Adler Modemärkte AG
- WKN: A1H8MU
- ISIN: DE000A1H8MU2
- Land: Deutschland
Nachricht vom 07.05.2019 | 07:00
Adler Modemärkte AG: Significant Earnings Improvement in Q1
DGAP-News: Adler Modemärkte AG / Key word(s): Quarterly / Interim Statement/Quarter Results
Press Release from Adler Modemärkte AG
Outlook for 2019 Confirmed - First Report in Accordance with IFRS 16
Significant Earnings Improvement in Q1
Haibach (near Aschaffenburg), 7 May 2019: ADLER was able to significantly improve earnings in the first quarter of 2019 due to the positive effects from the "ADLER 2020 strategy" which are becoming increasingly apparent. With consolidated revenue of EUR99.3 million as at 31 March 2019, the company has made the expected solid start to the new financial year. This figure was below the prior-year level of EUR102.7 million, however, this was attributable to already completed store closures and the ongoing muted development of the textiles retail sector. The measures that had been introduced in prior periods to improve efficiency are increasingly having a positive effect on earnings. For instance, the gross profit margin increased from 48.8% in the prior year to 49.4%. With regard to the P&L figures from earnings before interest, taxes, depreciation and amortisation (EBITDA), it must be noted that ADLER - as previously disclosed in the 2018 Annual Report - applied a new accounting standard, IFRS 16, for the first time during the quarter under review. This changed how the Company accounts for leases. Against this background, EBITDA increased in what is traditionally the weakest quarter of the financial year by 60% from EUR-5.8 million to EUR-2.3 million (prior to IFRS 16 the comparable figures would have amounted to EUR-14.3 million and EUR-17.8 million in Q1 2018). Adjusted for non-recurring items, EBITDA improved from EUR-4.1 million to EUR-1.2 million (prior to IFRS 16: increase from EUR-16.1 million to EUR-13.2 million). The non-recurring items related primarily to transformation and restructuring costs. In the first quarter, ADLER also recorded substantial increases in earnings before interest and taxes (EBIT) from EUR-17.4 million to EUR-13.5 million and earnings after taxes from EUR-16.6 million in the prior-year period to EUR-13.3 million.
ADLER's balance sheet remains healthy - substantial effects from IFRS 16
"ADLER 2020 Strategy" systematically implemented - 2019 forecast confirmed
Adler Modemärkte AG is looking ahead with confidence to 2019 and 2020, despite the persistently difficult environment. After the strong start to the year, the Executive Board continues to forecast revenue of just under EUR500 million for 2019 as a whole due to the location adjustments. Thanks to the efficiency enhancement measures successfully implemented in previous years, EBITDA after IFRS 16 is expected to amount to EUR64-69 million (prior to IFRS 16: EUR27-30 million). Non-recurring expenses of EUR8-10 million are expected in connection with the changes to the network of stores, most of which have already been implemented this year, as well as further measures aimed at improving efficiency. Accordingly, the Company expects to report EBITDA of EUR55-60 million (prior to IFRS 16: EUR18-21 million).
ADLER Group's key performance indicators
Adler Modemärkte AG press enquiries and investor relations
About Adler Modemärkte AG:
|Company:||Adler Modemärkte AG|
|Industriestraße Ost 1-7|
|Phone:||+49 (0) 6021 633 0|
|Fax:||+49 (0) 6021 633 1299|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||807465|
|End of News||DGAP News Service|
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