KINGHERO AG
KINGHERO AG: Flagship stores contribute to successful growth in Q1 2012
KINGHERO AG / Key word(s): Quarter Results 30.05.2012 / 07:58 --------------------------------------------------------------------- Results 3-months 2012 KINGHERO AG: Flagship stores contribute to successful growth in Q1 2012 * Revenues increase by 36.0% to EUR 24.8 million * EBIT margin of 26.2% * Flagship Stores already contributing 16.6% to revenues Munich, 30 May 2012. KINGHERO AG, the German holding company of a fast-growing Chinese fashion company, continued its success story in the first quarter 2012. Revenues increased by 36.0% from EUR 18.2 million in Q1 2011 to EUR 24.8 million in Q1 2012. The 65 flagship stores (as of 31 March 2012) generated 16.6% of the revenues (Q1 2011: 4.5%). In the first three months EBIT amounted to EUR 6.5 million, representing an EBIT margin of 26.2%. The increased revenues are based on the higher demand for the KINGHERO fashion products, the strategic pricing of products as well as the contemporary designs, variety and product mix of KINGHERO. Along with its brand building strategy KINGHERO introduced more high-quality products into its product portfolio. This resulted in a further increase of the average selling price per unit by 25% compared to Q1 2011. Gross profit grew by 26.6% to EUR 9.8 million (Q1 2011: EUR 7.8 million) during the first quarter, benefiting from the high margin of flagship store sales (gross profit margin of 62.7%). Mainly due to the higher raw material prices from general price increases and also higher quality materials, the overall gross profit margin decreased from 42.6% to 39.7% compared to the very good results of the first three months 2011. However, the gross profit margin is still about 3 percentage points higher than in the full financial year 2011 (36.5%). Operating profit (EBIT) amounted to EUR 6.5 million, which represents an increase of 4.9% compared to the first three months of 2011. EBIT was affected by higher selling and distribution expenses as well as rental expenses and launching costs of the flagship stores. Promising outlook As planned KINGHERO launched its new upscale 'AUVADIS' women's wear collection at the beginning of 2012. Although 'AUVADIS' will only contribute a small share to group revenues in the beginning, the company is confident that it should lead to rising average selling prices and should strengthen the company's brand image. KINGHERO expects to achieve further revenue growth in 2012 and 2013 by implementing its growth strategy that is associated with strengthening the brand building, optimizing product mix, increasing production capacity and integrating new technologies. Based on the result of the first three months 2012, KINGHERO anticipates overall sales of approx. 125 Mio EUR in 2012 and sustainable margins at previous year's level again. KINGHERO also plans to take full advantage of the optimistic retail growth in China by rolling out more flagship stores and further expanding its distribution network. In 2012, the company pursues the target of opening approximately 40 flagship stores in tier one, two and three cities. Until the end of 2012, KINGHERO expects to operate a total of 100 flagship stores. For more information on KINGHERO's business and financial development in the first three months of 2012 please see the interim statement published on the website www.kinghero.de. About KINGHERO AG KINGHERO AG is the German Holding Company of the KINGHERO Group of companies, mainly active in the Peoples Republic of China (PRC). The Group is a strongly growing apparel manufacturer and designer, featuring a leading Chinese fashion brand for the strongly growing urban middle class in China. The key to the Company's success is a high fashion degree with a European 'touch and feel' as well as an upscale quality. The high speed of the design and marketing of new collections ensures a fit to the changing demands of the growing urban middle class in China. Being in this business for more than 25 years, the group and its more than 1,000 employees produce attire for all seasons under the KINGHERO brand. The product portfolio includes suits, jackets, shirts, pants and sweaters for men and women and is divided into a business casual range and a general casual range. For further information please contact: Kirchhoff Consult AG Dr. Kay Baden Phone: +49 (0)40 60 91 86 0 baden@kirchhoff.de KINGHERO AG Montenstr. 11 80639 Munich Germany Phone: +49 (0)89 12 71 13 29 xiaoping.zhao-moll@kinghero.de Disclaimer This document is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares of KINGHERO AG (the 'Shares') have not been registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act') and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offering of the Shares in the United States and the Shares will not be registered under the Securities Act. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as 'relevant persons'). The Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. End of Corporate News --------------------------------------------------------------------- 30.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: KINGHERO AG Gustav-Heinemann-Ring 44 81739 München Germany Phone: 089 - 6734 6884 Fax: 089 - 6734 6887 E-mail: contact@kinghero.de Internet: www.kinghero.de ISIN: DE000A0XFMW8 WKN: A0XFMW Listed: Freiverkehr in Düsseldorf, Hamburg, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News-Service --------------------------------------------------------------------- 171963 30.05.2012
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