Ceconomy Shares Rise on 2Q Results
May 21 2019 - 7:46AM
Dow Jones News
By Anthony Shevlin
Shares in Germany's Ceconomy AG (CEC.XE) rose in early trading
after the company swung to a profit in its second quarter.
The retailer of electrical goods reported a net profit from
continuing operations of 25 million euros ($27.9 million) for the
quarter compared with a loss of EUR62 million the same period last
year, when Ceconomy said its second-quarter result was hit by an
impairment of its stake in Metro AG.
Sales from continuing operations fell 2.0% to EUR5.02 billion,
the company said. On a like-for-like basis, sales declined
1.7%.
At GMT 1105 shares in Ceconomy traded 5.3% higher at
EUR5.72.
Baader Helvea analysts pointed out that sales momentum remained
below expectations.
Analysts at Bryan Garnier said Ceconomy posted a "surprisingly
good performance" in terms of profitability during the quarter.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
May 21, 2019 07:31 ET (11:31 GMT)
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