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EQS-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Annual Results/Annual Report
LUDWIG BECK with positive sales development in the 2023 fiscal year
2024-03-21 / 12:25 CET/CEST
The issuer is solely responsible for the content of this announcement.
LUDWIG BECK with positive sales development in the 2023 fiscal year
Munich, March 21, 2024 - Munich-based fashion group LUDWIG BECK (ISIN DE 0005199905) experienced a mixture of ups and
downs in the 2023 fiscal year. Despite the ongoing war in Ukraine and a subdued consumer sentiment forecast for the
first quarter of 2023, LUDWIG BECK achieved an increase in sales of around 20% compared to the previous year, which had
been affected by COVID-19 effects. The second quarter was characterized by cold and rainy weather in April and May,
which somewhat dampened enthusiasm for the new spring/summer collection. Nevertheless, LUDWIG BECK managed to maintain
sales at the previous year's level in the first half of the year. In the third quarter, the prolonged summer with warm
temperatures negatively impacted the fashion trade. However, an increased demand for traditional costume fashion
partially offset the lower demand for fall/winter merchandise. In addition to challenges from many online discount
campaigns, LUDWIG BECK faced a snow chaos in Munich and a subsequent rail strike during the Christmas season.
Sales development
In the 2023 fiscal year, LUDWIG BECK (including online) generated gross sales of EUR 86.5m (previous year: EUR 83.8m). The
"textile" segment contributed EUR 63.7m (previous year: EUR 60.8m) and the "non-textile" segment EUR 22.8m (previous year: EUR
23.0m) to this sales development.
Earnings situation
Gross profit rose from EUR 35.0m to EUR 35.3m, although the gross profit margin of 48.5% was below the previous year's
figure of 49.8% due to higher price discounts.
Other income amounted to EUR 4.7m and was therefore significantly higher than the previous year's figure of EUR 3.8m.
Depreciation and amortization including finance leases amounted to EUR 6.8m (previous year:
EUR 6.4m).
Other operating expenses increased from EUR 11.8m to EUR 13.3m, mainly due to higher occupancy and selling expenses as well
as a loss on receivables of EUR 1.2m resulting from the withdrawal from a purchase agreement in connection with the sale
of a property in Hanover.
Accordingly, earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased from EUR 11.3m to EUR 9.9m.
Earnings before interest and taxes (EBIT) decreased from EUR 4.9m in the previous year to
EUR 3.1m in the 2023 fiscal year. In addition to the negative effect from the loss on receivables, the disappointing
December business was the main reason for this earnings development. LUDWIG BECK was within the planning corridor until
the end of November 2023.
The financial result, including finance leases, amounted to EUR -2.5m in the fiscal year (previous year: EUR -2.1m). The
sharp rise in short-term overdraft interest rates had an even greater negative impact on the financial result in the
2023e fiscal year than in previous years.
Earnings before taxes (EBT) amounted to EUR 0.6m (previous year: EUR 2.8m). Earnings after taxes (EAT) amounted to EUR 0.4m
(previous year: EUR 2.2m).
In the 2023 fiscal year, LUDWIG BECK AG generated net income of EUR 1.0m (previous year:
EUR -0.6m). Of this amount, EUR 0.5m was allocated to other revenue reserves. The Executive Board and Supervisory Board
will propose to the Annual General Meeting that a dividend of EUR 0.15 per share be distributed from the remaining
balance profit for the 2023 fiscal year.

Outlook
LUDWIG BECK is cautiously optimistic about the upcoming fiscal year and continuously believes in the relevance of
stationary retail. The company is planning further investments in the flagship store at Marienplatz in 2024 to create
new, fascinating shopping worlds through new designs and new brands. Despite challenging economic conditions, the
management of LUDWIG BECK AG expects gross sales between EUR 90m and EUR 93m and earnings before taxes (EBT) of between EUR
0.5m and EUR 1.8m for the 2024 fiscal year.

Further information on the company and its shares can be found on the company's website at http://
kaufhaus.ludwigbeck.de.

Key Performance Indicators

in EURm                                                                    2023 2022 
Revenues (gross)                                                         86.5 83.8 
Revenues (net)                                                           72.7 70.4 
Earnings before interest, taxes, depreciation, and amortization (EBITDA)  9.9 11.3 
Earnings before interest and taxes (EBIT)                                 3.1  4.9 
Earnings before taxes (EBT)                                               0.6  2.8 
Earnings after taxes (EAT)                                                0.4  2.2 
Equity                                                                   65.5 65.3 
Equity Ratio in %                                                        38.5 38.8 
Investments in long-term assets                                           3.2  2.4 
Number of employees (average) without trainees                            409  389 
Earnings per share (in EUR)                                                0.12 0.60 

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Contact Investor Relations: A. Deubel t: +49 89 23691 - 745 f: +49 89 23691 - 600 ir@ludwigbeck.de

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2024-03-21 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

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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:       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: 1864429

End of News EQS News Service
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1864429 2024-03-21 CET/CEST

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END) Dow Jones Newswires

March 21, 2024 07:25 ET (11:25 GMT)