Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG

Earnings Release • Aug 6, 2003

News Details

Corporate | 6 August 2003 11:00

Ludwig Beck am Rathauseck english

Interim Report 2003 Ludwig Beck AG Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Interim Report 2003 of LUDWIG BECK AG: Improved sales trend in the second quarter. Positive EBITDA after 6 months. New opening hours bring added sales. Munich, 6 August 2003. Following an improved sales trend in the second quarter of 2003, LUDWIG BECK (DE0005199905) succeeded in significantly reversing the downward sales movement experienced in the first quarter, gross sales at Group level over the first six months of the year totalled EUR 40.4 million, down 2.4% on the previous years figure of EUR 41.4 million. The first quarter of 2003 saw sales drop by 4.8%, only to rise in the 2nd quarter to the previous year’s level of EUR 20.2 million, thereby contributing to the aforementioned improvement. A considerable role in this development was played by the sales achieved in June, which were up by 6.3%. The new Saturday opening hours constitute a ray of hope for the German retail trade. Ludwig Beck is making full use of these, remaining open till 8:00 PM. The A1 location of its flagship store on Munichs Marienplatz means that LUDWIG BECK is reaping exponential benefit from this new legislation, and the proof lies in the fact that the store has been able to increase Saturday sales by an average 30 per cent. The two BECK branches in the Neuperlach and City-Galerie Augsburg shopping centres are showing a similar picture. At EUR 1.1 million as against the previous years figure of EUR 0.8 million, the operating result before depreciation, interest and tax (EBITDA) was already decidedly positive after the first half-year, and the result before interest and tax (EBIT) at EUR -0.7 was up on last years level of EUR -1.0 million as well. In view of the fact that the economic environment remains problematic, a general improvement in the overall mood and a resultant upward trend in consumer confidence can only then be reckoned with before 2004 if the German government goes ahead with its announced bringing forward of tax relief measures to the full extent. A further reason to hope for an improved turnover trend in the second six months of 2003 lies in the promising start made with the new opening hours. However, the priority objective has to be to improve the operating result, and the implemented cost-cutting measures will have a positive effect to this end during the second half-year as well. LUDWIG BECK intents to continue concentrating on its traditional strengths, namely high quality and competence in terms of products and service, with particular focus on meeting the needs and requirements of its customers in ensuring them a pleasant shopping experience and the pleasure of finding exactly what they are looking for. The detailed Interim Report will be appearing in printed form on 14 August 2003, and is being published in parallel on the Internet at www.ludwigbeck.de. Contact: Lothar Fiss, Investor Relations Tel. +49(0)89 23691-663, Fax +49(0)89 23691-600 Key figures of LUDWIG BECK as at 30 June 2003 in EUR million 2003 2002 Gross income 40,4 41,4 Net income 34,8 35,7 EBITDA 1,1 0,8 EBIT -0,7 -1,0 Personell 496 563 end of message, (c)DGAP 06.08.2003 ——————————————————————————– WKN: 519990; ISIN: DE0005199905; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg und Stuttgart 061100 Aug 03