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Ceconomy: says performance 'stabilises', shares jump

( - After a "challenging" financial year in 2017/2018, Ceconomy has "stabilised" its business in the first quarter of the new financial year 2018/19, the German consumer electronics retailer said on Friday.

From October to December, Ceconomy's sales increased by 1.7% to 6.9 billion euros, helped by successful Black Friday promotions in November.

Excluding the investment in France's Fnac Darty and costs in terms of management changes, EBITDA fell to 234 million euros, against 253 million euros a year ago.

"We increased our sales and gained market share in the first quarter," said CFO Bernhard Duettmann. "However, we continue to assume that the transformation and reorganisation of our activities will burden our performance," he added.

"In the coming months, we will continue to consistently implement our strategic initiatives and reduce our costs," Duettmann said.

Ceconomy confirmed its outlook for its financial year 2018/2019, expecting a slight increase in total sales compared to the previous year.

The market reaction clearly hailed this: the Frankfurt-listed shares are currently soaring 20.7% at 4.6 euros.

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