MTTRY Ceconomy AG (PK)

   By Nathan Allen 
 

Ceconomy AG (CEC.XE) expects first-quarter earnings to decline, despite higher sales, the company said Friday.

The German retailer of electrical consumer goods said it expects earnings before interest and taxes of about 260 million euros ($317.8 million) in the first quarter of its financial year, down from EUR308 million a year earlier.

Sales are likely to increase 0.5% to EUR6.94 billion on a like-for-like basis, the company said.

Ceconomy said it attributes the lower earnings to Black Friday price reductions, which pushed December sales into November, and costs stemming from building up its holding, after the company spun off from Metro AG (B4B.XE) in July.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

January 19, 2018 01:25 ET (06:25 GMT)

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