DGAP-News: LUDWIG BECK clearly increased earnings in the 1st half of 2010
(firmenpresse) - Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Half Year Results
21.07.2010 08:01
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Munich, July 21, 2010 - The LUDWIG BECK Group (ISIN DE0005199905) continued
its success story in the 1st half of the year 2010. In the first six months
of 2010 the Munich fashion group increased gross sales 3.2 % and created a
conspicuous, 79.6 % EBIT improvement in comparison to the same period last
year.
Development of sales
Gross sales of the LUDWIG BECK Group rose from EUR 44.3m to EUR 45.7m (+
3.2 %) in the months from January to June 2010. The flagship store at
Marienplatz (including FÜNF HÖFE) consuetudinarily contributed the largest
share by generating sales in the amount of EUR 40.1m (previous year: EUR
38.5m). This corresponds to 4.0 % increase in comparison to the previous
year. Thus, LUDWIG BECK was once again able to distinguish itself favorably
from the general branch trend. According to the trade magazine
TextilWirtschaft, the German fashion trade recorded 2.0 % increase in the
same period.
Earnings situation
In the 1st half of the fiscal year 2010 gross profit at Group level went up
3.8 %, i.e. from EUR 18.2m in the 1st half of 2009 to EUR 18.9m. The gross
profit ratio could be raised 0.3 percentage points and went from 49.0 % in
the same period last year to 49.3 %.
The expense ratio (expenses against corresponding proceeds) could be
reduced by 3.1 percentage points in the 1st half of 2010 and dropped to
41.2 % (previous year: 44.4 %). The absolute amount of expenses against
corresponding proceeds was EUR 15.8m (previous year: EUR 16.5m).
The operative result (EBIT) soared 79.6 % to EUR 3.1m in comparison to EUR
1.7m in the same period of the previous year. The EBIT margin grew
accordingly by 3.4 percentage points and reached 8.1 % (previous year: 4.6
%). Marked improvement could be achieved with earnings before taxes on
income (EBT). EBT rose EUR 1.4m from EUR 0.03m to EUR 1.5m. The EBT margin
was 3.9 % (previous year: 0.1 %).
The net profit for the period of the first six months of 2010 amounted to
EUR 0.9m (previous year: EUR -1.8m). Since tax-relevant loss carry
forwards had lapsed according to Section 8c Corporate Income Tax Act (KStG)
due to the change of control of the LUDWIG BECK Group of more than 50 %,
the result of the previous year had been burdened with the non-recurring
amount of EUR -1.7m.
The earnings trend has been highly gratifying for the Group in the 1st half
of 2010 and exceeded all expectations of the company.
Outlook
'We experienced a highly successful first half of the year and are proud
that it is becoming apparent that we will even surpass the record results
of 2009 this fiscal year', Dieter Münch, member of the Executive Board of
LUDWIG BECK AG stated. 'We are indeed rewarded for our employee's
unwavering commitment and the consequent further development of our
'trading up' strategy which led us to expand our product ranges on an
ongoing basis to include exciting, exclusive brands, and to adjust our
sales rooms to the exalted ambience. We hereby confirm our earnings
forecast for the fiscal year 2010 as upgraded on July 13, 2010. We are
expecting earnings before taxes on income to exceed EUR 7.0m instead of the
formerly anticipated EUR 6.0m', Münch concluded.
The detailed half-year report will be published on the Internet at
www.ludwigbeck.com in the section 'Financial Publications' under the
heading 'Quarterly Reports'. The printed version will be available as of
July 30, 2010.
Key Figures of the Group
in EURm 01/01/2010 - 06/30/2010 (01/01/2009 - 06/30/2009)
Sales (gross) 45.7 (44.3)
Sales (net) 38.4 (37.2)
Gross profit1) 18.9 (18.2)
Earnings before interest, taxes on income and depreciation (EBITDA) 4.7
(3.6)
Operative result (EBIT) 3.1 (1.7)
Earnings before taxes on income (EBT) 1.5 (0.0)
Net profit or loss 0.9 (-1.8)
Earnings per share (in EUR) 0.25 (-0.49)
Investments 1.3 (1.5)
Employees (number as per relevant date 30/06)2) 514 (516)
1) Net profits from turnover minus costs of material used; 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(at)esvedragroup.com
Group Accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t: +49. 89. 23691 - 798
jens.schott(at)ludwigbeck.de
21.07.2010 08:01 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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(at)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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Datum: 21.07.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 24194
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Kategorie:
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