Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Quarter Results
22.04.2010 08:02
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Munich, April 22, 2010 - In the 1st quarter of 2010, the LUDWIG BECK Group
(ISIN DE0005199905) was able to emulate the success of the fiscal year 2009
which had been concluded with record results. The fashion group generated a
4.4 % increase in sales in the first three months of 2010 and improved EBIT
by 117.2 %.
Development of sales
In the months of January through March 2010 gross sales of the LUDWIG BECK
Group went up from EUR 21.4m to EUR 22.3m (+ 4.4 %). The flagship store at
Marienplatz generated sales in the amount of EUR 19.5m thus accounting
for the largest share as usual. This corresponds to a 4.9 % growth in
comparison to the previous year (EUR 18.6m). According to the trade paper
TextilWirtschaft, the German textile retail trade recorded an average
increase of 6.0 % in the reporting period - which was marked by the
exceptionally long and cold winter, the sudden beginning of spring, one
additional selling day in comparison to last year's period and early Easter
business.
Earnings situation
In the first three months of the fiscal year 2010 gross profits on Group
level clearly rose 6.2 % from EUR 8.5m to EUR 9.1m. The gross profit ratio
could be improved by 0.8 percentage points in total in comparison to the
previous year and went up from 47.4 % to 48.3 %.
The expense ratio (expenses against corresponding proceeds) could be
lowered by 1.9 percentage points and amounted to 43.0 % of net sales
(previous year: 44.9 %) in the 1st quarter of 2010. The absolute amount of
expenses against corresponding proceeds came to EUR 8.1m thus remaining on
last year's level (EUR 8.1m).
EBIT development underwent a significant increase in the 1st quarter of
2010 and reached EUR 1.0m, more than double the amount of the same period
last year (previous year: EUR 0.5m; +117.2 %). The EBIT margin was 5.3 % as
compared to 2.5 % in the corresponding quarter of the previous year.
Earnings before taxes on income (EBT) rose even more clearly and went up
EUR 0.6m from EUR -0.4m in the corresponding period of the previous year to
EUR 0.2m.
The net profit for the period of the first three months of 2010 amounted to
EUR 0.1m. This corresponds to a EUR 0.4m increase as compared to the same
period last year (EUR -0.3m). So, for the first time ever the LUDWIG BECK
Group generated positive earnings after taxes already in the 1st quarter of
a fiscal year.
Hence, the growth in Group earnings developed highly satisfactorily in the
first three months of 2010 and clearly exceeded the company's expectations.
Outlook
According to the estimates of leading economic research institutes the
German economy will continue on its path to recovery despite its weak start
into the year; however economic revival will progress at a moderate pace.
The Hamburg-based Institute of International Economics (HWWI) expects the
real gross domestic product (GDP) to rise 1.5 % in comparison to the
previous year. However, the pre-crisis level will not be reached before the
year 2012. Cautious improvement of the mood can also be observed in retail
trade. For the first six months of 2010 the German Retail Federation (HDE)
anticipates moderately improved retail trade sales slightly exceeding the
rather weak results of the previous year. Nevertheless, for the fiscal year
2010, the Federation forecasts 0.5 % decrease in comparison to the previous
year.
'Our start into the new decade makes us more than satisfied, and we are
proud to have been able to further improve the record results of the lapsed
fiscal year', Dieter Münch, member of the Executive Board of LUDWIG BECK AG
stated. 'We are convinced that also in the future we can rely on our
company's business performance and our successful 'trading up' strategy
implying the continuous upgrading of our range of brands as well as their
presentation in our departments. Therefore, we are still expecting earnings
before taxes on income to come to more than EUR 6.0m in the current fiscal
year, and are estimating that the EBT margin will exceed 6.9 %', Münch
concluded.
The detailed three months' report is being published on the internet at
www.ludwigbeck.de under the heading 'Financial Publications', subheading
'Quarterly Reports'. The printed version will be available from April 29,
2010 on.
Key figures of the Group
in EURm 01/01/2010 - 31/03/2010 (01/01/2009 - 31/03/2009)
Gross sales (including VAT) 22.3 (21.4)
Gross profit1) 9.1 (8.5)
Earnings before interests, taxes on income, depreciation and amortization
(EBITDA) 1.8 (1.3)
Operational result (EBIT) 1.0 (0.5)
Earnings before taxes on income (EBT) 0.2 (-0.4)
Net profit or loss for the period 0.1 (-0.3)
Earnings per share (in EUR) 0.02 (-0.09)
Investments 1.0 (0.7)
Employees (number at relevant date 31/03)2) 510 (513)
1) Net sales minus cost of materials; 2) Without apprentices
Investor Relations contact:
esVedra consulting GmbH
Metis Tarta-Steck
t: +49. 89. 28 80 81 - 33
f: +49. 89. 28 80 81 - 49
mts@esvedragroup.com
Group accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t: +49. 89. 23691 - 798
jens.schott@ludwigbeck.de
22.04.2010 08:02 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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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
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DGAP-News: LUDWIG BECK continues to perform particularly successfully in the 1st quarter of 2010 - Operational result doubled
| Source: EQS Group AG