DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG
/ Key word(s): Half Year Report
In the first half of 2021, LUDWIG BECK suffered significant sales losses again due to the COVID-19 pandemic and officially imposed restrictions
Munich, July 22, 2021 - After the "pandemic-year" 2020 also the first half of 2021 was heavily impacted by the COVID-19 pandemic again. Coupled with the nationwide lockdowns imposed, bricks-and-mortar fashion retailers had to contend with losses of more than half of their sales versus a "normal year". Losses of almost 60% were recorded compared to 2019. According to a survey by TW Testclub, brick-and-mortar fashion retailers ended the first half of 2021 down an average of 40% on the 2020 fiscal year. The coronavirus pandemic has represented an additional severe blow to the highly competitive textile retail sector, which has already been struggling in recent years with declining customer frequencies, unfavourable weather conditions, and a weakening shopping mood.
Other operating income amounted to €5.4 million (previous year: €1.5 million). The significantly higher operating income is attributable to a first payment of the Bridging Assistance III of €4.2 million.
Personnel expenses decreased from €6.7 million in the previous year to €5.9 million. Due to the hard lockdown and the subsequent massive restrictions for the retail industry, LUDWIG BECK applied for short-time work, which relieved the earnings situation.
Earnings before interest and taxes (EBIT) improved from €-4.0 million to €-1.0 million due to the Bridging Assistance III. At €-1.2 million, the financial result was at the previous year's level. Earnings before taxes (EBT) thus amounted to €-2.3 million (previous year: €-5.2 million).
Due to deferred tax income of €0.8 million (previous year: €1.8 million), earnings after taxes amounted to €-1.5 million (previous year: €3.3 million) in the first half of 2021.
The detailed half-year report for fiscal 2021 is published on the Company's website at http://kaufhaus.ludwigbeck.de in the "Investor Relations" section, "Financial Publications" under the heading "Interim Reports".
Contact Investor Relations:
22.07.2021 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:||1220671|
|End of News||DGAP News Service|