Fashion house ESCADA H1 revenues up 2.2%

28 Jun '05

9 min read

Second-quarter earnings after taxes but before minority interests were EUR 1.2 million (Q2 2003-04: EUR 0.1 million). After allowing for minority interests, the Group closed out the quarter with a profit of EUR 0.9 million (vs. the equivalent quarter's loss of EUR 0.5 million). This result is equivalent to second-quarter undiluted earnings per share of EUR 0.05 (vs. EUR –0.04). Fully diluted earnings per share were likewise EUR 0.05 (vs. EUR –0.03).

Net worth and cash flow
The ESCADA Group's total assets as of April 30, 2005, were EUR 428.7 million, down 5.2 percent from the figure as of October 31, 2004 (EUR 452.0 million). On the assets side, the decrease occurred primarily in short-term assets. Inventories were reduced by EUR 7.1 million against the end of last year, to EUR 117.7 million.

This decrease is in line with the goal of reducing inventories and current assets. Trade accounts receivable for the second quarter were down EUR 7.3 million against the end of the first quarter, but were up EUR 4.1 million from the end of last fiscal year.

Economic equity (not including minority interests) as of the end of the second quarter was EUR 96.0 million, compared to EUR 90.5 million as of October 31, 2004. Higher equity and lower total assets improved the equity ratio to 22.4 percent, compared to 20.0 percent as of October 31, 2004 (basis: on-balance-sheet equity not including minority interests, but including the outstanding 2003-2013 c: on-balance-sheet equity not including minority interests, but including the outstanding 2003-2013 convertible bonds, which carry a fixed conversion ratio).

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