K&M Möbel AG
K & M Möbel AG english
Uptrend initiated through restructuring
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Uptrend initiated through restructuring
Group result for 2001 on target / Result from ordinary operations signifi-cantly
improved in fourth quarter 2001 / Successful presentation of brands
Despite weak consumer sentiment, K&M Möbel AG, Kirchlengern, clearly increased
sales in the fourth quarter of financial year 2001 and improved the profit
situation as a result of the consistent implementation of restructuring
measures. Compared to the third quarter, sales revenue rose by approximately 14
%, whereas the operating loss decreased by 40 %. Decisive for this was primarily
the less than proportionate rise in costs.
Taking into account the non-recurring expenses for the comprehensive programme
of restructuring and strategic repositioning, the internationally active
furniture group was able to reach its performance targets in their entirety for
full-year 2001. As anticipated in the six months’ report, the annual loss
(excluding minority interests) amounted to Euro -15.3 million (previous year:
Euro -4.3 million) according to preliminary figures. At Euro 228 million, sales
reached approximately 89 % of the previous year’s figure (Euro 256.4 million).
This indicates that K&M Möbel intentionally avoided sales with negative margins
in light of the current price war on the German furniture market.
The reorganisation of the product range under the three brands behr in-
ternational, KM and byPACK led to gratifying domestic and international
placements at the beginning of 2002. On this basis, an improved order position
is expected starting in mid 2002. The timely implementation of the brand
strategy resulted in a significant conceptional lead over the competition.
As planned, the restructuring package will result in a further easing of
expenses in the current year. A return to profits remains scheduled for
financial year 2003.
Kirchlengern, February 8, 2002
Any queries to:
Andreas Martin, Charles Barker GmbH, Tel. +49-(0)69-7940900
end of ad-hoc-announcement (c)DGAP 08.02.2002
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WKN: 630300; ISIN: DE0006303001; Index:
Listed: Amtlicher Handel in Düsseldorf,
Frankfurt; Freiverkehr in Berlin, Hamburg, Stuttgart
080804 Feb 02
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