Corporate | 20 April 2011 08:00
|
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Interim Report
Corporate News LUDWIG BECK got off to a successful start into its anniversary year and has been on track for record results also in the 1 st quarter of 2011 Munich, April 20, 2011 – The Munich fashion group LUDWIG BECK (ISIN DE 0005199905) successfully concluded the first three months of the fiscal year 2011 and was able to tie in the high sales and earnings levels of the previous year. Development of sales Gross sales of the LUDWIG BECK Group amounted to EUR 22.0m (previous year: EUR 22.3m) in the months from January to March 2011. Adjusted for the four branches closed down in comparison to the previous year, gross sales went up 3.9 % from EUR 21.2m to EUR 22.3m. As usual, the flagship store at Marienplatz (incl. FÜNF HÖFE) accounted for the largest portion and generated sales of EUR 20.4m. This corresponds to a 3.7 % increase in comparison to the previous year (EUR 19.7m). According to the trade magazine TextilWirtschaft, the German retail trade only recorded sales at par with the previous year in the period under report which was marked by a promising start into the year, a slack period in March and the lack of Easter sales due to calendrical reasons. Earnings situation In the 1 st quarter of 2011 the gross profits of EUR 9.1m achieved by the LUDWIG BECK Group were at last year's level (EUR 9.1m). The gross profit ratio went up 1.0 percentage points and came to 49.3 % in comparison to the previous year (48.3 %). The expense ratio (expenses netted against corresponding income) was 45.1 % in the 1 st quarter of 2011 (previous year: 43.0 %). This increase in comparison to the previous year was due to the fact that costs for the 150 th company anniversary in the amount of EUR 0.7m have already been incurred whereas the positive effects of the anniversary will not occur before April. The absolute amount of expenses against corresponding income was EUR 8.3m (previous year: EUR 8.1m).
EBIT came to EUR 0.8m (previous year: EUR 1.0m). The EBIT margin was 4.2 % in comparison to 5.3 % in the same period last year. In consideration of the increased expense ratio and Easter spending mainly falling into the April period, it is noteworthy that earnings before taxes on income (EBT) reached last year's level of EUR 0.2m even in the traditionally weak 1
st
quarter. The EBT margin was 1.0 % (previous year: 1.0 %).
The yield development of the Group has been highly satisfying in the first three months of 2011 and clearly exceeded the company's expectations. Outlook According to the forecast of the economic experts at the Hamburg-based Institute of International Economics (HWWI) the upturn will continue throughout the current fiscal year. However, the experts slightly lowered their expectations for economic development because of increased crude oil prices and the political turmoil in the Arabian world, and now assume that the gross domestic product will rise by 2.3 %. The effects of the nuclear disaster in Japan on the global economy have not been taken into consideration, and are unratable in the experts' opinion. According to the German Retail Federation (HDE) the retail trade was looking positively towards the coming months. The Federation anticipates nominal sales to increase 1.5 % in the fiscal year 2011; at a price-adjusted basis, this figure would be at par with last year's level. 'We are highly satisfied with the start of our anniversary year', Dieter Münch, member of the Executive Board of LUDWIG BECK AG said. 'It is our goal to permanently expand our good position in the premium segment and to convince our customers with an exclusive brand portfolio and a unique ambience. We have ambitious plans for this very special year in our history and would like to outperform the record result of the previous year. Therefore, we expect branch-adjusted sales growth to reach 3 % to 4 % and earnings before taxes (EBT) to amount to EUR 9m to EUR 11m', Münch concluded. The detailed Three Months' Report will be published on the Internet at www.ludwigbeck.de in the 'Interim Reports' section under 'Financial Publications'. Key Figures of the Group
1) Net profits from turnover minus costs of material used; 2) without apprentices
Investor Relations contact:
End of Corporate News 20.04.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG | |
| Marienplatz 11 | ||
| 80331 München | ||
| Deutschland | ||
| Phone: | +49 (0)89 2 36 91-0 | |
| Fax: | +49 (0)89 2 36 91-600 | |
| E-mail: | info@ludwigbeck.de | |
| Internet: | www.ludwigbeck.de | |
| ISIN: | DE0005199905 | |
| WKN: | 519990 | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart | |
| End of News | DGAP News-Service |
|
|
| 120726 20.04.2011 |