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General

Ceconomy plans job cuts after quarterly loss

Thursday 13 August 2020 | 16:16 CET | News
Ceconomy, the owner of retailers Media Markt and Saturn, said that its sales fell by 8.4 percent on a currency- and portfolio-adjusted basis in Q3 to around EUR 4.1 billion, mainly due to the consequences of Covid-19 lockdowns in April and May. Sales rebounded in Germany, Austria, Switzerland and Italy in May and June, while the Netherlands and Sweden showed positive development over the entire quarter. Adjusted EBIT in the third quarter reached a negative EUR 45 million compared to a loss of EUR 43 million in the same period the prior year. Savings from the reorganization and efficiency

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Categories: General
Companies: Ceconomy / MediaMarktSaturn
Countries: Europe / Germany
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