DGAP-News: CECONOMY AG / Key word(s): Miscellaneous
COVID-19 BUSINESS UPDATE - VAST MAJORITY OF MEDIAMARKT AND SATURN STORES REMAIN OPEN
Düsseldorf, 11 November 2020
CECONOMY AG ("CECONOMY") today issues a business update, following the lockdown restrictions put in place over the last weeks, to curb the spread of the coronavirus (COVID-19) in several of its countries. In compliance with the prescribed hygiene and safety standards, the vast majority (92%) of all MediaMarkt and Saturn stores across Europe remain open as of today. Belgium is the only country where all physical stores are temporarily closed. In Poland, stores located in shopping centers are also currently closed. In both countries, stores remain open as pick-up points for online orders, to return or exchange products or request repairs. In few other countries, opening hours are restricted (e.g. in Austria and also affecting stores located in shopping malls in Italy during weekends) and capacity restrictions partly apply (e.g. in Germany).
During the first COVID-19-related lockdown, CECONOMY had shown a resilient performance and demonstrated that it can react fast to fundamentally changing conditions. Also, the Group's online platforms managed the massive surge in traffic very well without any disruptions. In response to the second wave, CECONOMY's continued priority is to protect the health and safety of its employees and customers. At the same time, the company is implementing the contingency plans developed to manage the consequences of the restrictions and closures.
To mitigate the risks of potentially stricter lockdowns and store closures during the crucial peak trading period, CECONOMY has started to stretch out the period and already executed some tactical pre-Black Friday campaigns. During this period, the company's focus is also more geared towards online than ever before. This will also help to control store traffic more effectively. As a result, sales performance in October was very strong across all countries. Despite increasingly stricter social distancing guidelines and local lockdowns, on a Group level, sales momentum has also continued to date in November. Overall, CECONOMY is well prepared to cope with these short-term uncertainties.
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To the extent that statements in this document do not relate to historical or current facts, they constitute forward-looking statements. All forward-looking statements herein are based on certain estimates, expectations and assumptions at the time of publication of this document and there can be no assurance that these estimates, expectations and assumptions are or will prove to be accurate. Furthermore, the forward-looking statements are subject to risks and uncertainties including (without limitation) future market and economic conditions, the behaviour of other market participants, investments in innovative sales formats, expansion in online and multichannel sales activities, integration of acquired businesses and achievement of anticipated cost savings and productivity gains, and the actions of public authorities and other third parties, many of which are beyond our control, that could cause actual results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this document. Accordingly, no representation or warranty (express or implied) is given that such forward-looking statements, including the underlying estimates, expectations and assumptions, are correct or complete. Readers are cautioned not to place reliance on these forward-looking statements.
This document is intended for information only, does not constitute a prospectus or similar document and should not be treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this document nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. Historical financial information contained in this document is mostly based on or derived from the consolidated (interim) financial statements for the respective period. Given the aforementioned uncertainties, (prospective) investors are cautioned not to place undue reliance on any of this information. No representation or warranty is given and no liability is assumed by CECONOMY AG, express or implied, as to the accuracy, correctness or completeness of the information contained in this document.
11.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
+49 (0)211 5408-7225
+49 (0)211 5408-7005
DE0007257503, DE0007257537, Weitere: www.ceconomy.de/de/investor-relations/
725750, 725753, Weitere: www.ceconomy.de/de/investor-relations/
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