The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Christian Bruns - Pareto Securities AS, Research Division - Analyst
: Christian Bruns here. I have 2 questions. First question on your gross margin decline. It was a 60-basis-point decline. And I wonder if you could give
us a feeling if this is a declining trend for years? Or should we assume stabilizing gross margins? And then, I would also like to know how that you
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FEBRUARY 08, 2019 / 9:00AM, CECG.DE - Q1 2019 Ceconomy AG Earnings Call
really counterbalance, is it margin decline which cost measure? And the second question is just when do you think the restructuring program will
be finalized, if you can give more details.
Question: Georgina Sarah Johanan - JPMorgan Chase & Co, Research Division - Analyst
: Two questions from me, please. And just firstly, with regards to January, and you obviously commented that tends to be a good promo or clearance
month. Was that comment sort of just relating to general seasonality presumably, rather than any reference to current trading? And could you give
any color on current trading? I suppose the potential that some of those January sales to consumers have been now shifted into the Black Friday
period, just given sort of phasing changes around Black Friday. And that's question one. And then question two, just on one-off effect, please. And
sorry, if I've missed it. But can you just clarify, what the one-off effects with regards to settlement claims and also the Poland one-off, I think, related
to redcoon. Could you just explain what they are, please?
Question: Georgina Sarah Johanan - JPMorgan Chase & Co, Research Division - Analyst
: And may have just one follow-up, please, on the gross margin. May I just check the -- in November and December, were gross margins in those
months actually stable or up year-on year? Or did they just fall by less than in October?
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FEBRUARY 08, 2019 / 9:00AM, CECG.DE - Q1 2019 Ceconomy AG Earnings Call
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