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Electronics retailer Ceconomy gives downbeat forecast for 2018/19

Electronics retailer Ceconomy gives downbeat forecast for 2018/19
FILE PHOTO: A logo is pictured on a Media Markt supermarket in Conthey near Sion, Switzerland, February 9, 2018. REUTERS/Denis Balibouse/File Photo -
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Denis Balibouse(Reuters)
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BERLIN (Reuters) – Ceconomy <CECG.DE>, Europe’s biggest consumer electronics retailer, said it expects profits to fall again in the 2018/19 financial year as it tries to streamline its operations and find new top management in a challenging retail environment.

Ceconomy, which runs more than 1,000 Media Markt and Saturn stores in countries across Europe, expects operating profit to decline slightly in 2018/19, while sales adjusted for currency and portfolio changes should rise slightly.

The company, which is looking for a new chief executive and finance chief, said it would not pay a dividend for the past financial year and said it expects the retail and consumer electronics environment to remain challenging.

(Reporting by Emma Thomasson, editing by Tassilo Hummel)

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