LUDWIG BECK Closes First Half-Year at Par

Munich, July 18, 2024 – Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG reported that the German textile retail sector closed the first half of 2024 with gross sales remaining unchanged from the previous year. The first quarter saw an encouraging 4% increase in sales due to favorable weather conditions. However, the second quarter faced setbacks due to adverse weather, affecting consumer shopping behavior.

For the first half of 2024, Ludwig Beck's gross sales amounted to €37.2 million, a slight increase from €37.1 million in the previous year. The company encountered significant challenges, including weather-induced sales declines and logistical disruptions due to outsourcing.

The textile segment showed growth, increasing from €27.1 million to €28.3 million. Conversely, the non-textile segment saw a decline from €9.9 million to €8.9 million. Gross profit slightly decreased to €15.1 million from €15.3 million, and EBIT deteriorated from €-0.3 million to €-1.0 million. Earnings after taxes were €-1.5 million, compared to €-0.8 million in the previous year.

Ludwig Beck remains optimistic for the second half of the year, hoping for better conditions and increased demand for summer fashion, bolstered by the upcoming Munich Oktoberfest. The company maintains its forecast for the fiscal year.