Germany's new Digital Minister Karsten Wildberger has left his former employer, Ceconomy, with rising revenues and profits.
The Düsseldorf-based holding company, owner of electronics retail chains Media Markt and Saturn, reported an adjusted revenue increase of 1.3 percent to €5.2 billion in the second quarter of its 2024/25 fiscal year (ending September), thanks in part to higher online shop sales. Adjusted operating profit (Ebit) rose from €5 million to €10 million between January and March. "For the ninth consecutive quarter, we are achieving sustainable growth and improving our profitability," said interim CEO Kai-Ulrich Deissner on Thursday.
Wildberger joined the cabinet of new Chancellor Friedrich Merz in April. During his tenure at Media Markt and Saturn, he focused on a tighter integration of online and brick-and-mortar business, as well as expanding service offerings. He also streamlined the electronics retailers' complex logistics chains and maintained strict cost controls. Deissner emphasized that this strategy is paying off. The former CFO stepped in as interim CEO following Wildberger's departure, while Remko Rijnders became interim CFO.
Ceconomy reaffirmed its outlook for the current 2024/25 fiscal year. The company expects a moderate increase in adjusted total revenue, with adjusted Ebit set to rise significantly. In December, Deissner stated that adjusted Ebit should increase by ten percent or more, while adjusted revenue was projected to grow by three to five percent. Ceconomy also confirmed its medium-term targets. The holding aims to boost adjusted Ebit to over €500 million by the 2025/26 fiscal year. Media Markt and Saturn currently operate around 1,000 stores across Europe.
(Reporting by Matthias Inverardi, edited by Ralf Banser. For further inquiries, please contact our newsroom at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).
