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By Sarah Sloat
Shares in German retailer Ceconomy AG (CEC.XE) traded higher Thursday after the company said that its earnings would be better than expected.
Ceconomy late Wednesday said that its earnings before interest and taxes as well as its earnings before interest, taxes, depreciation and amortization for the 2019 fiscal year were at the level of the previous year, despite the company having forecast a slight decline in each.
At 0735 GMT, shares traded 4.0% higher at EUR4.59.
The company attributed the earnings development to better-than-expected operational business in Spain, Italy and Germany in the fourth quarter.
Sales in the fiscal year that ended Sept. 30 grew by 0.2%, or about 0.8% adjusted for currency and portfolio effects, the retailer said.
According to a trader, the market had been expecting more disappointing figures after the company parted ways with its chief executive last week. Joern Werner, who had only been serving as CEO since March, was replaced by supervisory board member Bernhard Duettmann, whose appointment is for 12 months.
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(END) Dow Jones Newswires
October 24, 2019 04:07 ET (08:07 GMT)
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