18.07.2013
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG DE0005199905
DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: Weather conditions dominate fashion retail performance of the previous months - LUDWIG BECK earnings within expectations
DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key
word(s): Half Year Results/Half Year Results
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: Weather conditions
dominate fashion retail performance of the previous months - LUDWIG
BECK earnings within expectations
18.07.2013 / 08:00
---------------------------------------------------------------------
Corporate News
Weather conditions dominate fashion retail performance of the previous
months - LUDWIG BECK earnings within expectations
Munich, July 18, 2013 - Adverse weather conditions over long stretches of
the 1st half of the fiscal year 2013 only had a minor effect on the
financial key figures of Munich Fashion Group LUDWIG BECK (ISIN DE
0005199905). The online shop launched at the turn of the year gains further
momentum.
Development of sales
In the 1st two quarters of 2013, the LUDWIG BECK Group achieved gross sales
of EUR 43.9m compared to EUR 45.9m in the year-earlier period.
Like-for-like sales went down only EUR 0.4m, showing a 0.9% decrease - last
year's figure included EUR 1.6m from the sold Esprit branch. For
comparison: The German fashion retail closed the 1st half of 2013 with an
average 3% drop in sales.
The main reasons were the gloomiest winter on record, the coldest March in
25 years and, not least, a May that was the second-wettest month since
1881. These factors were detrimental to the entire sector and there are no
counter-strategies against them. LUDWIG BECK's online business,
ludwigbeck.de GmbH, developed in an unabatedly pleasing fashion. It proofed
to be completely weatherproof. Development of sales clearly exceeded
management's expectations.
Earnings situation
Earnings have only been partially overshadowed by unsatisfactory weather
conditions. LUDWIG BECK achieved gross profits of EUR 18.5m (previous year:
EUR 19.3m). The gross profit margin rose slightly to 50.2% (previous year:
50.0%). Last year's figure included gross profits of EUR 0.6m from the OEZ
Esprit branch, which was sold at the end of June 2012.
The expense ratio (operating expenses minus corresponding proceeds in
relation to net sales) was 42.0% compared to last year's 38.1%. The expense
ratio exactly matched the level the management expected. Absolute expenses
against corresponding income were EUR 15.5m (previous year: EUR 14.7m).
Earnings before interest and taxes (EBIT) for the 1st six months of 2013
amounted to EUR 3.0m (previous year: EUR 4.6m). The EBIT margin reached
8.2% compared to 11.8% in the previous year.
Earnings before taxes (EBT) were EUR 2.1m (previous year: EUR 3.7m). Period
net profit after minority interests amounted to EUR 1.3m compared to EUR
2.4m in 2012.
The overall earnings of the fashion Group were, despite climatic
imponderables, within the scope of the management's expectations.
Outlook
While general climatic conditions will always be unpredictable, economic
conditions are encouraging. The Institute for the World Economy (IfW)
assumes a 0.5% growth for the German Gross Domestic Product (GDP) and a
further stabilization of the economy. Real recovery, however, is thwarted
by the markets' uncertainty in regards to the reform ability of the Euro
crisis countries and the possible impact on Germany as well as a mild
recession in the Euro zone. The GDP is expected to grow by 1.8% as early as
in 2014. The Association for Consumption Research detects a level of
consumer confidence Germany has not experienced for six years - a shopping
mood that could persist for a while.
LUDWIG BECK's management counts on these positive factors and emphasizes
that, traditionally, the Group has its strongest sales in the second half
of the year. With its flagship store in a prime location at Munich
Marienplatz, its premium product range and unique store ambience it still
has the capacity and strength to balance the effects of unpredictable
weather periods for the year. The online store came off to a good start and
gives cause for excitement about growth in a dynamic market. 'We know our
strengths.' says Dieter Münch, Member of the executive board of LUDWIG
BECK. 'Our prognosis remains. We aim for earnings before taxes (EBT)
between EUR 11.0m and EUR 13.0m for the current fiscal year.'
A detailed report for the 1st half of 2012 will be published online at
http://kaufhaus.ludwigbeck.de in the Investor Relations section under
Interim Reports/Financial Publications.
Key Figures of the Group
in EURm 1/1/2013- 1/1/2012- 6/30/2013 06/30/2012 Gross sales 43.9 45.9 Net sales 36.9 38.6 Earnings before interest, taxes and depreciation (EBITDA) 4.4 6.0 Operating result (EBIT) 3.0 4.6 Earnings before taxes (EBT) 2.1 3.7 Net profit for the period after minority interests 1.3 2.4 Equity 59.1 54.2 Equity ratio 56.1 52.5 Earnings per share (in EUR) 0.35 0.65 Investments 1.2 0.7 Employees (number at relevant date 06/30)* 459 461* without apprentices Investor Relations contact: esVedra consulting GmbH Metis Tarta t: +49 89 206021-210 f: +49 89 206021-610 [email protected] Group accounting contact: LUDWIG BECK am Rathauseck Jens Schott t: +49 89 2 36 91 - 798 f: +49 89 2 36 91 - 600 [email protected] About LUDWIG BECK Founded in 1861 as a trimmings and button-making workshop with four journeymen and one apprentice, over time, LUDWIG BECK advanced to become one of the most innovative retail businesses in Germany. Located at Marienplatz in the heart of Munich, with a sales area of 11,500 m2 spread over seven floors, and close to 500 employees, LUDWIG BECK offers an extraordinary blend of goods in its selection: hip fashion, exclusive leather goods and accessories, unique beauty products, original gift ideas, traditionally exquisite sewn and knitted creations, and the finest of auditory pleasures. In 2012, LUDWIG BECK generated gross sales of EUR 103.2m and earnings before taxes (EBT) of EUR 12.1m. End of Corporate News --------------------------------------------------------------------- 18.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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: [email protected] 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 --------------------------------------------------------------------- 221701 18.07.2013
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG ISIN: DE0005199905 können Sie bei EQS abrufen
Handel , 519990 , ECK , XETR:ECK