Daimler Truck increases profit sharply – Thyssen-Krupp benefits from high steel prices

Poor buying mood of consumers weighs on Ceconomy

Media Markt and Saturn are feeling the effects of consumer sentiment, which has been dampened by the Russian invasion of Ukraine and high inflation. “Since June, the consumer climate has continued to deteriorate noticeably,” said Karsten Wildberger, head of the parent company of the two chains, Ceconomy, on Thursday: “Our customers are cautious about persistently high inflation and drastically rising energy costs.”

Holding Ceconomy wrote one down in the third quarter of 2021/22 117 (previous year: minus 82) million euros increased loss, as she announced on Thursday. After minorities remained a minus of 95 million euros. In view of the economic and energy crisis, Ceconomy had already canceled the forecast for the 2021/22 financial year (as of the end of September). Ceconomy now expects currency-adjusted total sales to be at the previous year’s level of EUR 21.4 billion. A slight increase in sales had previously been promised. That cleaned up operating result (EBIT) will be between 150 and 210 million euros are – and thus below the 237 million euros from the previous year.

In the third quarter of 2021/22, Ceconomy was able to Group sales up 6.3 percent to 4.7 billion euros increase. However, the sales momentum slowed down significantly in the quarter. The holding company also wrote one from April to June adjusted operating loss (EBIT) of 109 million euros – among other things, the purchase of new goods became more expensive.

Ceconomy had lost feathers in the corona pandemic with its more than 1000 MediaMarkt and Saturn branches in Europe due to official requirements. Now the fallout from inflation and high energy prices are dashed hopes of a thorough recovery. In Germany, the “consumer mood is worse than in Corona times,” complained the chief executive of the industry association HDE, Stefan Genth. “We are preparing for the fact that the environment will not improve anytime soon,” said Wildberger.


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