Arcandor AG
KarstadtQuelle: Review in Mail order concluded – forecasts for 2005 lowered
Ad hoc announcement §15 WpHG
Review and forecast adjustment
KarstadtQuelle: Review in Mail order concluded – forecasts for 2005 lowered
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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KarstadtQuelle concludes review in Mail order – forecasts for 2005 financial
year lowered
Essen, 14 July 2005. The KarstadtQuelle group has concluded the review of its
Mail order division. According to this, the main sales contributor in Mail
order, Universal mail order in Germany, will not reach its targets in the
current financial year. The Over-the-counter retail, Services and Real estate
divisions, however, will achieve or slightly exceed their targets.
As a consequence, the KarstadtQuelle group is lowering its sales and results
forecast for the current financial year. It is now anticipated that group
sales will decrease by a mid single-digit percentage amount in comparison with
the 2004 financial year and thus be situated in the upper regions of the
sales forecast published previously. The earnings forecast (adjusted EBITDA)
is being reduced from the previous figure of over EUR500m to a figure of over
EUR350m.
Following the review, the group has launched a comprehensive package of
measures to increase the speed of restructuring in the German Universal mail
order business. The key points of this are better brand positioning, the
reduction of complexity in the business system and considerable cost cutting
measures. The objective is to compensate for the deviation from the targets
that has occurred in the 2005 financial year via these strategic measures
gradually over the coming years.
A review of the financial covenants for the syndicated bank loan of EUR1.75
bill. concluded that observance of the covenants will not be impacted by the
alteration of the EBITDA target.
Essen, 14.07.2005
The Management Board
KARSTADT QUELLE AG
Theodor-Althoff-Straße 2
45133 Essen
Deutschland
ISIN: DE0006275001 (MDAX)
WKN: 627500
Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 14.07.2005
141457 Jul 05
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