DJ EQS-News: LUDWIG BECK - In a successful start to 2024, LUDWIG BECK further increases sales and operating earnings compared to the same period of the previous year

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EQS-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Quarterly / Interim Statement
LUDWIG BECK - In a successful start to 2024, LUDWIG BECK further increases sales and operating earnings compared to the
same period of the previous year
2024-04-18 / 08:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
CORPORATE QUARTERLY STATEMENT
For the first quarter of the fiscal year 2024
For the period from January 1 to March 31, 2024

LUDWIG BECK - In a successful start to 2024, LUDWIG BECK further increases sales and operating earnings compared to the
same period of the previous year
München, April 18, 2024 - The Munich-based fashion group LUDWIG BECK (ISIN DE 0005199905) ended the first quarter of
2024 with a significant increase in sales of around 6% compared to the same period of the previous year, even though
the Group closed the first quarter of the previous year with a plus of almost 20% compared to the 2022 financial year.
Economic environment and development in the retail industry
The year started as the previous one ended-with companies operating in the German fashion industry filing for
insolvency. This affects retailers and manufacturers as well as owners and developers of retail property. These
continued insolvencies indicate that the industry continues to face significant challenges, including due to ongoing
economic uncertainties or structural changes in consumer behaviour.
Due to black ice, farmers' and railway strikes in January, the new year got off to a rather sluggish start for
brick-and-mortar fashion retailers. In the first two months of the year, bricks-and-mortar fashion retailers only
recorded moderate growth of 1% in each month. However, interest in fashion gained momentum in March thanks to new
collections, events, and the spring-like weather. The fall in inflation also contributed to the improvement in consumer
sentiment, which benefited bricks-and-mortar fashion retailers. Although the industry's year-on-year figures were very
high with an increase of 16%, the first quarter of 2024 closed with industry growth of 4%.

GENERAL PRESENTATION OF FIGURES IN THE INTERIM STATEMENT
All sums and figures in the text and tables were calculated precisely and then rounded to
EUR million. The percentages in the text and tables were calculated using the exact (not rounded) values.

CONSOLIDATED EARNINGS SITUATION
Development of sales
In the first three months of the fiscal year 2024, the LUDWIG BECK Group generated gross sales of EUR 18.7m (previous
year: EUR 17.7m). With an increase in sales of just under 6%, LUDWIG BECK's sales growth was above the industry average
of 4%. Sales in the "textile" segment amounted to EUR 14.2m (previous year: EUR 12.7m) and in the "non-textile" segment to
EUR 4.5m (previous year: EUR 4.9m). In the online segment, LUDWIG BECK increased its sales in fashion compared with the
year earlier. However, revenues declined slightly in the beauty segment.
Profitability of the Group
Gross profit improved with sales development from EUR 6.8m in absolute terms to EUR 7.0m. Due to higher sales of reduced
autumn/winter merchandise, the net gross profit margin declined from 45.6% to 44.7%.
Operating expenses netted against operating income in the first quarter totalled EUR 8.0m (previous year: EUR 7.9m).
The operating result (EBIT) improved slightly to EUR -0.9m from EUR -1.2m.
Due to higher interest rates, the financial result declined from EUR -0.6m in the previous year to EUR -0.8m in this year's
quarter. As in the previous year, earnings before taxes (EBT) totalled EUR -1.7m.
Earnings after taxes (EAT) were EUR -1.1m, as in the previous year.

CAPITAL STRUCTURE
Balance sheet structure
Total assets of the LUDWIG BECK Group as of March 31, 2024, amounted to EUR 170.3m (December 31, 2023: EUR 169.8m).
As in the previous year, the main components of long-term assets were the rights of use for rental agreements (EUR 59.1m)
and the property at Munich's Marienplatz (EUR 69.8m). Long-term assets totalled EUR 153.2m as of March 31, 2024 (December
31, 2023: EUR 153.8m).
Short-term assets amounted to EUR 17.1m (December 31, 2023: EUR 16.0m). Inventories included in this figure increased from
EUR 12.4m to EUR 13.6m due to seasonal factors.
Cash and cash equivalents amounted to EUR 0.5m (December 31, 2023: EUR 0.5m).

FINANCIAL POSITION
Balance sheet structure
As of March 31, 2024, the LUDWIG BECK Group had equity capital of EUR 64.3m (December 31, 2023: EUR 65.5m). The equity
ratio was 37.7% (December 31, 2023: 38.5%).
Long-term liabilities increased from EUR 71.2m as of December 31, 2023, to EUR 79.5m, mainly due to taking out two
long-term loans in the amount of EUR 10.0m in March of the current fiscal year. The Group took out these loans to
optimise its financing structure. Thus, the more expensive short-term overdraft utilisation was reduced with the help
of lower-interest loans.
Short-term liabilities fell accordingly from EUR 33.2m as of December 31, 2023, to EUR 26.5m at the end of March 2024, with
the financing of the seasonally higher inventory and the negative result for the first quarter having the opposite
effect.
In total, the Group's liabilities amounted to EUR 106.0m as of the reporting date of March 31, 2024 (December 31, 2023: EUR
104.4m).

Cash flow
The cash flow from operating activities after the first three months of 2024 was EUR -1.6m (previous year: EUR -2.2m). The
cash flow from investing activities in the same period was
EUR -0.4m (previous year: EUR -1.3m). Cash flow from financing activities was EUR 2.1m (previous year: EUR 3.4m).

EMPLOYEES
The number of employees (pursuant to Section 267 (5) HGB) in the first three months of the fiscal year 2024 (excluding
trainees) was 388 (previous year: 393). As of March 31, 2024, the LUDWIG BECK Group employed 37 trainees (previous
year: 37).

FORECAST REPORT
General economic conditions, development in retail, and at LUDWIG BECK
Moderate growth in the global economy is expected for the current year. The International Monetary Fund (IMF) is
forecasting global economic growth of 2.9%, while the Organisation for Economic Co-operation and Development (OECD) is
predicting 2.7% and the European Central Bank (ECB) 3.0%. Despite this positive outlook, geopolitical tensions and a
restrictive international monetary policy characterised by high key interest rates will hamper global economic growth
and lead to slower development. The forecasts for 2024 are subject to considerable uncertainty, particularly with
regard to issues such as war, economic concerns, artificial intelligence (AI), and climate change, which will impact
the global economy.
LUDWIG BECK is satisfied with the development of the first quarter and remains cautiously optimistic for the current
fiscal year. The company plans to continue investing in the department stores on Marienplatz in order to create
fascinating shopping experiences through remodelling and the introduction of new brands. Despite the challenging
economic conditions, the management of LUDWIG BECK AG expects gross merchandise sales of 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.

GROUP KEY FIGURES

in EURm                                                                    01/01/2024 01/01/2023 
-          - 

03/31/2024 03/31/2023
PROFIT AND LOSS ACCOUNT

Sales (gross)                                                                  18.7       17.7 
Value Added Tax                                                                -3.0       -2.8 
Sales (net)                                                                    15.7       14.9 
Gross profit                                                                    7.0        6.8 
Earnings before interest, taxes, depreciation, and amortisation (EBITDA)        0.7        0.5 
Earnings before interest and taxes (EBIT)                                      -0.9       -1.2 
Earnings before taxes (EBT)                                                    -1.7       -1.7 
Earnings after taxes (EAT)                                                     -1.1       -1.1 

CASH FLOW

Cash flow from operating activities                                            -1.6       -2.2 
Cash flow from investing activities                                            -0.4       -1.3 
Cash flow from financing activities                                             2.1        3.4 

EMPLOYEES

Number of employees (average, excluding apprentices)                            388        393 
Number of apprentices (average)                                                  37         37 
Personnel expenses (in EURm)                                                      3.9        4.0 

SHARE

Number of shares (in m)                                                        3.70       3.70 
Earnings per share, undiluted and diluted (in EUR)                              -0.30      -0.29 

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BALANCE SHEET

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03/31/2024 12/31/2023
BALANCE SHEET

Long-term assets             153.2      153.8 
Short-term assets             17.1       16.0 
Equity                        64.3       65.5 
Long-term liabilities         79.5       71.2 
Short-term liabilities        26.5       33.2 
Balance sheet total          170.3      169.8 
Investments                   -0.4       -3.2 
Equity ratio (in %)           37.7       38.5 

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(MORE TO FOLLOW) Dow Jones Newswires

April 18, 2024 02:30 ET (06:30 GMT)

SEGMENT REPORTING

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Textile   Non-textile   Group 
m EUR   %     m EUR   %    m EUR   % 

Gross sales                                           14.2 119.0   4.5 119.0 18.7 119.0 
Previous year                                         12.7 119.0   4.9 119.0 17.7 119.0 

VAT                                                   -2.3  19.0  -0.7  19.0 -3.0  19.0 
Previous year                                         -2.0  19.0  -0.7  19.0 -2.8  19.0 

Net sales                                             12.0 100.0   3.8 100.0 15.8 100.0 
Previous year                                         10.7 100.0   4.2 100.0 14.9 100.0 

Cost of sales*                                        -6.8  56.9  -2.1  57.1 -9.0  57.0 
Previous year                                         -6.0  56.2  -2.4  56.7 -8.4  56.4 

Gross profit                                           5.2  43.1   1.6  42.9  6.8  43.0 
Previous year                                          4.7  43.8   1.8  43.3  6.5  43.6 

Personnel expenses of sales                           -1.0   8.8  -0.7  17.8 -1.7  10.9 
Previous year                                         -1.1  10.2  -0.7  17.6 -1.8  12.2 

Calculatory occupancy costs                           -2.4  20.5  -0.5  14.4 -3.0  19.0 
Previous year                                         -2.4  22.2  -0.5  12.9 -2.9  19.6 

Calculatory interests                                 -0.2   1.7  -0.1   2.7 -0.3   1.9 
Previous year                                         -0.2   1.7  -0.1   2.5 -0.3   1.9 

Segment result                                         1.5  12.2   0.3   8.0  1.8  11.2 
Previous year                                          1.0   9.6   0.4  10.4  1.5   9.9 

* excluding discounts, rebates, etc. on cost of sales

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

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2024-04-18 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: 1883023

End of News EQS News Service
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1883023 2024-04-18 CET/CEST

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April 18, 2024 02:30 ET (06:30 GMT)