DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG
/ Key word(s): Annual Results
LUDWIG BECK closes a challenging 2019 financial year with sales at the previous year's level
Development of sales
In the "Textile" segment, the Group generated gross sales of € 68.0m (previous year: € 68.2m). In the "Nontextile" segment, which also includes the Beauty online shop at www.ludwigbeck.de, sales of € 27.3m (previous year: € 27.4m) were realized.
In 2019, the entire German textile retail trade was struggling with climatic uncertainties, which, to say the least, caused sales in the fourth quarter with the Christmas business to fall short of expectations due to the mild temperatures. In addition, pressure from textile e-commerce companies on stationary retail has increased further.
Development of earnings
Earnings before interest and taxes (EBIT) amounted to € 7.0m (previous year: € 7.6m).
Due to the first-time impact on earnings from the application of IFRS 16 (Finance Lease) with a total amount of € -0.7m as well as the one-time special charges in connection with the sale of the WORMLAND shares and further restructuring expenses in the amount of € -1.5m, earnings before taxes (EBT) amounted to € 4.6m (previous year: € 6.9m). The result was in line with the management's forecast, which had expected earnings of between € 4m and € 5m from the continuing operations.
Earnings after taxes from discontinued operations amounted to € -17.0m (previous year: € -5.8m). Accordingly, the overall group result was € -13.9m (previous year: € -0.8m).
As of December 31, 2019, the Group's equity totaled € 61.6m (previous year: € 75.8m). The equity ratio was 34.8% (previous year: 59.9%). The equity ratio as of December 31, 2019 was significantly impacted by the first-time application of IFRS 16 in the 2019 financial year. Had the company applied the previous accounting guidelines, the equity ratio would have been 55.3%.
With a balance sheet profit of €0 for the financial year 2019, no dividend will be paid for the fiscal year 2019.
The management of the LUDWIG BECK Group originally expected gross sales of between € 95m and € 97m and earnings before taxes (EBT) of between € 3.5m and € 4.5m for the current fiscal year 2020. Due to the negative effects of the "Corona virus crisis", management is currently unable to provide a reliable forecast for sales and earnings for the 2020 financial year. The extent to which LUDWIG BECK's sales and earnings could be negatively affected by the absence of customers, supplier bottlenecks or possible official orders cannot be estimated as of today.
For further information regarding the company and the shares please refer to the corporate site at http://kaufhaus.ludwigbeck.de.
Key Figures of the Group
Contact Investor Relations:
26.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG|
|Phone:||+49 (0)89 2 36 91-0|
|Fax:||+49 (0)89 2 36 91-600|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange|
|EQS News ID:||1008367|
|End of News||DGAP News Service|