MTTRY Ceconomy AG (PK)

   By Marc Navarro Gonzalez 
 

Ceconomy AG (CEC.XE) said Tuesday that its net profit for the year ending Sept. 30 grew 84% year-on-year, partially due to growth in its online sales business.

The German consumer-electronics group said net profit from continued operations was 1.10 billion euros ($1.30 billion) compared with EUR599 million a year earlier.

Revenue was EUR22.16 billion, up 1.3%, while the company's earnings before interest and taxes were up 7% to EUR334 million, said Ceconomy.

The company said its online sales rose 23% and accounted for 11% of its revenue. Sales grew in all of its regions, it said, with Germany, Spain and Turkey among the main contributors.

Ceconomy, which runs retail chains Media Markt and Saturn, is the largest operator of consumer-electronics stores in Europe. It was created in July 2017 following the demerger of Metro Group into retailers Metro AG (B4B.XE) and Cecompany.

Write to Marc Navarro Gonzalez at marc.navarrogonzalez@dowjones.com

(END) Dow Jones Newswires

December 19, 2017 02:02 ET (07:02 GMT)

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