DÜSSELDORF (dpa-AFX) - The electronics retailer Ceconomy has specified its profit forecast thanks to good business in Western and Southern Europe. The operator of the Media Markt and Saturn consumer electronics stores is aiming for more operating profit (adjusted EBIT) for the current 2023/24 financial year than experts have on their notes. In the second quarter of the financial year, the Group posted a profit again following a loss in the same period of the previous year. On the Tradegate trading platform, the shares of the electronics retailer jumped 8.5 percent above Friday's Xetra close to EUR 2.42.

In the 2023/24 financial year (as at the end of September), earnings before interest and taxes (EBIT) adjusted for special effects are expected to increase to between 290 and 310 million euros, the SDax-listed company announced in Düsseldorf on Monday. The Western and Southern Europe region (Belgium, Italy, Luxembourg, the Netherlands and Spain) in particular is expected to contribute to this growth.

Previously, Ceconomy had only forecast a significant improvement compared to the previous year. In 2022/23, the operating result had risen by around 17 percent to 243 million euros. According to the company, analysts had on average forecast adjusted earnings before interest and taxes of 273 million euros. Adjusted for currency and portfolio effects, the company continues to expect a slight increase in turnover across all segments. In the previous financial year, revenue amounted to a good 22.2 billion euros.

In the second quarter, the electronics retailer announced that revenue adjusted for currency and portfolio effects increased by 6.5 percent according to preliminary calculations. As expected, the operating result amounted to five million euros. In the same period last year, Ceconomy had made a loss of 21 million euros. In the first six months, revenues grew by 4.8 percent and the operating profit improved by 43 million to 253 million euros.

The Düsseldorf-based company intends to publish its detailed half-year results as planned on May 15./mne/zb/nas/stk