EDOB Abwicklungs AG
ESCADA AG english
ESCADA nearly doubles operating profit in the first 6 months of fiscal year
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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ESCADA nearly doubles operating profit in the first 6 months of fiscal year
2001/2002
Aschheim/Munich June 4, 2002. ESCADA AG has reported positive results for the
second consecutive quarter in fiscal year 2001/2002 (year ending October 31).
In the first 6 months, the ESCADA GROUP showed EBIT of 18.3 million Euro
(2000/2001: 9.7 million Euro); earnings after tax came in at 6.3 million Euro
(2000/2001: 0.5 million Euro); and revenues of 410.5 million Euro were
achieved, an increase of 1.1 percent relative to the previous year. The modest
increase in revenues reflects the still very difficult situation worldwide in
the luxury goods market. Total cost came to 248.8 million Euro, a reduction of
19.6 million Euro or 7.3 percent relative to the same period last year.
Management is on track to achieve total cost savings in the current fiscal year
of roughly 35 million Euro.
Inventory was reduced significantly by 40.9 million Euro to 160.6 million Euro.
The combination of cost reduction and reducing inventory led to an increase in
free-cash-flow to 36.1 million Euro from 13 million Euro last year. Management
confirm their forecast for the fiscal year 2001/2002 as announced in March.
Even without further divestment, GROUP revenues will decline slightly, EBIT are
expected to be a clear double digit amount and earnings after tax are expected
to be positive. This forecast takes into account continuing conservative
expectations in the market for luxury goods, especially in Germany.
Contact:
Viona Brandt
Investor Relations
++49 89 99 441 336
viona.brandt@de.escada.com
end of ad-hoc-announcement (c)DGAP 03.06.2002
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WKN: 569210; ISIN: DE0005692107; Index: MDAX
Listed: Amtlicher Handel in Berlin, Frankfurt und München; Geregelter Markt in
Bremen; Freiverkehr in Düsseldorf, Hamburg und Stuttgart
032027 Jun 02
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