Ceconomy: stock collapses 20% after new profit warning
(CercleFinance.com) - Yesterday evening Ceconomy launched a new warning on its 2017/2018 results, which has led the stock to collapse 20% this morning on the Frankfurt Stock Exchange.
The German consumer electronics retailer MediaMarkt and Saturn, which had already reduced forecasts on 18 September, now expect EBITDA of around 630 million euros, vs. a previous range of 680 million to 710 million euros, against 714 million euros in 2016/2017.
Meanwhile, operating profit is expected to be around 400 million euros, and no longer between 460 million and 490 million euros, after 494 million excluding extraordinary items in 2016/2017.
Excluding FX factors and changes in its consolidation scope, Ceconomy expects FY sales that are up “about” 0.2%.
Note that the group will publish its 2017/2018 sales (fiscal year ending in September) on 25 October, with FY accounts scheduled for release on 19 December.
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