DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG
/ Key word(s): Annual Results
Corporate News LUDWIG BECK closes fiscal year 2020 with significant sales losses due to the impact of the COVID-19 pandemic Munich, March 24, 2021 - Munich-based fashion group LUDWIG BECK (ISIN DE 0005199905) suffered a drastic decline in sales in the fiscal year 2020 due to the COVID-19 pandemic lockdown in spring 2020, the "lockdown light" in November 2020 and the renewed lockdown in mid-December 2020, which significantly affected the 4th quarter and the Christmas business, the most important quarter for the retail trade. Sales development In the "textile" segment, the Group generated gross sales of € 39.2m (previous year: € 68.0m). The "non-textile" segment, which also includes the Beauty & Fashion online shop www.ludwigbeck.de, generated sales of € 21.1m (previous year: € 27.3m). In 2020, the entire German textile retail sector as well as LUDWIG BECK were impacted by the COVID-19 pandemic and its drastic effects on the economy and consumer behaviour. A total of approximately 10 weeks of lockdown caused an enormous loss of sales, which could not be recovered. In addition, the busiest time of the year in terms of sales, the Christmas season, was strongly impacted by the tightening measures and a complete lockdown. The only encouraging development was in online sales, which, however, by far could not compensate for the drop in sales in stationary retail. Earnings situation The financial result amounted to € -2.4m (previous year: € -2.3m). Earnings before taxes (EBT) thus amounted to € -4.3m (previous year: € 4.6m). Earnings after taxes (EAT) were € -1.7m (previous year: € -13.9m). In the previous year, the result of the LUDWIG BECK subgroup amounted to € 3.4m, while the result of the WORMLAND subgroup was € -17.0m. The negative Group result for 2020 was not eased by the temporary aid scheme within the German governments coronavirus stimulus programme, as LUDWIG BECK was not among the eligible companies until the end of the fiscal year. Only personnel expenses were partially reduced by KUG ("short-time allowance") payments. To cushion the negative consequences on the company's liquidity, LUDWIG BECK raised a medium-term LfA loan in the amount of € 10.0m in the fiscal year 2020. As the retained earnings of LUDWIG BECK AG for the fiscal year 2020 amount to € 0, no dividend can be distributed for the fiscal year 2020. Outlook To mitigate the damage for the Group, LUDWIG BECK has applied for Federal Government aid in form of fixed cost reimbursements within the "Bridging Aid III" package. The extent to which the requested funds will actually flow in full cannot currently be predicted. Further information on the Company and its shares can be found on the Company's website at http://kaufhaus.ludwigbeck.de. Key Performance Indicators
*) The decline in personnel numbers is mainly related to temporary staff, who were only partially deployed due to the severely restricted Christmas business.
24.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
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: | info@ludwigbeck.de |
Internet: | www.ludwigbeck.de |
ISIN: | DE0005199905 |
WKN: | 519990 |
Listed: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange |
EQS News ID: | 1177991 |
End of News | DGAP News Service |
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1177991 24.03.2021