DGAP-News
Adler Modemärkte AG: Revenue up 5.5% in first nine months of the year
DGAP-News: Adler Modemärkte AG / Key word(s): 9-month figures/Quarter
Results
Adler Modemärkte AG: Revenue up 5.5% in first nine months of the year
12.11.2015 / 07:30
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ADLER continues to significantly outpace the industry / Outlook for 2015
confirmed overall
Haibach near Aschaffenburg, 12 November 2015: Adler Modemärkte AG - one of
Germany's largest textile retailers - continued successfully along its
growth path in the first nine months of 2015, again bucking the gloomy
industry trend. Consolidated revenue increased by 5.5% to EUR 398.6
million, while revenue throughout the German textile retail industry fell
by 2%. On a like-for-like basis, ADLER achieved slight growth of 0.1%.
Third-quarter revenue grew even more significantly, by 6.8% to EUR 130.2
million. Like-for-like growth amounted to 1.8% here.
"ADLER is a strong brand with a successful strategy and strict cost
management. This is why we are growing even in the currently consolidating
industry environment", said Lothar Schäfer, CEO of Adler Modemärkte AG.
"Thanks to our solid financial capabilities, we will continue to expand our
competitive stance strategically through new store openings."
Ramp-up costs for acquired stores reduce earnings as projected
In the first nine months of the year, ADLER added a total of twelve new
stores to its sales and distribution network. Along with the eight stores
acquired from Kressner at the beginning of the year, which are now trading
under the name ADLER Orange, these new stores included the two former hefa
stores in Mömlingen and Lollar, as well as two newly opened stores.
Integration costs for the new stores reduced earnings in the first nine
months of the year, as did business with concessionary suppliers which
remained significantly below expectations as well as increased marketing
expenses.
Cost of materials increased due to the above-average increase in costs of
goods sold by 9% to EUR 188.6 million for the new stores, and gross profit
increased by 3% to EUR 210.1 million. The gross profit margin amounted to
52.7% (as compared to 54.2% in the same period of the previous year). The
increase in personnel expenses of 8.5% to EUR 77.0 million was attributable
in particular to the acquisition of the Kressner and hefa stores. Severance
packages and staff restructuring measures resulted in extraordinary
expenses for ADLER Orange amounting to EUR 1.1 million.
The increase in expenses led to the expected decrease in earnings before
ADLER continues to significantly outpace the industry / Outlook for 2015
confirmed overall
Haibach near Aschaffenburg, 12 November 2015: Adler Modemärkte AG - one of
Germany's largest textile retailers - continued successfully along its
growth path in the first nine months of 2015, again bucking the gloomy
industry trend. Consolidated revenue increased by 5.5% to EUR 398.6
million, while revenue throughout the German textile retail industry fell
by 2%. On a like-for-like basis, ADLER achieved slight growth of 0.1%.
Third-quarter revenue grew even more significantly, by 6.8% to EUR 130.2
million. Like-for-like growth amounted to 1.8% here.
"ADLER is a strong brand with a successful strategy and strict cost
management. This is why we are growing even in the currently consolidating
industry environment", said Lothar Schäfer, CEO of Adler Modemärkte AG.
"Thanks to our solid financial capabilities, we will continue to expand our
competitive stance strategically through new store openings."
Ramp-up costs for acquired stores reduce earnings as projected
In the first nine months of the year, ADLER added a total of twelve new
stores to its sales and distribution network. Along with the eight stores
acquired from Kressner at the beginning of the year, which are now trading
under the name ADLER Orange, these new stores included the two former hefa
stores in Mömlingen and Lollar, as well as two newly opened stores.
Integration costs for the new stores reduced earnings in the first nine
months of the year, as did business with concessionary suppliers which
remained significantly below expectations as well as increased marketing
expenses.
Cost of materials increased due to the above-average increase in costs of
goods sold by 9% to EUR 188.6 million for the new stores, and gross profit
increased by 3% to EUR 210.1 million. The gross profit margin amounted to
52.7% (as compared to 54.2% in the same period of the previous year). The
increase in personnel expenses of 8.5% to EUR 77.0 million was attributable
in particular to the acquisition of the Kressner and hefa stores. Severance
packages and staff restructuring measures resulted in extraordinary
expenses for ADLER Orange amounting to EUR 1.1 million.
The increase in expenses led to the expected decrease in earnings before
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