Ceconomy Fiscal Year 2017 Net Profit Raises on Stronger Online Sales

By Marc Navarro GonzalezFeaturesDow Jones Newswires

Ceconomy AG (CEC.XE) said Tuesday that its net profit for the year ending Sept. 30 grew 84% year-on-year, partially due to growth in its online sales business.

The German consumer-electronics group said net profit from continued operations was 1.10 billion euros ($1.30 billion) compared with EUR599 million a year earlier.

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Revenue was EUR22.16 billion, up 1.3%, while the company's earnings before interest and taxes were up 7% to EUR334 million, said Ceconomy.

The company said its online sales rose 23% and accounted for 11% of its revenue. Sales grew in all of its regions, it said, with Germany, Spain and Turkey among the main contributors.

Ceconomy, which runs retail chains Media Markt and Saturn, is the largest operator of consumer-electronics stores in Europe. It was created in July 2017 following the demerger of Metro Group into retailers Metro AG (B4B.XE) and Cecompany.

Write to Marc Navarro Gonzalez at marc.navarrogonzalez@dowjones.com

Ceconomy AG's net profit from continuing operations in the fiscal year ended Sept. 30 was EUR189 million compared with EUR152 million a year earlier, and earnings before interest and taxes grew 1.1% to EUR471 million. "Ceconomy FY 2017 Net Profit Raises on Stronger Online Sales," at 0647 GMT, misstated the net profit increase in the first paragraph and the figures in the second paragraph. The Ebit figure was also misstated in the third paragraph.

(END) Dow Jones Newswires

December 19, 2017 05:20 ET (10:20 GMT)