CECONOMY AG Updates Financial Outlook for 2023/24

CECONOMY AG has revised its financial forecast for the business year 2023/24, now expecting an adjusted Earnings Before Interest and Taxes (EBIT) of between 290 and 310 million euros, a figure that exceeds the initial analyst predictions of 273 million euros. This uplift is attributed primarily to performance enhancements in the Western/Southern Europe segment.

The company also maintains its projection of a modest rise in overall sales, once adjusted for currency fluctuations and portfolio adjustments. Not included in the forecast are earnings impacts from associated entities, hyperinflation effects in Türkiye, or any extraordinary items linked with ongoing simplifications and digitization efforts.

For the second quarter of the fiscal year 2023/24, preliminary results show a like-for-like sales increase of 5.1%, contributing to a half-year like-for-like sales growth of 3.9%. This has resulted in a 26 million euro improvement in adjusted EBIT for the quarter compared to the same period last year, aligning with company expectations.

CECONOMY AG plans to release detailed financial results for the second quarter and first half of 2023/24 on May 15, 2024.