EDOB Abwicklungs AG
ESCADA AG english
ESCADA records significant earnings during first quarter 2001/2002
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
ESCADA records significant earnings during first quarter 2001/2002
Cost cutting program effective as planned
Aschheim/Munich, March 5, 2002 – ESCADA AG today announced that it recorded
clearly positive earnings during the first quarter of fiscal year 2001/2002
(ended October 31) and exceeded its target despite a continuously difficult
economic environment. Group earnings before interest and taxes (EBIT) according
to International Accounting Standards (IAS) improved by EUR 13.9 million and
were at plus EUR 11.9 million for the period from November to January,
following an EBIT of minus EUR 2.0 million for the same period last year. Core
business activities with the ESCADA brand were particularly successful.
A quarterly profit after taxes of EUR 4.2 million is recorded as compared to
minus EUR 6.3 million for the same period last year. Due in part to
consolidation and extraordinary effects, Group sales during the first quarter
increased by 11.1 percent to EUR 210.8 million and were therefore also above
target. Adjusted for the retail store chain BiBA, which was not consolidated in
the previous financial year, sales increased by 4.6 percent compared to last
year.
The cost cutting and efficiency improvement program initiated by the company
last year is already showing its planned effect. During the first quarter, the
Group’s total operating costs decreased by 8.9 percent to EUR 127.7 million
as compared to the same period last year.
Not taking into account the divestments in the non-core business, the ESCADA
management board is expecting a slight decline in sales for the entire fiscal
year 2001/2002. From today’s point of view, the Group’s EBIT will be in the two-
digit million euros range (2000/2001: minus EUR 17.1 million), and earnings
after taxes will be positive (2000/2001: minus EUR 24.2 million).
Based on the positive future prospects, the management board will suggest a
dividend of EUR 0.31 per ordinary share and EUR 0.41 per preferred share for
fiscal year 2000/2001 in the annual general meeting on April 16, 2002. Adjusted
for the stock split in May of last year, the shareholders received EUR 0.82 per
ordinary share and EUR 0.92 per preferred share for fiscal year 1999/2000.
ESCADA AG
The management board
For further information, please contact:
Viona Brandt
Investor Relations
++49 89 99 44 1336
viona.brandt@de.escada.com
end of ad-hoc-announcement (c)DGAP 05.03.2002
——————————————————————————–
WKN: 569210; ISIN: DE0005692107; Index: MDAX
Listed: Amtlicher Handel in Berlin, Frankfurt und München; Geregelter Markt in
Bremen; Freiverkehr in Düsseldorf, Hamburg und Stuttgart
050804 Mär 02
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found