DGAP-News: Adler Modemärkte AG: ADLER sales up +4% for 9M 2011 - Store network expansion above expectation
(firmenpresse) - DGAP-News: Adler Modemärkte AG / Key word(s): Quarter Results
Adler Modemärkte AG: ADLER sales up +4% for 9M 2011 - Store network
expansion above expectation
07.11.2011 / 07:51
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PRESS RELEASE
from Adler Modemärkte AG
Overview of the first 9 months of 2011
- Revenue for the first 9 months of 2011 increased 4% to
EUR315 million
- Q3 weaker due to industry weakness
- Gross trading profit margin for first 9 month 2011
increased to 50.6% (PY 50.2%)
- Adjusted EBITDA for first 9 month 2011 EUR5.6 million (PY
EUR7.2 million)
- Further fine-tuning of turnaround successful - purchasing
further optimised
- Store expansion above expectations: 8 new stores plus
acquisition of 18 Wehmeyer stores
- Existing stores' revenue (like-for-like) up 1% to EUR293
million, Q3 EUR90.7 million due to weather
Outlook for 2011 overall
- Another 7 new store openings planned for 2011 (total to
exceed 30)
- Good sales performance expected in Q4 2011, year-end
business with strongest sales anticipated
Haibach, 7 November 2011: Adler Modemärkte AG (WKN A1H8MU, ISIN
DE000A1H8MU2) generated revenue of EUR315 million in the first nine months
of 2011, up 4% year-on-year. With this comparatively positive result, ADLER
fared better than the generally negative trend in the textile sector.
Lothar Schäfer, CEO of ADLER, stated: 'ADLER performed very good in the
first nine months. Store expansions are far above expectations, purchasing
was further optimised and sales and earnings grew until August.
Unfortunately, September was extremely weak, although it still beat the
industry average.' After the positive third quarter compared to the
industry, the Executive Board confirms the outlook for 2011 overall.
Consolidated revenue up 4% - Gross trading profit margin improved
The 4% increase in consolidated revenue also led to an improvement in the
gross trading profit margin in the first nine month of 2011. Moreover the
gross trading profit margin increased from 50.2% to 50.6%. 'The development
of adjusted net income confirms the successful fine-tuning of ADLER's new
turnaround and growth strategy', added Jochen Strack, CFO of ADLER.
'Despite the weak industry trend, higher cotton prices and the cost of
newly opened stores, ADLER's earnings remained stable.' Earnings before
interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR4.7
million in the first nine months. Adjusted EBITDA amounted to EUR5.6
million (prior-year adjusted EBITDA: EUR7.2 million).
Store expansion above expectations
As of 30 September 2011, ADLER had a total of 161 stores, of which 133 in
Germany, 26 in Austria and two in Luxembourg. ADLER had opened four new
stores in the first half of 2011: Essen, Kulmbach, Neunkirchen/Saar and
Herne. Four additional stores were opened in the third quarter of 2011:
Berlin-Reinickendorf, Hamburg-Harburg, Bad Hersfeld and Altenburg. As of 30
September, ADLER acquired 18 stores of Wehmeyer Lifestyle GmbH. Thus ADLER
has expanded by 26 stores so far in 2011 and aims to grow by another seven
stores before year's end.
Existing stores' revenue (like-for-like) up 1%
'The operational improvements are beginning to take effect. Our
repositioning in textile retail and the resumption of traditional marketing
measures are starting to bear fruit. The modernisation of ADLER stores is
proceeding and is being well received by the target group of customers aged
45' said Thomas Wanke, CSO of ADLER. Revenue for all existing stores opened
in 2009 and earlier (like-for-like comparison) was up by 1% year-on-year in
the first nine months of 2011. Due to a weather related deferred
autumn/winter-sales and in line with the entire industry, the operating
business was negatively affected by the weak September, however.
Adjusted EBITDA EUR5.6 million
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
amounted to EUR4.7 million in the first nine months. Adjusted for the costs
of the IPO, EBITDA amounted to EUR5.6 million (previous year: EUR7.2
million). Net income from continuing operations after taxes was EUR-3.7
million (previous year: EUR-0.7 million). Bottom-line consolidated net
income of the reporting period amounted to EUR-3.7 million (previous year:
EUR-0.7 million), which was equal to net income attributable to the
shareholders of Adler Modemärkte AG.
Weak Q3 - ADLER remains stable in the face of industry trend
According to information published by the Textile Industry Test Club
(Textilwirtschaft-Testclub, 'TW Testclub'), the German textile retailing
panel with most members, sales in the textile retail segment declined in
the third quarter of 2011. July and August recorded zero growth. The third
quarter ended with a double-digit sales decrease in September (-13%,
previous year: +7%). Because of September's large sales weighting, sales in
the German clothing retail segment are now -1% behind on average for the
first nine months of the year. ADLER bucked this trend by generating sales
growth of +4% in the first nine months. In Q3, however, revenue fell by 7%.
The gross trading profit margin and earnings were both negatively affected
by the industry weakness.
About Adler Modemärkte AG
Leading textile retailer in the segment over 45 years
As one of the leading textile retailers in Germany, Austria and Luxembourg,
and with more than 60 years of tradition and a high level of customer
loyalty, ADLER is, based on its own assessment, the market leader among
textile retailers for customers over 45 in Germany in the value price
segment. ADLER offers a broad and extensive range of womenswear, menswear
and lingerie. With a supplementary range consisting of accessories,
footwear, kidswear and babywear, traditional dress, sportswear and hardware
products, ADLER aims to round off its product portfolio and to exploit
existing cross-selling potential in its stores. ADLER is currently focusing
on large-space retail concepts, i.e., the space occupied by the stores it
operates is usually more than 1000 m².
Store and marketing concepts tailored to target groups
ADLER is currently implementing a variable, modular retail space concept
and can therefore react flexibly to the offering of store spaces and occupy
location-specific market niches. ADLER's product portfolio consists mainly
of own brands, the collections for which are designed and compiled to a
large extent by ADLER itself, and then produced by external manufacturers.
This is supplemented by a selected range of external brands with the goal
of attracting customers aging into the customer group of over 45 year-olds
for ADLER. The products are distributed via a broad network of more than
160 stores in Germany, Austria and Luxembourg, as well as an online store.
Contact Adler Modemärkte AG:
Investor Relations, Business and Finance media:
Markus A. Launer, Ph.D.
Transatlantic Investor Relations GbR
Investor Relations&Corporate Communications
Tel.: +49 6021 633-1828
E-mail: investorrelations(at)adler.de
Fashion and Trade media:
Johanna Krips
Public Relations, Media&Customer Service
Tel.: +49 6021 633-1504
E-mail: pressestelle(at)adler.de
End of Corporate News
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07.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Adler Modemärkte AG
Industriestraße Ost 1-7
63808 Haibach
Germany
Phone: +49 (0) 6021 633 0
Fax: +49 (0) 6021 633 1299
E-mail: info(at)adler.de
Internet: www.adlermode.com
ISIN: DE000A1H8MU2
WKN: A1H8MU
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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