euro adhoc: GARANT SCHUH + MODE AG
Restructuring measures impact on GARANT Group‘s annual results (E)

---------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

DĂĽsseldorf, April 23, 2004 - In Fiscal 2003 GARANT SCHUH + MODE AG boosted Group turnover to 179.5 m. euro, a rise of 52.9% on last year‘s figure (117.5 m. euro), following acquisition of SALAMANDER SCHUH GmbH. Under IAS, the Group‘s annual deficit now totals 14.1 m. euro (compared to last year‘s net earnings of 2.8 m. euro). Following adoption of the restructuring concept for SALAMANDER SCHUH GmbH, which was acquired on October 1, 2003, Group results were adversely affected by other one-off provisions of 18 m. euro and by further special bad-debt charges totalling 5.9 m. euro. Following conclusion of the restructuring phase GARANT is confident of achieving positive  Group results in Fiscal 2004. The Annual Earnings Press Conference for Fiscal 2003 is scheduled on April 29, 2004.

end of announcement            euro adhoc 23.04.2004

Further inquiry note: Jenny Bleilefens Investor Relations Telefon: +49(0)211-3386-311

Branche: Consumer Goods
ISIN:      DE0005853030
WKN:        585303
Index:    CDAX, Classic All Share, Prime Standard
Börsen:  Börse DĂĽsseldorf / official dealing
              Frankfurter Wertpapierbörse / official dealing
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Baden-WĂĽrttembergische Wertpapierbörse / free trade

Weitere Meldungen: GARANT SCHUH + MODE AG

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