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Ceconomy Q3 Loss Narrows; Backs FY Outlook - Quick Facts

Ceconomy AG (MTAGF.PK,MTTRY.PK) reported that its third-quarter loss attributable
to shareholders narrowed to 50 million euros from 221 million euros in the prior year.

Loss from continuing operations also narrowed to 62 million euros from 90 million euros last year. Loss per share from continuing operations was 0.13 euros compared to a loss of 0.32 euros per share in the previous year.

Loss before taxes narrowed to 113 million euros from 184 million euros in the prior year. This was mainly attributable to the impairment of the stake in METRO AG in the previous year. In addition, there was a gain from the sale of the remaining 5.4 per cent stake in METRO AG completed in June.

Quarterly sales declined by 0.5 per cent year-over-year to 4.6 billion euros. Adjusted for currency and portfolio change effects, however, sales posted a slight increase of 0.2 per cent.

On a like-for-like basis, Group sales increased by 0.1 per cent and were therefore almost on previous year's level. The successful value added tax (VAT) campaigns at MediaMarkt Germany and Italy contributed to this development.

For financial year 2018/19, the company still expects a slight growth in total sales compared to the previous year. It expects both EBITDA and EBIT to decline slightly, excluding the earnings contributions from the investment in Fnac Darty.

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