DGAP-Adhoc Impact of the ongoing lockdown measures and the uncertain re-opening strategy in Germany on the further CECONOMY planning for 2020/21; outlook for the financial year 2020/21 suspended
DGAP-Ad-hoc: CECONOMY AG / Key word(s): Forecast
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CECONOMY AG ("CECONOMY") achieved a strong business performance in the first quarter of financial year 2020/21, which was already fully in line with the full-year expectation in terms of earnings.
Since mid-December, however, CECONOMY's business has been increasingly impacted by the new and extended local lockdowns, particularly in Germany and the Netherlands. As the German government last night even extended the lockdown in Germany into March, contrary to expectations, and communicated that for the period thereafter the next re-opening step will only take place depending on a stable infection incidence (7-day incidence of no more than 35 new infections per 100,000 inhabitants), the original planning for the further course of the financial year 2020/21 is subject to additional uncertainties.
For this reason, the Company now considers it appropriate to suspend the outlook for financial year 2020/21 as a precaution and in light of the aforementioned uncertainties refrains from providing a new forecast for financial year 2020/21 at this time.
Increased cost efficiency and proven measures to support the operating business as well as government support (in particular short-time work) will make it possible to partly compensate the impact on CECONOMY's business development. Based on the lessons learned from the first wave of COVID-19 pandemic, the company expects that stronger catch-up effects may occur again once the stores reopen.