Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Interim Report
21.10.2009
Dissemination of a Corporate News, transmitted by
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Munich, October 21, 2009 - The Munich based fashion house LUDWIG BECK (ISIN
DE 0005199905) was once again able to sustain its successful position in
the textile retail trade in the first nine months of 2009. The Group
registered a significant growth in EBIT, which went up 19.4 % as compared
to last year's reporting period.
Development of sales
While the textile retail trade had to face a 3 % minus according to
TextilWirtschaft, LUDWIG BECK was able to maintain branch-adjusted gross
sales at last year's EUR 69.0m level in the first nine months of 2009
(previous year: EUR 68.8m). Unadjusted gross sales of the LUDWIG BECK Group
were also EUR 69.0m as compared to EUR 69.5m in the previous year. The
slight decrease in branch-unadjusted sales was due to the fact that the
sales of the previous year included sales generated by the s.Oliver branch,
Regensburg, sold in September 2008. Again, sales of the flagship store at
Marienplatz in the amount of EUR 60.2m accounted for the largest portion of
group turnover and exceeded last year's level (EUR 59.8m) by EUR 0.4m.
Earnings situation
In the months from January through September, the LUDWIG BECK Group scored
a 1.6 % increase in gross profits from EUR 27.9m in last year's reporting
period to EUR 28.3m. The gross profit ratio could be improved by 1.1
percentage points from 47.8 % in the previous year to 48.9 %.
The cost ratio (expenses in comparison to corresponding proceeds) remained
at last year's level in the first nine months of 2009 and amounted to 42.5
% (previous year: 42.5 %). Absolute expenses in relation to corresponding
proceeds amounted to EUR 24.7m in the first nine months of 2009 as compared
to EUR 24.8m in the previous year.
The EBIT could be improved significantly by 19.4 % and went up from EUR
3.1m in the previous year to EUR 3.7m in the first nine months of 2009. The
EBIT margin was 6.3 % as compared to 5.3 % in the previous year. Earnings
before taxes (EBT) showed a clear EUR 0.7m plus and went up from EUR 0.4m
to EUR 1.1m.
According to § 8c of the German Corporation Income Tax Act (KStG) existing
loss carryforwards for corporation income tax and trade tax of LUDWIG BECK
were forfeited with effect as per June 30, 2009 because of the acquisition
of more than 50 % of the shares by INTRO-Verwaltungs GmbH. For that reason,
LUDWIG BECK had to write down asset-side deferred taxes in the amount of
EUR 1.7m with effect on expenses in the profit and loss account. This item
was reported under income taxes.
This tax-relevant circumstance resulted in a net loss for the first nine
months of 2009 in the amount of EUR -1.1m (previous year: EUR 0.1m).
Outlook
Economic experts generally expect a slight economic recovery. However, they
still hesitate to sound the 'all clear' signal because further setbacks
during the economy's stabilization process cannot be excluded. All in all,
the experts of the Rhine-Westphalia Institute for Economic Research (RWI)
predict a 5 % decline in economic performance for the year 2009 whereas 1.2
% growth is expected for 2010. Regarding the textile retail trade, the
German Retail Federation (HDE) confirmed its downgraded forecast of July
2009 and is now expecting the retail trade to suffer a nominal 2 % decline
in sales in 2009.
'In a continuously troubled economic environment we are particularly
content with our Group's positive earnings development,' Dieter Münch,
member of the Executive Board of LUDWIG BECK AG stated. 'The development
recorded in the last nine months clearly exceeded all our expectations,
which to us is undisputable proof that our trading-up strategy has
absolutely been the right path to follow', Dieter Münch continued.
'Therefore we are waiting for the end of the fiscal year 2009 with
optimism, and we raised our forecast for the EBT margin formerly set at 4 %
to 5 %. For the year 2010 we also expect our company to develop more
favorably than the branch in general', Dieter Münch concluded.
The detailed interim report is published on the Internet under
www.ludwigbeck.de/Investor Relations/Financial Publications. The printed
version will be available as of October 28, 2009.
Key Figures of the Group
in EURm
Jan. 1 - Sept. 30, 2009 (Jan. 1 - Sept. 30, 2008)
Gross sales (including VAT) 69.0 (69.5)
Gross profit 1) 28.3 (27.9)
Earnings before interest, taxes and depreciation (EBITDA) 6.3 (5.9)
Operative result (EBIT) 3.7 (3.1)
Earnings before taxes (EBT) 1.1 (0.4)
Net profit/net loss for the period -1.1 (0.1)
Earnings per share (in EUR) -0.31 (0.02)
Investments 1.7 (4.3)
Employees (as of Sept. 30) 2) 528 (525)
Apprentices (number) 52 (45)
1) Net profits from turnover minus costs of material used 2) Without
apprentices
Contact:
esVedra consulting GmbH
Metis Tarta-Steck
ThalkirchnerstraÃe 56
80337 Munich
t: +49 89 28 80 81 - 33
f: +49 89 28 80 81 - 49
mts@esvedragroup.com
21.10.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/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 improves results and raises forecast for 2009 EBT margin
| Source: EQS Group AG