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By Olivia Bugault
Ceconomy AG (CEC.XE) shares sharply dropped after the German retailer of electrical goods reported its third-quarter results.
Net loss from continuing operations in its fiscal third quarter narrowed to 48 million euros ($53.8 million) from EUR104 million, while sales for the quarter edged down to EUR4.57 billion from EUR4.59 billion.
At 0834 GMT, Ceconomy shares were down 9.3% lower at EUR5.13.
Ceconomy's third-quarter sales came in line with consensus, but its adjusted loss before interest and taxes of EUR45 million--excluding Fnac Darty--was a miss, Bryan Garnier said. "The profitability pressure continues to lie on the declining gross margin, which eroded much faster than anticipated this quarter at 18.7%," the brokerage said. Competitive pressure and numerous promotional campaigns were two of the factors that weighed on Ceconomy's gross margin, it said.
Ceconomy confirmed its targets for the full fiscal year, which include slight growth in sales compared with the previous period and for net capital to decline moderately.
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(END) Dow Jones Newswires
August 13, 2019 05:05 ET (09:05 GMT)
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