May 17, 2018 / 5:17 AM / 3 months ago

Ceconomy sales disappoint after tax campaign ended

BERLIN, May 17 (Reuters) - Europe’s biggest consumer electronics retailer Ceconomy reported a slight decline in sales for its fiscal second quarter on Thursday after it decided not to repeat a tax refund campaign, while cost cuts helped boost operating profit.

Sales dipped 0.2 percent to 5.249 billion euros ($6.21 billion), missing average analyst forecasts for 5.28 billion. Sales rose 0.8 percent when adjusted for currency effects.

The operator of Media Markt and Saturn stores, which split from German retail conglomerate Metro last July, said earnings before interest and tax (EBIT) came in at 18 million euros, after a loss of 19 million in the same period last year.

Ceconomy kept its forecast for at least medium single-digit percentage growth in annual operating profit and a slight increase on sales of 22.16 billion euros last year. ($1 = 0.8458 euros) (Reporting by Emma Thomasson Editing by Maria Sheahan)

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