DGAP-News

CECONOMY AG: Strong finish to the financial year: CECONOMY with continued good topline momentum and better than expected results in the fourth quarter

DGAP-News: CECONOMY AG / Key word(s): Development of Sales CECONOMY AG: Strong finish to the financial year: CECONOMY with continued good topline momentum and better than expected results in the fourth quarter (news with additional features) 23.10.2020 / 07:09 The issuer is solely responsible for the content of this announcement. STRONG FINISH TO THE FINANCIAL YEAR: CECONOMY WITH CONTINUED GOOD TOPLINE MOMENTUM AND BETTER THAN EXPECTED RESULTS IN THE FOURTH QUARTER

Düsseldorf, 23 October 2020

 

- Strong salesperformance continued in Q4 (+10%^1,3), especially thanks to sustained demand for work-from-home equipment and home appliances as well as successful online activities

- Online business with marked increase of +54%^2,3 in Q4, while brick & mortar sales also developed positively, jointly demonstrating the strength of the omni-channel model

- Full-year sales only slightly below prior year (-2%¹) despite more than six weeks of COVID-19 related store closures

- Full-year adjusted EBIT excl. associates at around 230 €m - well above guidance

- Sales momentum has continued into Q1 so far, but uncertainties around COVID-19 obviously remain; focus now lies on the upcoming crucial holiday season

- Strategy update scheduled for 15 December 2020 along with the full-year results presentation
 

"We have successfully managed this unprecedented time and ended the financial year better than expected. The crisis has prompted more people to make their lives at home more productive, entertaining and enjoyable. We are the go-to-destination to satisfy these needs. This is well reflected in our strong online performance and the recovery of stationary sales since the end of the lockdown. Obviously, uncertainties around COVID-19 and the wider economic outlook remain. Our focus now lies on continuing to offer customers a safe and pleasant shopping experience during the upcoming peak season. We enter the coming months with great respect, but also with self-confidence," Bernhard Düttmann, CEO of CECONOMY.