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German fashion retailer Ludwig Beck reports sluggish sales in Q3
22 Oct 21 2 min read
The German fashion retail group Ludwig Beck has posted a slight decline in its gross sales to €40.0 million during the third quarter (Q3) of FY21 ended on September 30, 2021, compared to the sales of €41.0 million in the corresponding quarter of prior fiscal. However, operating loss (EBIT) for the nine-month period narrowed down from €5.0 million in Q3 FY20 to €0.4 million in the reported period.
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“The third quarter of 2021 continued to be dominated by the COVID-19 pandemic. For the summer of 2021, the Ifo Institute expected a significant economic recovery but has now corrected the forecast growth downwards by 0.8 per cent after nine months. This is due to supply bottlenecks caused by the COVID-19 pandemic which continue to persist,” the company stated.
Gross profit for the quarter increased to €15.2 million (€14.8 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) expanded to €4.5 million (loss: €0.4 million).
Sales from textile segment during Q3 marginally improved to €27.7 million while non-textile sales slipped to €12.3 million over the same period of 2020.
With the relaxed COVID-19 restrictions and increasing vaccination rate, Ludwig Beck is cautiously positive about the fourth quarter which is usually considered to be its strongest quarter. Moreover, the announcement of open Christmas market also gives them hopes for good business, according to the company.
Fibre2Fashion News Desk (JL)
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