Despite the lockdown, electronics retailer Ceconomy did good business with the Media Markt and Saturn brands in the Christmas quarter. Thanks to booming online shops and successful discount campaigns in November, sales, adjusted for currency and portfolio effects, were around 11, 4 percent above the previous year’s level, like the group announced on Wednesday based on preliminary figures. The electronics retailer’s operating profit also rose sharply. Nevertheless, the group warned of increased uncertainty in the coming months.

Closed branches, but good online business In the first quarter of the financial year 2020 / 21 (October to December) the Ceconomy chains Media Markt and Saturn received the effects of the Covid – 19 – pandemic across Europe to feel. In November, according to the company, an average of around 62 percent and in December even an average of around 62 percent of the branches due to Covid – 19 temporarily closed, including the markets in Germany, Austria and the Netherlands as well as the majority of the markets in Poland.

However, the group was able to more than compensate for the resulting loss in sales with the help of the booming online trade and thanks to good business in the stationary stores before they were closed. The adjusted Group earnings before interest and taxes were also 346 million euros by almost 20 percent above the previous year’s level. The decisive factors for this were the strong sales growth as well as declining personnel costs and material costs. But state support services in the pandemic also contributed to this, it was said.

Despite the good start to the financial year 2020 / 21 the electronics retailer assessed the future prospects cautiously. The development in the next few months is in view of the still difficult to estimate duration of the Covid – 19 – pandemic and the new and extended lockdown regulations in a large number of Countries “afflicted with significantly increased uncertainties”, emphasized the company.

(olb)