Corporate | 20 July 2011 08:00
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Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Half Year Results
Corporate News LUDWIG BECK continuing on its path to success also in the 1 st half of 2011 Munich, July 20, 2011 – After a positive 1 st quarter, the Munich fashion group LUDWIG BECK (ISIN DE 0005199905) continued its ongoing success series also in the first six months of 2011 and reported significant increases in sales and result. Development of sales Gross sales, adjusted for the closed branches, rose from EUR 42.8m to EUR 45.0m in the months from January to June 2011 which corresponds to a 5.2 % increase. Once again the fashion group was thus able to outperform the results of the textile retail trade which reported 2.0 % growth in the same period according to TextilWirtschaft. Gross sales without like-for-like adjustment reached EUR 45.0m thus remaining on last year's level (EUR 45.7m) in spite of the significant streamlining of the branch portfolio. As usual, the flagship store at Marienplatz (incl. FÜNF HÖFE) was the major sales engine contributing EUR 42.3m to overall sales thus increasing its share to approximately 95 %. In comparison to the semi-annual period last year (EUR 40.1m) sales generated by the 'Store of the Senses' climbed a staggering 5.7 %. Earnings situation The Group's gross profit amounted to EUR 19.3m in the 1 st half of 2011, corresponding to a 1.8 % improvement in comparison to the previous year (EUR 18.9m). Accordingly, the gross profit margin rose by 1.7 percentage points to 51.0 % (previous year: 49.3 %). The expense ratio experienced a slight increase and went from 41.2 % to 42.5 %. This was mainly due to special direct costs of EUR 1.2m incurred for the 150 th company anniversary. Absolute expenses against corresponding proceeds amounted to EUR 16.1m in aggregate in the 1 st half of 2011 (previous year: EUR 15.8m). Adjusted for the aforementioned non-recurring costs the expense ratio was 39.3 % (a -1.9 percentage point difference in comparison to the previous year).
On account of the favorable gross profit development, EBIT could be improved by 3.4 % to EUR 3.2m in comparison to the previous year (EUR 3.1m) – in spite of the neutral sales development and slightly increased costs. The EBIT margin went up once again and rose from 8.1 % in the previous year to 8.5 %. Earnings before taxes (EBT) climbed even more in the first six months of the fiscal year 2011. They went up from EUR 1.5m in the previous year to EUR 2.0m (+36.8 %). Accordingly, the EBT margin skyrocketed from 3.9 % in the previous year to 5.4 % in the 1
st
half of 2011.
Outlook 'We are highly satisfied with our performance in the first six months of our 150 th anniversary year', Dieter Münch, member of the Executive Board of LUDWIG BECK AG explained. 'We made it our goal for 2011 to gratify ourselves and our shareholders with a further record result. A giant stride to that end was already made in the 1 st half of 2011. We definitely confirm our forecast for the current year and expect branch-adjusted sales to rise 3 % to 4 % and earnings before taxes (EBT) to amount to EUR 9m to EUR 11m (previous year: EUR 9.9m)', Münch concluded. The detailed half-year report will be published on the Internet at www.ludwigbeck.de in the 'Financial Publications' section under 'Quarterly Reports'. 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 20.07.2011 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 | ||
| Germany | ||
| 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 |
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| 132527 20.07.2011 |