Ceconomy’s Q1 performance was slightly below our expectations. This was mainly attributable to COVID-19-led restrictions (especially in the DACH region), supply-related disruptions and a cyber-attack in November (we see it as a one-off). However, the retailer’s exit rate has been quite encouraging and the trading conditions are also likely to improve gradually. We concur with the management’s outlook for FY21/22. While DACH needs to be overhauled better, the other issues are non-structural in na ....
