Media Markt is suffering from the lockdown

finance

Media Markt is suffering from the lockdown

The electronics trading holding Ceconomy earned less in the first quarter of 2020/21 with the important Christmas business with a significantly increased sales bottom line. The online business flourished in the period from October to December, while the branches temporarily closed to contain the corona pandemic put a strain on the chains Media Markt and Saturn. “We would like a clear timetable, when and under what conditions we can reopen the markets,” said Ceconomy boss Bernhard Düttmann on Tuesday.

The holding company, which has thrown annual targets overboard several times in the past, has placed a big question mark behind its annual forecast because of the regulatory requirements. “We are continuously re-evaluating the situation (..), also with a view to our forecast,” said CFO Karin Sonnenmoser.

Ceconomy increased sales to 7.5 (previous year: 6.8) billion euros in the first quarter, while the adjusted operating result (EBIT) rose to 340 (319) million euros. The bottom line and after minorities, Ceconomy remained a profit of 153 (170) million euros.

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