The German fashion retail group Ludwig Beck has posted 34.9 per cent decrease in its gross sales to €60.4 million during the complete fiscal 2020 ended on December 31, 2020, compared to gross sales of €95.3 million in the prior fiscal. The group’s earnings before interest, taxes, depreciation (EBITDA) dropped to €4.3 million (FY19: €12.9 million).
The German fashion retail group Ludwig Beck has posted 34.9 per cent decrease in its gross sales to €60.4 million during the complete fiscal 2020 ended on December 31, 2020, compared to gross sales of €95.3 million in the prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) dropped to €4.3 million (FY19: €12.9 million).#
“The entire German textile retail sector as well as Ludwig Beck were subjected to the Covid-19 pandemic in 2020 and its drastic effects on the economy and consumer behaviour. A period of approximately 10 weeks of lockdown caused an enormous loss of sales, which could not be recovered,” the group stated in a press release.
The German fashion retail group Ludwig Beck has posted 34.9 per cent decrease in its gross sales to €60.4 million during the complete fiscal 2020 ended on December 31, 2020, compared to gross sales of €95.3 million in the prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) dropped to €4.3 million (FY19: €12.9 million).#
“In addition, the busiest time of the year in terms of sales, the Christmas business, was strongly negatively affected by the tightening measures and a complete lockdown. The only positive development was in online sales, which, however, could not compensate for the drop in sales in brick-and-mortar retail,” the group said.
The German fashion retail group Ludwig Beck has posted 34.9 per cent decrease in its gross sales to €60.4 million during the complete fiscal 2020 ended on December 31, 2020, compared to gross sales of €95.3 million in the prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) dropped to €4.3 million (FY19: €12.9 million).#
Ludwig Beck’s textile segment sales slipped to €39.2 million (€68.0 million), while the non-textile sales which also includes online shop were €21.1 million (€27.3 million).
The German fashion retail group Ludwig Beck has posted 34.9 per cent decrease in its gross sales to €60.4 million during the complete fiscal 2020 ended on December 31, 2020, compared to gross sales of €95.3 million in the prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) dropped to €4.3 million (FY19: €12.9 million).#
The group’s gross profit during the year came down to €20.5 million (€38.6 million). Whereas, the group’s consolidated net loss reduced during FY20 was €1.7 million (€13.6 million).
The German fashion retail group Ludwig Beck has posted 34.9 per cent decrease in its gross sales to €60.4 million during the complete fiscal 2020 ended on December 31, 2020, compared to gross sales of €95.3 million in the prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) dropped to €4.3 million (FY19: €12.9 million).#
“Ludwig Beck will continue to expand its online offer and grow in the fashion online segment in particular. Growth will be driven, among other things, by a high spending propensity of consumers. Despite the structural changes in the fashion trade, Ludwig Beck can seize the opportunities for growth in its online segment,” the group stated in the release.
Fibre2Fashion News Desk (JL)
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