EQS-News

LUDWIG BECK with positive sales development in the 2023 fiscal year

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 21.03.2024 / 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 € 86.5m (previous year: € 83.8m). The "textile" segment contributed € 63.7m (previous year: € 60.8m) and the "non-textile" segment € 22.8m (previous year: € 23.0m) to this sales development.

Earnings situation

Gross profit rose from € 35.0m to € 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 € 4.7m and was therefore significantly higher than the previous year's figure of € 3.8m.

Depreciation and amortization including finance leases amounted to € 6.8m (previous year:
€ 6.4m).

Other operating expenses increased from € 11.8m to € 13.3m, mainly due to higher occupancy and selling expenses as well as a loss on receivables of € 1.2m resulting from the withdrawal from a purchase agreement in connection with the sale of a property in Hanover.