LUDWIG BECK Reports Strong Start to 2024 with Increased Sales and Earnings

LUDWIG BECK, the Munich-based fashion group, has announced a robust start to 2024, with a 6% sales increase in the first quarter compared to the same period in 2023. This growth comes despite a challenging economic backdrop marked by continued insolvencies in the German fashion industry and general slowdowns due to adverse weather and strikes.

The company's sales in the textile segment grew to €14.2 million from €12.7 million in the previous year, although the non-textile segment saw a slight decrease in revenue. Overall, LUDWIG BECK outperformed the industry average growth, which stood at 4%.

The financial results showed a slight improvement in operating income, with earnings before interest and taxes (EBIT) improving to €-0.9 million from €-1.2 million the previous year. However, the impact of higher interest rates led to a reduced financial result compared to the prior period. Despite these challenges, the company maintained stable earnings after taxes of €-1.1 million.

Looking ahead, LUDWIG BECK remains cautiously optimistic for the fiscal year 2024, expecting gross merchandise sales between €90 million and €93 million, and a positive earnings before taxes ranging from €0.5 million to €1.8 million. The company aims to enhance customer experiences at its Marienplatz department stores through extensive remodeling and the introduction of new brands.