as well as eastern Europe and the Netherlands.

Ceconomy, which split in July from German retail conglomerate Metro, on Tuesday forecast a slight increase in total sales in 2017/18, helped by western and southern Europe.

It expects a “mid single-digit” percentage increase in earnings before interest and taxation (EBIT), not taking into account contributions from its investment in France’s Fnac Darty , after a minimal increase in 2016/17.

Ceconomy reported fourth-quarter EBIT rose 18 percent to 244 million euros ($288 million), meeting average analyst forecasts, while it proposed a dividend of 0.26 euros per share, ahead of analyst consensus for 0.24 euros. (Reporting by Emma Thomasson; Editing by Maria Sheahan)

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