17.10.2013
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG DE0005199905
DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK: Weather conditions continue to affect sales development - optimistic expectations for year-end sales
DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key
word(s): Quarter Results/Quarter Results
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK:
Weather conditions continue to affect sales development - optimistic
expectations for year-end sales
17.10.2013 / 08:00
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Corporate News
LUDWIG BECK: Weather conditions continue to affect sales development -
optimistic expectations for year-end sales
Munich, October 17, 2013 - The unusually long winter already had a
detrimental effect on spring sales for Munich Fashion Group LUDWIG BECK
(ISIN DE 0005199905). Summer brought more adverse conditions: a heat wave
and construction in the Tram network. Tram connections to the flagship
store at Munich Marienplatz were shut down for four Saturdays - the most
important sales day for LUDWIG BECK. The consequential decline in sales for
the 1st nine months of 2013 was nonetheless relatively moderate, with -0.4%
in like-for-like sales. The new online shop continued to perform very
satisfactory. The fashion retail sector recorded a 2% drop for the same
period.
Development of sales
Group gross sales amounted to EUR 68.5m for the 1st nine months of 2013
compared to EUR 70.4m in the previous year (EUR -1.9m). Last year, the
Esprit branch at Munich Shopping Mall, which was sold end of June 2012, had
contributed EUR 1.6m to Group sales. Therefore, like-for-like sales only
decreased by EUR 0.3m or 0.4%. In comparison: TW-Testclub calculated a 2%
sales loss for the German fashion retail, compared to the previous year.
The Marienplatz flagship store reached gross sales of EUR 66.7m (previous
year: EUR 67.9m), which corresponds to a loss of 1.7%. HAUTNAH at FÜNF HÖFE
and ludwigbeck.de GmbH, on the other hand, recorded sales results that
clearly exceeded management's expectations.
Earnings situation
Due to bad weather conditions, obstructions caused by construction work,
on-schedule start-up costs for ludwigbeck.de GmbH launched in December 2012
and the loss of positive results of the Esprit branch at Olympia Shopping
Mall, earnings of the Munich Fashion Group remained under last year's
level.
LUDWIG BECK generated gross profits of EUR 28.7m (previous year: EUR 29.6m)
in the 1st nine months of 2013. Last year, the recently sold Olympia
Shopping Mall Esprit branch still contributed EUR 0.6m. The gross profit
margin was at 49.8% (previous year: 50.0%).
Absolute expenses against corresponding income were at EUR 23.3m compared
to EUR 22.1m in the previous year. The expense ratio (operating expenses
minus corresponding proceeds in relation to net sales) was 40.4% compared
to 37.3%.
Thus earnings before interest and taxes (EBIT) amounted to EUR 5.4m
(previous year: EUR 7.6m). Accordingly, the EBIT margin reached 9.4% -
after 12.8% in last year's 3rd quarter.
Earnings before taxes (EBT) reached EUR 4.1m (previous year: EUR 6.2m), the
EBT margin was at 7.2% (previous year: 10.5%). Period net profits after
minority interests amounted to EUR 2.6m compared to EUR 4.1m in the 1st
nine months of 2012.
Outlook
Leading economic institutes, such as the Kiel Institute for the World
Economy (IfW) and the German Institute for Economic Research (DIW) see the
German economy gaining momentum in the course of this year and even more so
in 2014. They predict 0.5% and 0.4% growth of the German Gross Domestic
Product (GDP) for 2013; for 2014 1.8% and 1.7% are expected. The Eurozone
has come out of its recession. Despite still lingering uncertainty about
the Euro crisis among consumers, the Germans' propensity to buy will remain
on its high level, attests the Association for Consumption Research (GfK).
In recent years, LUDWIG BECK has, again and again, proven its ability to
neutralize bad weather conditions and other sales impeding effects and use
its internal strengths to generate new growth. The Group's internal
stability is based to a large part on the appeal of the LUDWIG BECK brand.
It rests securely on a near perfect location, an exclusive collection,
outstanding sales culture and the emotionally enticing flair of a
department store that is unique in all of Europe. Because of these
qualities, the company has gained the trust of investors and partners. In
the future, continuity, reliability and growth will continue to be the
determining factors for corporate development.
One example for the Group's consistency in following its upgrade strategy
is the preliminary work currently in progress for the expansion and
redesign of the lower ground floor in the flagship store at Marienplatz.
500 m2 of new sales area will be developed - a powerful impulse for LUDWIG
BECK's sustainability into the future.
Even though bad weather and detrimental construction work on the Tram
network and in close proximity of the department store at Marienplatz have
taken their toll, the management still expects earnings before taxes (EBT)
in the lower end of the predicted target range between EUR 11m and EUR 13m,
as set at the beginning of 2013. Dieter Münch, Executive Board member: 'We
are optimistic and expect the expense ratio to improve in the last quarter,
which traditionally generates the highest sales.' Sales are expected to
reach app. EUR 103m. Earlier forecasts predicted amounts of EUR 105.6m to
EUR 107.6m.
A detailed report for the 1st nine months of 2013 will be published online
at http://kaufhaus.ludwigbeck.de in the 'Interim Reports' section under
'Financial Publications'.
Key Figures of the Group
in EURm 01/01/2013 01/01/2012 - - 09/30/2013 09/30/2012 Gross sales 68.5 70.4 Net sales 57.6 59.2 Earnings before interest, taxes and depreciation (EBITDA) 7.5 9.7 Earnings before interest and taxes (EBIT) 5.4 7.6 Earnings before taxes (EBT) 4.1 6.2 Net profit for the period after minority interests 2.6 4.1 Equity 60.3 55.8 Equity ratio (in %) 55.6 51.6 Earnings per share (in EUR) 0.70 1.10 Investments 2.7 2.0 Employees (number at relevant date 9/30)1) 444 4671) 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 LUDWIG BECK AG is one of the top fashion retail companies in Germany. With 471 employees in an area of 11,557 m2 it generates EUR 103.2m in sales (December 31, 2012). Its flagship store - the Store of the Senses - is located at Marienplatz in the heart of Munich. On seven floors LUDWIG BECK presents international fashion, leather goods and accessories, and exclusive cosmetics. With more than 120,000 songs, it offers the biggest collection of classical music, jazz, world music and audio books of any physical store location in Europe. Launched at the end of 2012, LUDWIG BECK is now offering the extraordinary brand portfolio of its beauty department online at www.ludwigbeck.de. A unique selection of more than 8,000 products featuring more than 80 luxury and niche cosmetics brands awaits online customers. End of Corporate News --------------------------------------------------------------------- 17.10.2013 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 --------------------------------------------------------------------- 234961 17.10.2013
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