euro adhoc: ESCADA AG
Quarterly or Semiannual Financial Statements
/ ESCADA Group returns to profitability in Fiscal Year 2003-04 as
planned
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Aschheim/Munich, December 14, 2004 - The ESCADA Group, (SDAX: ESC), has returned to profitability in fiscal 2003-04, ended October 31, in line with its stated objectives, despite the continued weakness of the market for womens luxury fashion. The Group announced preliminary earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 47.4 million, compared to EUR 8.4 million last year. Of this total, EUR 35.6 million (previous year: EUR 15.1 million) was contributed by the ESCADA brand, EUR 13.3 million (previous year: EUR -4.6 million) by PRIMERA Group and EUR -1.5 million (previous year: EUR -2.1) by Badgley Mischka, which was sold in October 2004. The Group showed a consolidated after-tax profit before minorities of EUR 4.5 million, compared to the prior years loss of EUR 77.6 million. The main source of this substantial improvement in consolidated earnings was the successfully implemented program to cut structural costs. With savings of almost EUR 45 million, the program outperformed its EUR 40 million target for the year. Consolidated sales for 2003/2004 reached EUR 625.5 million, a 0.8 percent gain over the prior years EUR 620.8 million. After adjustments for changes in foreign-exchange rates, growth was 3.5 percent. For the current fiscal year 2004-05, management expects all key-figures to improve significantly despite sustained weakness in the market for womens luxury fashion, thanks to the Groups new, leaner platform and measures being taken for product growth and geographical expansion. Management projects, in the absence of unforeseen events, that Group revenues will increase in Euro during fiscal year 2004-05, that Group EBITDA will grow significantly, and that there will be disproportionate improvement in consolidated after-tax profit.
end of announcement euro adhoc 14.12.2004 07:30:00
Further inquiry note:
Viona Brandt
Tel.: +49 (0)89 9944 1336
E-Mail: viona.brandt@de.escada.com
Branche: Clothing
ISIN: DE0005692107
WKN: 569210
Index: SDAX, Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen: Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Frankfurter Wertpapierbörse / official dealing
Bayerische Börse / official dealing