(Alliance News) - Unieuro Spa announced Friday that it has approved results for the first nine months of the year 2023-2024 ended Nov. 30, which reported revenues of EUR1.92 billion from EUR2.04 billion in the same period last year.

Adjusted Ebit stood at EUR15.5 million from EUR21.2 million in the previous year, due to the substantial improvement achieved in the third quarter, which enables it to partially offset the performance in the first three months of the year, the company explained in a note.

Net cash amounted to EUR104.0 million from EUR124.4 million, after the payment of dividends of EUR9.8 million and the disbursement of EUR4.5 million related to the signing of the agreement to acquire Covercare.

In the third quarter, adjusted Ebit amounted to EUR10.9 million, up about 32 percent compared to the corresponding period of the previous year, "showing a significant acceleration compared to previous quarters, thanks to the careful margin management policy and the significant cost rationalization plan aimed at preserving profitability, despite a 7.8 percent reduction in revenues. Significant, for example, was the 11 percent contraction recorded by the consumer electronics market during the week of Black Friday," the press note said.

Looking to the future, "at the conclusion of the Christmas season, the company says it has expected revenues in the EUR2.65-2.70 billion range; confirmed guidance of Adjusted Ebit in the range of EUR35 million and net cash in the range of EUR20-EUR40 million at year-end, following the closing of the Covercare acquisition."

Giancarlo Nicosanti Monterastelli, CEO of Unieuro, commented, "In a market still conditioned by the slowdown in demand and promotional pressure, we are pleased with the consistent improvement in third quarter results, demonstrating the effectiveness of all the actions implemented. We are increasingly determined to achieve the objectives of our strategic plan: to continue to offer our customers the best shopping experience on the market and to accelerate growth in services and profitability, thanks in part to the recent acquisition of Covercare."

Unieuro trades in the green by 2.3 percent at EUR10.06 per share.

By Claudia Cavaliere, Alliance News reporter

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