By Max Bernhard
Germany's Ceconomy AG (CEC.XE) said Tuesday that it swung to a profit in the second quarter, and backed its guidance for the financial year ahead.
The German retailer of electrical goods reported a net profit from continuing operations of 25 million euros ($27.9 million) for the quarter compared with a loss of EUR62 million the same period last year, when Ceconomy said its second-quarter result was hit by an impairment of its stake in Metro AG.
Sales from continuing operations fell 2.0% to EUR5.02 billion, the company said. On a like-for-like basis, sales declined 1.7%.
Ceconomy confirmed its outlook for the financial year 2018-2019, continuing to expect a slight on-year increase in total sales and slight declines in earnings before interest and taxes excluding Fnac Darty SA. The company said its outlook is adjusted for currency effects and portfolio changes, as well as costs tied to its reorganization and efficiency program. Expenses relating to changes in top management in the first quarter also aren't included, it said.
Write to Max Bernhard at email@example.com; @mxbernhard