Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Quarter Results
22.04.2009
Release 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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Munich, April 22, 2009 - Even in the face of the downward swing worldwide,
the LUDWIG BECK Group (ISIN DE0005199905) was once again able to distance
itself from the average 5 % drop in sales endured by the retail trade in
general, and to generate branch-adjusted gross sales on last year's level
in the 1st quarter of 2009.
Development of sales
In the months from January to March 2009 gross sales on group level
(without branch-adjustment) dropped slightly by 0.8 % and amounted to EUR
21.4m in the 1st quarter of 2009 in comparison to EUR 21.6m in the previous
year. Branch-adjusted gross sales (the Regensburg s.Oliver branch was sold
in September 2008) reached last year's level. As usual, the flagship store
at Marienplatz with sales amounting to EUR 18.6m (excl. FÜNF HÖFE)
accounted for the largest portion, slightly increased by 1.5 % as compared
to the previous year (EUR 18.3m). The development of sales was not only
influenced by unfavorable economic conditions but also by the fact that
this year's Easter sales fell in April while the year before they had
positively affected the March result.
Earnings situation
In the first three months of the fiscal year 2009 the LUDWIG BECK Group
improved gross proceeds by 1.7 % from EUR 8.4m to EUR 8.5m. The gross
profit margin ratio amounting to 47.4 % could be increased by 1.1
percentage points in comparison to the previous year (46.3 %).
The expense ratio (expenses against corresponding proceeds) could be
reduced by 0.5 percentage points to 44.9 % in the 1st quarter of 2009
(previous year: 45.4 %). Absolute expenses against corresponding proceeds
went down from EUR 8.2m in the 1st quarter of the previous year to EUR 8.1m
in the reporting period.
The EBIT development was marked by a significant EUR 0.3m increase from EUR
0.2m in the corresponding quarter of the previous year to EUR 0.5m in the
1st quarter of 2009.
The net loss which had amounted to EUR -0.5m in the 1st quarter of 2008
could be cut by 39.5 % to EUR -0.3m in the first three months of 2009.
Consequently, the development of sales in the first three months of the
fiscal year turned out to be distinctly better than expected.
Outlook
Generally, for leading economic research institutes as well as for
enterprises it proves difficult to make reliable forecasts for the further
course of the year 2009 and beyond since the presently unfolding crisis
cannot be compared to any other.
The general economic prospects for Germany remain dim: The Institute of
International Economics (HWWI) in Hamburg predicts a 3.8 % decline in the
real gross domestic product (GDP) for the year. The German Retail
Federation (HDE) diagnosed sustained market strain for the retail trade and
expects nominal retail turnover to range between 0 to -1 % in 2009.
'The framework conditions could hardly be worse. In spite of that and
actually because of that we rely exclusively on our own business
performance and development. Our 'trading-up' concept is beginning to bear
fruit', Dieter Münch, member of the Executive Board of LUDWIG BECK AG
explained. 'We are expecting significant earnings in the current fiscal
year which should exceed the 4 % EBT margin. The development of sales
presented a positive surprise to us', Münch concluded.
The detailed three months' report will also be published on the Internet
under www.ludwigbeck.de/Financial Publications. The printed version will be
available as of April 29, 2009.
Key Figures of the Group
in EURm
Jan. 1 - Mar. 31, 2009 (Jan. 1 - Mar. 31, 2008)
Gross sales (incl. sales tax) 21.4 (21.6)
Gross profit1) 8.5 (8.4)
Earnings before interest, taxes, depreciation and amortization (EBITDA) 1.3
(1.1)
Operative result (EBIT) 0.5 (0.2)
Net loss -0.3 (-0.5)
Earnings per share (in EUR) -0.09 (-0.15)
Investments 0.7 (1.0)
Employees (number)2) 513 (524)
1) Net sales minus cost of materials; 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@esvedragroup.com
Group Accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t: +49. 89. 23691 - 798
jens.schott@ludwigbeck.de
DGAP 22.04.2009
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Language: English
Issuer: 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 reported successful 1st quarter of 2009 - Sales remained on last year's level, significantly higher results surpassing all expectations
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