European multichannel electronics retailer Ceconomy has reported total sales of €22.2bn ($24.2bn) in the financial year 2022-23, an increase of 4.7% compared to €21.8bn in fiscal 2021-22.

The retailer’s adjusted earnings before interest and taxes (EBIT) for the fiscal year 2022-23 were €243m, up 17% from €208m in the same period a year previously.

This growth was driven by performance in the bricks-and-mortar business, cost discipline and consistent margin management. The company saw sales in its stores increase by 6.6% to €16.9bn.

Ceconomy CEO Dr Karsten Wildberger stated: “Our strong performance shows that we are on the right track with our customer-centric strategy. We improve our customer experience, and we focus on new services and solutions.

“Our results speak for themselves. We have grown strongly in a challenging market environment and have significantly strengthened our market position. Our customers are already benefitting from our “experience electronics” approach which connects online and offline.”

During the fiscal year 2022-23, marketplace gross merchandise value increased to €137m, up by €72m from the previous year.

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By GlobalData

The retailer’s retail media generated income of €18m.

Sales of private label products improved in 2022-23, representing 2.4% of the fiscal year’s total sales.

Wildberger added: “This strategic realignment has not only made our organisation more efficient and streamlined, but also considerably boosted our performance. We have shown that we are agile when responding to market changes and can at the same time offer our customers a seamless and rewarding shopping experience.

“Our transformation is a strong promise to our customers, our employees and to society to actively play a part in shaping a new retail era. I am deeply grateful to our employees. Their real commitment has been crucial to our success and made these steps forward possible.”

For 2023-24, Ceconomy expects total sales to increase slightly and a clear increase in adjusted EBIT.

The retailer expects sales growth from all segments and adjusted EBIT to be driven by the company’s DACH [Germany (Deutschland), Austria and Switzerland (Confœderatio Helvetica)] and western and southern European segments.