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ESCADA AG

euro adhoc: ESCADA AG
Quarterly or Semiannual Financial Statements / ESCADA after nine months with continuing positive operating performance (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Aschheim near Munich, September 7, 2004. - Also for the third quarter
of the 2003-04 fiscal year consolidated revenues and operating
results of the ESCADA group were higher than the corresponding
figures for the comparable prior-year period. Although retail markets
in general continued to show weakness, Group’s consolidated revenues
rose 3.7%, from EUR 139.7 million in the third quarter of the
previous fiscal year to EUR 144.9 million in the third quarter of the
current fiscal year. Compared to the prior-year quarter, earnings
before interest, taxes, depreciation and amortization (EBITDA)
improved from minus EUR 10.4 million to plus EUR 8.7 million,
reflecting the ongoing improvement in operating performance. The
ESCADA Group reported a quarterly loss before minority interests of
EUR 2.4 million (third quarter 2002-03: minus EUR 44.1 million). This
was mainly due to restructuring expenses of EUR 3.7 million, the bulk
of which went to the final settlement with the insolvency
administrator of Féraud GmbH, in which the Group had formerly held an
equity stake.
Consolidated Group’s revenues for the first nine months of 2003-04
were  EUR 450.9 million, 1.0% higher than the corresponding
prior-year figure (EUR 446.3 million). On a currency-adjusted basis,
the Group posted a 4.1% increase in revenues and the core brand
ESCADA even a 5.9% increase.   EBITDA for the first nine months of
the current year improved to plus EUR 33.7 million (after minus EUR
1.3 million in the prior-year period), fully meeting the Group’s
planning targets. After restructuring expenses of EUR 5.8 million,
the profit after taxes and before minority interests came to EUR 0.8
million (as compared to the net loss of EUR 51.5 million in the
prior-year period).
The ongoing cost reduction program is progressing according to plan.
By the end of the third quarter, the Group was able to realize
savings of EUR 31.9 million, on a comparable prior-year basis. By the
end of the fiscal year, the entire budgeted savings for 2003-04 of
approximately EUR 40 million will have been achieved.
In view of the fourth quarter and despite the extraordinary charges
for Féraud, management continues to expect that Group revenues will
remain stable for the fiscal year 2003-04 as a whole. EBITDA will
increase significantly and the Group will show an after-tax profit.
In terms of value, orders on hand at the end of the selling season
for the 2005 Spring/Summer collection were up approximately 2 percent
(in euros) from the prior-year figure. This is the first growth since
the selling season for Spring/Summer 2002. Orders on hand raise
expectations that the Group’s good operating performance will
continue in the first half of 2004-05 - and by that point the cost
base will be reduced even further.
Contact:
Investor Relations, Tel.: + 49 (0) 89 - 99 44 13 36;
Frank Elsner Kommunikation für Unternehmen GmbH, Tel.: + 49 (0) 54 04
- 91 92 0
end of announcement        euro adhoc 07.09.2004

Further inquiry note:

Viona Brandt
Tel.: +49 (0)89 9944 1336
E-Mail: viona.brandt@de.escada.com

Branche: Clothing
ISIN: DE0005692107
WKN: 569210
Index: CDAX, Classic All Share, Prime All Share, Prime Standard, SDAX
Börsen: Bayerische Börse / official dealing
Frankfurter Wertpapierbörse / official dealing
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

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