Earnings Release • Oct 20, 2011
Earnings Release
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Corporate | 20 October 2011 08:00
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK builds on record year 2010 and confirms forecast for 2011
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Interim Report/Interim Report
20.10.2011 / 08:00
Corporate News
LUDWIG BECK builds on record year 2010 and confirms forecast for 2011
Munich, October 20, 2011 – In the first nine months of 2011, LUDWIG BECK AG managed to build on the success of the record year 2010.
Development of sales
Like-for-like sales of the Group went up 2.2 % in comparison to the previous year, while the branch recorded 1 % loss in total. Without like-for-like calculation, sales declined – in particular as a result of distinct streamlining of the branch portfolio – by 4.6 % and amounted to EUR 69.6m (previous year: EUR 72.9m). Once again the flagship store at Marienplatz in Munich (including FÜNF HÖFE) was the mainstay generating sales in the amount of EUR 66.1m. As compared to EUR 64.3m in the previous year, the increase was 2.8 %.
Earnings situation
As a consequence of the disposal of branches the Group's gross profit came to EUR 29.5m thus sliding below last year's level (EUR 30.4m). However, the gross profit margin rose by 0.9 percentage points in total and went up from 49.6 % to 50.5 %.
In regards to the group expenses, LUDWIG BECK once again managed to further optimize its cost management. Expenses against corresponding proceeds could be cut by EUR 0.4m from EUR 23.8m to EUR 23.4m in aggregate despite special direct costs in the amount of EUR 1.2m which were incurred on occasion of the company's 150 th anniversary. The expense ratio was 40,0 % (previous year: 38.8 %). Adjusted for the non-recurring anniversary costs, the expense ratio was 37.9 %.
The company's EBIT amounted to EUR 6.2m in comparison to EUR 6.6m in the previous year. Hence, the EBIT margin of 10.6 % fell slightly below last year's level of 10.8 %.
Earnings before taxes on income (EBT) took a major leap from EUR 4.2m in the previous year to EUR 5.0m. In this regard the one-time positive effect of the tax audit, which contributed EUR 0.6m to the financial result, has to be noted. The EBT margin was 8.6 % in comparison to 6.8 % in the previous year.
Taxes on income amounted to EUR 2.6m exceeding last year's level (EUR 1.5m) by EUR 1.1m. A non-recurring effect resulting from the tax audit contributed to this result. It amounted to EUR 1.3m.
Thus the net profit for the period of the first nine months was EUR 2.4m (previous year: EUR 2.7m).
Outlook
All in all, the favorable business development of the previous year has continued. Despite the disturbing economic situation in general and a highly challenging third quarter for the retail trade due to the mild temperatures, LUDWIG BECK AG has not deviated from its successful course. The management is very pleased with the development of the flagship store at Marienplatz in Munich. It has shown once again that by embarking on the 'trading-up' concept the company followed the right strategy at the right time.
'We are looking ahead with optimism to the end of the fiscal year 2011 and the traditionally strong Christmas business. We confirm our forecast and expect branch-adjusted sales to grow between 3 % and 4 % and earnings before taxes on income (EBT) to range between EUR 9.0m and EUR 11.0m (2010: EUR 9.9m)', Dieter Münch, Member of the Executive Board of LUDWIG BECK AG, stated.
The detailed Nine Months' Report will be published on the Internet under www.ludwigbeck.de in the 'Financial Publications' section under 'Quarterly Reports'.
Key figures of the Group
| in EURm | 01/01/2011- 09/30/2011 |
01/01/2010- 09/30/2010 |
| Sales (gross) | 69.6 | 72.9 |
| Sales (net) | 58.5 | 61.3 |
| Gross profit 1) | 29.5 | 30.4 |
| Earnings before interest, taxes and depreciation (EBITDA) | 8.3 | 9.0 |
| Operating result (EBIT) | 6.2 | 6.6 |
| Earnings before taxes on income (EBT) | 5.0 | 4.2 |
| Net profit | 2.4 | 2.7 |
| Earnings per share (in EUR) | 0.64 | 0.73 |
| Investments | 1.0 | 1.6 |
| Employees (number at relevant date 09/30) 2) | 470 | 500 |
1) Net profits from turnover minus costs of material used; 2) Without apprentices
Investor Relations contact:
esVedra consulting GmbH
Metis Tarta
t: +49 89 28808 – 133
f: +49 89 28808 – 149
Group accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t: +49 89 23691 – 798
f: +49 89 23691 – 600
End of Corporate News
20.10.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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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: | [email protected] |
| 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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| 142681 20.10.2011 |
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