After the departure of CEO Pieter Haas and a tart profit slump the main group of Media Markt and Saturn take the dividend for its shareholders. The forecast for the new fiscal year holds out little hope. Investments in logistics and computer systems to bring the company back on track. In addition, the Board announced Changes in the administrative and Central units of the media market and Saturn – the cost first money.
in The financial market, the news were bad. Shortly after the start of trading, the price of the Ceconomy share price slumped by more than 13 percent in the cellar. Since the beginning of 2018, the paper has lost approximately 72 percent of their value. In the case of the investors, especially the deleted dividend is likely to provide in addition to the prospects for the current financial year, for frustration.
analysts had expected on average a dividend of 21 cents per share. However, the Executive Board sees by his own admission “no meaningful Basis for distribution of a dividend for the past financial year”. Rather, he wants to use the money to restructure the company as quickly as possible.
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“In the past financial year remained our results are below our expectations and those of our shareholders,” admitted Board member Dieter Haag whey plate. A good development of sales in the Online – and Service-business documents, however, is that the cornerstone of the strategy agreed. To the planned restructuring of the administration of the Board of Directors decide on the Details yet. In addition, it will take about half a year to fix the basic things, it was said in the Morning.
In the end of September, the past fiscal year 2017/18 Ceconomy was just barely in the black. The profit drop the company attributed to weak demand, as well as the impairment of the participation at the German retailer Metro group, whose decomposition Ceconomy of 2017 was.
the bottom line is Ceconomy earned in the twelve months to end-September, EUR 23 million to 206 million a year earlier. “In addition to the fashion Christmas business rates, weak customer frequency has been charged – reinforced by the unusually hot weather in July and August revenues and earnings further,” said the outgoing chief financial officer Mark Frese. The revenues fell – as already known – by just under a percent to 21.4 billion Euro. Especially in Germany and Switzerland, business was bad. The operating profit (Ebit) fell 15 percent to 419 million euros, exceeded the expectations of industry experts.