Arcandor AG
KarstadtQuelle AG: Earnings (EBTA) reach EUR225 million
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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KarstadtQuelle holds its ground in difficult retail year 2003
Dividend unchanged at EUR0.71
Group sales decline by 3.4% to EUR15.3 billion
Earnings (EBTA) reach EUR225 million
Joint venture with REWE resolved
In its meeting today, the KarstadtQuelle AG Supervisory Board adopted the
company’s annual financial statements and approved the consolidated financial
statements for the 2003 financial year.
In the 2003 financial year, the KarstadtQuelle Group was impacted by continuing
consumer restraint in Germany, but held its ground in a difficult market
environment. The 10-Step Value Enhancement Program was implemented and
concluded. The transformation to a retail and services group is gradually taking
form.
Group sales of EUR15.3 billion were achieved, down 3.4% year-on-year. Sales
development was stable in the first half of the year, but disappointing in the
second half of 2003. The key factors here were consumer uncertainty in the
context of the ongoing discussion on reforms and aggressive price competition in
Christmas business. The Over-the-counter retail segment (department and
speciality stores) in German city centres was again hit hard by consumer
restraint. Mail order business did not match the record sales of Quelle’s
anniversary year 2002, and also posted a sales downturn in the reporting year.
The new segments, Services and Real estate, continued to develop well.
Earnings before tax and amortization on goodwill (EBTA) amounted to EUR225
million after EUR294 million in the previous year. Negative factors contributing
to this included the consumer slump in Germany, but also the crisis in the
tourism market. Earnings pressure relating to the poor state of the economy was
reduced by a large number of marketing measures combined with optimisation of
product range and costs. In the reporting year, earnings were lifted by non-
recurring effects, as was the case in the previous year. Adjusted for these non-
recurring effects, a positive EBTA was achieved. The net profit after minorities
declined to EUR108 million (after EUR162 million in the previous year).
Earnings per share were EUR1.01 (PY: EUR1.40)
Continuity is the watchword of the dividend policy at KarstadtQuelle AG. For
this reason the KarstadtQuelle AG Management and Supervisory Boards propose to
the Annual General Meeting which takes place on May 4, 2004 in Dusseldorf to pay
an unchanged divided of EUR0.71 per share. The distribution volume (to third
parties) is EUR75.5 million.
Furthermore, the Supervisory Board approved the establishment of a joint venture
with REWE Handelsgesellschaft to operate food areas in Karstadt department
stores.
The Management Board will provide further information and comments on the 2003
financial statements at the Annual Press Conference and Analysts’ Conference in
Dusseldorf on March 23, 2004.
Essen, March 18, 2004
The Management Board
end of ad-hoc-announcement (c)DGAP 18.03.2004
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WKN: 627500; ISIN: DE0006275001; Index: MDAX
Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München und Stuttgart
181842 Mär 04
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