DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK Group: Adverse weather conditions caused sales so far to fall below expectations in the first nine months


DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s):
9-month figures/9-month figures
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK Group:
Adverse weather conditions caused sales so far to fall below expectations in
the first nine months

25.10.2016 / 08:00
The issuer is solely responsible for the content of this announcement.

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Corporate News 

LUDWIG BECK Group: Adverse weather conditions caused sales so far to fall
below expectations in the first nine months

Munich, October 25, 2016 - The Munich fashion Group LUDWIG BECK (ISIN DE
0005199905) recorded a clear sales growth in the first nine months of the
fiscal year 2016, yet could not evade the negative conditions impacting on
the German fashion trade as a whole. Consequently, the development of sales
did not meet expectations.

Development of sales
At Group level, LUDWIG BECK generated gross sales in the amount of EUR
118.2m (previous year: EUR 100.9m). All additional sales were generated by
the WORMLAND segment acquired in May 2015; this segment had been included
in the previous year's reporting only on a pro rata temporis basis. It
contributed EUR 51.1m to Group sales (previous year pro rata temporis: EUR
30.3m). Sales of the LUDWIG BECK segment of EUR 67.2m were below last
year's level (previous year: EUR 70.6m). At the beginning of the third
quarter, cold and damp weather gave the fashion trade a hard time and
adversely affected the sell-off of summer goods. Subsequently, the heat
setting in in the middle of August spoiled the business with incoming fall
collections. Within the very same time frame, customer frequencies in the
large German cities dropped as a result of an increasing risk of terrorism
in Germany and Europe and, not least, a decline in tourist figures. This
was clearly felt at the flagship store at Marienplatz in Munich as well.

Earnings situation
Gross profit came to EUR 46.0m (previous year: EUR 39.0m). The gross profit
margin of 46.3% (previous year: 46.0%) slightly exceeded last year's level.

Personnel expenses went up to EUR 22.9m (previous year: EUR 18.4m). Other
expenses climbed to EUR 25.3m (previous year: EUR 20.1m).

Earnings before interest and taxes (EBIT) amounted to EUR -2.4m (previous
year: EUR 9.9m). It is noteworthy that the LUDWIG BECK segment achieved a
positive contribution of EUR 2.8m against all the negative framework
conditions, thus topping last year's result of EUR 2.7m. The WORMLAND
segment recorded EBIT in the amount of EUR -5,2m (previous year: EUR 7.3m).
The previous year had been favored by a non-recurring item in the amount of
EUR 9.8m linked to the acquisition of WORMLAND.

Earnings before taxes (EBT) came to EUR -3.1m (previous year: EUR 9.1m).

Earnings after taxes totaled EUR -3.6m (previous year: EUR 8.6m).

Outlook
A bundling of adverse framework conditions, especially in the third quarter
of the year under report, posed a major challenge to the Group.

This led the Executive Board to adjust its annual forecast to the
development so far. As communicated in the Ad Hoc announcement of October
1, 2016, the management expects sales of goods at Group level to reach
approximately EUR 174m and earnings before interest and taxes (EBIT) to
range between EUR 4m to EUR 5m in 2016.

Traditionally, the closing quarter makes for outstanding Christmas sales
and is by far the strongest revenue contributor for the LUDWIG BECK Group.
It definitely holds the potential for a positive surprise in every sense.

On October 26, 2016, a new WORMLAND branch will be opened in Nuremberg. The
management places confident expectations on this step.

In conclusion, Dieter Münch, member of the Executive Board of LUDWIG BECK
AG, stated: The development in the first nine months was not in any way
satisfying for us. Nevertheless, we did our homework in order to regain
some ground in the closing quarter.

The comprehensive nine-month report for the fiscal year 2016 is published
online at http://kaufhaus.ludwigbeck.de/english under Investor Relations,
in the Financial Publications section under the heading Interim Reports.

Key figures of the Group

<pre>

in  EURm                               1/1/2016 -              1/1/2015 -
                                        9/30/2016               9/30/2015
Gross sales                                 118.2                   100.9
Net sales                                    99.4                    84.7
Earnings before interest,                     0.8                    12.7
taxes, depreciation and
amortization (EBITDA)
Earnings before interest                     -2.4                     9.9
and taxes (EBIT)
Earnings before taxes                        -3.1                     9.1
(EBT)
Earnings after taxes                         -3.6                     8.6
Equity (as per reporting date                72.7                    72.8
9/30)
Equity ratio in % (as per                    52.9                    49.1
reporting date 9/30)
Earnings per share (in                      -0.98                    2.34
EUR)
Investments                                   4.0                     1.3
Number of employees                           905                     925
without apprentices (as
per reporting date 9/30)
Number of apprentices (as                      58                      66
per reporting date 9/30)


</pre>

Segment information

<pre>

in  EURm                                       LUDWIG BECK  WORMLAND  GROUP
Gross sales                                           67.2      51.1  118.2
Earnings before interest,                              5.1      -4.3    0.8
taxes, depreciation and
amortization (EBITDA)
Earnings before interest and                           2.8      -5.2   -2.4
taxes (EBIT)


</pre>

LUDWIG BECK: 
LUDWIG BECK is one of the top fashion retail companies in Germany. In 2015,
with approximately 500 employees it generated gross sales of EUR 104m (as
per December 31, 2015) on an area of about 12,400 sqm as well as through
its online shop.

LUDWIG BECK is located in the heart of Munich, directly at Marienplatz. On
seven floors the Munich fashion company showcases international fashion,
leather goods and accessories, exclusive cosmetics and with over 120,000
titles Europe's largest onsite collection of classical, jazz and world
music and audiobooks. Since the end of 2012, the singular brand portfolio
of the beauty department is also available for online shopping at
www.ludwigbeck.de. Customers can expect a unique selection of almost 10,000
products of more than 100 luxury and niche cosmetics brands.

WORMLAND:
THEO WORMLAND GmbH & Co. KG, based in Hanover, generated sales in the
amount of approximately EUR 80m (as per December 31, 2015) with 470
employees on a total area of about 14,800 sqm  in 2015. The Group of
companies is based on two differing store concepts: WORMLAND and THEO.
Today, THEO WORMLAND GmbH & Co. KG, with the opening of the new branch in
Nuremberg as of October 26, 2016, ranges among Germany's top men's fashion
retailers with a total of 15 outlets.

Investor Relations contact:
esVedra consulting GmbH
Metis Tarta
t: +49 89 20 60 21 - 210
f: +49 89 20 60 21 - 610
mt@esvedragroup.com

Group Accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t: +49 89 2 36 91 - 798
f: +49 89 2 36 91 - 600
jens.schott@ludwigbeck.de


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25.10.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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   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:      Regulated Market in Frankfurt (Prime Standard), Munich;  
                Regulated Unofficial Market in Berlin, Dusseldorf,       
                Hamburg, Stuttgart, Tradegate Exchange                   
 
 
   End of News    DGAP News Service  
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514105 25.10.2016