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Ceconomy Q3 Sales Down - Quick Facts

Ceconomy AG (MTAGF.PK,MTTRY.PK) reported that its third-quarter sales declined 8.4 per cent on a currency- and portfolio-adjusted basis to around 4.1 billion euros, reflecting the effects of the Corona crisis and was exclusively related to the COVID-19 lockdowns in April and partly in May.

Adjusted EBIT was negative 45 million euros, compared to negative 43 million euros in the prior year.Savings from the reorganization and efficiency program also had a positive effect on earnings.

Adjusted EBIT was negatively impacted by the decline in sales in the stationary business due to the store closures in April in combination with a lower gross margin for the full quarter.

For the full year, Ceconomy now expects only a slight decline of total sales adjusted for currency effects compared to the previous year. In addition, the company expects an EBIT between 165 million euros and 185 million euros, not taking into account the earnings effects from companies accounted for using the equity method.

On Wednesday, Ceconomy said that it may reduce up to 3,500 full-time jobs in the next 24 to 36 months, primarily in foreign European countries, due to implementation of new operating model.

MediaMarktSaturn was also reviewing the store portfolio throughout Europe, due to drop in customer frequencies as a result of the COVID-19 pandemic.

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