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Ludwig Beck: Corona crisis causes losses

The Munich fashion department store operator Ludwig Beck reports nine-month figures for 2020 that are heavily influenced by the consequences of the corona pandemic. A turnover of 41 million euros was achieved at group level after 63.7 million euros in the same period of the previous year. Before interest and taxes, the result has deteriorated by 6.1 million euros and is in the red at 5 million euros. The bottom line is that Ludwig Beck’s loss has increased from 0.2 million euros to 4.4 million euros. Including the discontinued Wormland division, the company reported a nine-month loss of 17.2 million euros last year. In terms of cash flow from operating activities, the company reports an increase in the negative amount from 1.7 million euros to 6.8 million euros.

In the textile industry there is no sign of a recovery, they say. In addition, there is a special factor: “But not only the falling frequencies in the inner cities are causing problems for the retail trade, the cancellation of the Oktoberfest and the lack of tourists also leave heavy losses in Munich,” said Ludwig Beck.

For the year as a whole, the company expects gross sales from sales of between EUR 63 million and EUR 70 million with a pre-tax loss of between EUR 3 million and EUR 5 million. The prerequisite, however, is that there are no further tightening of the official orders in connection with the corona virus.

At a glance – chart and news: Ludwig Beck ST

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