The German fashion retail group Ludwig Beck has posted 56.8 per cent decrease in its gross sales to €6.7 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to gross sales of €15.4 million in the same quarter prior fiscal. The group’s earnings before interest, taxes, depreciation (EBITDA) was a loss of €1.9 million.
The German fashion retail group Ludwig Beck has posted 56.8 per cent decrease in its gross sales to €6.7 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to gross sales of €15.4 million in the same quarter prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) was a loss of €1.9 million. #
“There was little hope at the start of 2021 after a new "hard" lockdown was imposed on businesses that do not meet daily needs in mid-December. In Bavaria, the lockdown lasted until March 7, 2021,” the group stated in a press release. “After that, stationary retailers were allowed to reopen their doors if the seven-day incidence of infection was below 50 and if hygiene regulations were met.”
The German fashion retail group Ludwig Beck has posted 56.8 per cent decrease in its gross sales to €6.7 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to gross sales of €15.4 million in the same quarter prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) was a loss of €1.9 million. #
Ludwig Beck’s textile segment sales slipped to €3.8 million (Q1 FY20: €10.5 million), while the non-textile sales which also includes online beauty shop were €2.9 million (€4.9 million).
The German fashion retail group Ludwig Beck has posted 56.8 per cent decrease in its gross sales to €6.7 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to gross sales of €15.4 million in the same quarter prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) was a loss of €1.9 million. #
The group’s gross profit during Q1 FY21 came down to €2.3 million (€5.8 million).
The German fashion retail group Ludwig Beck has posted 56.8 per cent decrease in its gross sales to €6.7 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to gross sales of €15.4 million in the same quarter prior fiscal. The group's earnings before interest, taxes, depreciation (EBITDA) was a loss of €1.9 million. #
“After the stationary fashion retail reported sales declines of 78 per cent and 74 per cent for January and February, respectively, a drop in turnover of 46 per cent was reported in March. According to TextilWirtschaft, a German magazine for the textile and fashion industry, larger retailers were hit harder and had to struggle with sales declines of up to 51 per cent,” the group said.
Fibre2Fashion News Desk (JL)
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