September 19, 2018 / 6:48 AM / a month ago

Ceconomy CEO says medium-term targets might take longer

BERLIN, Sept 19 (Reuters) - Ceconomy might take longer to reach its medium-term targets, the chief executive said, after Europe’s biggest consumer electronics retailer cut its profit goals for its 2017/18 financial year, citing an unusually hot summer.

CEO Pieter Haas on Wednesday said it might take longer than a current target of three to five years to reach its medium-term targets, adding it was still possible that profit this year might come close to the year ago level.

Late on Tuesday, Ceconomy said it now expects earnings before interest, tax, depreciation and amortization in the financial year ending this month to drop to between 680-710 million euros ($793-$828 million) from 714 million euros before special items a year earlier. (Reporting by Emma Thomasson, editing by Riham Alkousaa)

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