DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key
word(s): Half Year Results
LUDWIG BECK continuing on its path to success also in the 1st half of
2011
20.07.2011 / 08:00
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Corporate News
LUDWIG BECK continuing on its path to success also in the 1st half of 2011
Munich, July 20, 2011 - After a positive 1st 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. FÃNF HÃFE) 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 1st 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 150th company anniversary. Absolute expenses against corresponding
proceeds amounted to EUR 16.1m in aggregate in the 1st 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 1st half of 2011.
The net profit for the first six months of 2011 was EUR 1.4m, and thus
could be impressively improved by 46.8 % in comparison to the previous year
(EUR 0.9m).
Outlook
'We are highly satisfied with our performance in the first six months of
our 150th 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 1st 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
|[![CDATA[|[pre|]]]|]
in EURm 01/01/2011 - 01/01/2010 -
30/06/2011 30/06/2010
Sales (gross) 45.0 45.7
Sales (net) 37.8 38.4
Gross profit1) 19.3 18.9
Earnings before interest, taxes on income
and depreciation (EBITDA) 4.7 4.7
Operating result (EBIT) 3.2 3.1
Earnings before taxes on income (EBT) 2.0 1.5
Net profit for the period 1.4 0.9
Earnings per share (in EUR) 0.37 0.25
Investments 0.6 1.3
Employees (number at relevant date 30/ 453 518
06)2)
|[![CDATA[|[/pre|]]]|]
1) Net profits from turnover minus costs of material used; 2) without
apprentices
Investor Relations contact:
esVedra consulting GmbH
Metis Tarta
t: +49 89 28 80 81 - 33
f: +49 89 28 80 81 - 49
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
End of Corporate News
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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: 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
DGAP-News: LUDWIG BECK continuing on its path to success also in the 1st half of 2011
| Source: EQS Group AG