DÜSSELDORF (dpa-AFX) - Electronics retailer Ceconomy closed fiscal year 2022/23, which ended at the end of September, with an increase in sales. The company with its Media Markt and Saturn chains was able to significantly increase its operating result compared to the previous year. The retailer expressed confidence for the upcoming Christmas business.

The share price of the SDax-listed group rose by more than 5 percent in the morning. However, the price increase means that the stock remains in its sideways range, which has existed since the end of September. After several ups and downs, investors have also seen an increase of 5 percent over the year. The electronics retailer's figures for 2022/23 were better than expected, said one Borsian. Confidence for the important Christmas business also supported the share price.

Analyst Thilo Kleibauer from analyst firm Warburg Research is not quite as optimistic. He described the fourth quarter as "stable", but the final figures remain to be seen. In addition, the most important phase for Ceconomy is coming up at the end of the calendar year.

In the past fiscal year, earnings rose by 2.2 percent to 22.2 billion euros, as Ceconomy announced in Düsseldorf on Thursday. Adjusted for currency and portfolio effects, the increase was 4.7 percent. According to preliminary calculations, earnings before interest and taxes (EBIT) adjusted for special items rose from 208 million to 240 million euros. Ceconomy thus met its expectations, the company said. The Group had forecast a moderate currency-adjusted increase in sales and a significant improvement in adjusted EBIT.

"We made significant progress in the past fiscal year, as our strong performance in fiscal 2022/23 shows," Group CEO Karsten Wildberger commented on the figures. For example, he said, Ceconomy had made significant improvements in key strategic areas. Wildberger is confident about the first quarter of 2023/24, which includes the important Christmas business. He confirmed the medium-term earnings forecast.

In the fourth fiscal quarter, development was held back by subdued consumer sentiment in most countries. As a result, sales rose by 2.1 percent to 5.35 billion euros, or 2.4 percent after adjusting for currency and portfolio effects. Ceconomy recorded high demand for entertainment products, and here for game consoles. By contrast, interest in televisions declined. Preliminary adjusted earnings before interest and taxes were "largely" on a par with the previous year. The company plans to present final figures on December 18./nas/knd/men/nas