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03.11.2016 07:00:16
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DGAP-News: Adler Modemärkte AG
DGAP-News: Adler Modemärkte AG: Revenue and earnings declined in the third quarter of 2016
03.11.2016 / 07:00 The issuer is solely responsible for the content of this announcement.
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Press Information from Adler Modemärkte AG
Continuing difficult market environment: Revenue and earnings declined in the third quarter of 2016 Forecast for full year 2016 already adjusted
Haibach (near Aschaffenburg), 3 November 2016: Against the backdrop of a continuing difficult market environment, Adler Modemärkte AG recorded a decline in revenue of 9.4% to EUR117.9 million (Q3 2015: EUR130.2 million). Like-for-like revenue was down by 9.7% in the third quarter of 2016. During the first nine months of the year, revenue amounted to a total of EUR375.0 million (9M 2015: EUR398.6 million), down by 5.9% compared to the previous year's level of EUR398.6 million. Like-for-like, the decline was 6.0%. The first half of the year is the traditionally weaker period for ADLER, particularly due to the sale of winter merchandise. In the course of the third quarter, July and September saw a decline in revenue. Due to the late summer, notably sales of the recently rolled out autumn collections in September were poor. By contrast, sales in August increased compared to the previous year. In response to these developments, ADLER has further strengthened the measures to increase efficiency which had already been initiated in the course of the year. These will result in additional cost savings as the year 2016 progresses.
Gross profit margin slightly declined The ADLER Group's cost of materials decreased by 2.7% from EUR188.6 million to EUR183.5 million due to the decline in revenue. Gross profit declined from EUR210.1 million to EUR191.5 million. The gross profit on goods sold fell from 52.7% to 51.1%. EBITDA decreased from EUR4.6 million in the first nine months of 2015 to EUR -7.7 million in the first nine months of 2016. Earnings before interest and taxes (EBIT) declined from EUR -7.5 million in the first nine months of 2015, to EUR -20.1 million. Earnings before taxes (EBT) fell from EUR -11.1 million to EUR -23.8 million in the first nine months of 2016. ADLER reported a consolidated net loss of EUR -18.4 million as at 30 September 2016 (first nine months of 2015: consolidated net loss of EUR -9.3 million). Adjusted earnings per share amounted to EUR -1.00. Adjusted earnings per share totalled EUR -0.50 in the comparable period. Cash and cash equivalents declined from EUR52.1 million as at 31 December 2015 to EUR14.0 million due to seasonal factors, namely the payment of the dividend, as well as the lower level of revenue and the corresponding increase in the consolidated net loss for the period.
Lothar Schäfer, CEO of Adler Modemärkte AG says: "It is now a matter of sustainably adapting our cost structure to the market environment in order to continually strengthen our earnings situation. The range of measures which were implemented and are now being reinforced will help us to tap further savings and optimization potential. We are expecting additional cost savings during the course of 2016, and a total amount of approximately EUR10 million in the 2017 financial year."
Store network further optimised ADLER opened a store in Chur in March 2016, its second in Switzerland. A new store was opened in Neumarkt in der Oberpfalz in April, followed by another in Hard near Bregenz, Austria, in May and one in Selfkant in North Rhine-Westphalia in September. The lease agreement for an unprofitable store in Günthersdorf was terminated during the reporting period; the store was closed in September. The stores in Georgsmarienhütte, Weiden, Gotha, Neuwied, Rüsselsheim and Mannheim Neu-Edingen were extensively renovated under the programme to modernise older existing ADLER stores.
Forecast for full year 2016 adjusted - Fundamentals for long-term growth intact In light of its performance in the third quarter of the year, on 20 October 2016 ADLER adjusted the forecast for full-year 2016, as given after the first six-months. The new marketing campaign launched in September is expected to boost operating performance in the rest of the year. Despite the positive business performance in October, ADLER forecasts consolidated revenue for the fourth quarter to be slightly below the previous year's level. This is because of the current decline in consumer spending and the associated price pressure within the textile industry. Accordingly, consolidated revenue for full-year 2016 is expected to fall short of the prior-year figure of approximately EUR566 million. EBITDA should amount to between EUR14 to 17 million, so that an after-tax loss is to be expected. ADLER aims to achieve a slightly positive free cash flow in 2016. The cash position at year-end will be clearly positive. The fundamentals for the already communicated sustainable long-term growth remain intact.
Adler Modemärkte AG's full nine months report is now available for inspection or download from the Company's homepage at http://www.adlermode- unternehmen.com/en/investor-relations/reports-and-publications/financial- reports/
ADLER Group's key performance indicators
(EUR million) 9M 2016 9M 2015 Change Q3 2016 Q3 2015 Change Revenue 375.0 398.6 -5.9% 117.9 130.2 -9.4% Gross profit 191.5 210.1 -8.9% 56.3 67.0 -15.9% Earnings before -7.7 4.6 -267.4% -8.4 0.1 -8536.2% interest, taxes, depreciation and amortisation (EBITDA) Earnings before -20.1 -7.5 -168.2% -12.6 -4.1 -212.0% interest and taxes (EBIT) Earnings before -23.8 -11.1 -114.3% -13.9 -5.3 -162.3% taxes (EBT) Earnings per -1.00 -0.50 -100.0% -0.57 -0.22 -159.1% share (in EUR)*
* Based on 18,510,000 no-par value shares
30/09/2016 31/12/ 2015 Change Total assets (EUR million) 230.2 243.4 -5.4% Equity (EUR million) 77.2 104.9 -26.4% Equity ratio (in %) 33.5 43.1 -9.6pp Debt/equity ratio 1.98 1.32 Cash and cash equivalents 14.0 52.1 -73.1% (EUR million) 4.030 4.203 -4.1% Employees 180 177 +1.7%
About Adler Modemärkte: Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2015, the Group generated revenue of EUR566.1 million with a workforce of around 4,200, generating EUR33.3 million in EBITDA. ADLER currently operates 180 stores, 154 of which are located in Germany, 22 in Austria, two in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m2 of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to more than 60 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 45 and over. For more information: www.adlermode-unternehmen.com; www.adlermode.com
Contact Adler Modemärkte AG: Jasmin Dentz GFD Finanzkommunikation Tel.: +49 (0) 69 971 247 31 E-mail: dentz@gfd-finanzkommunikation.de
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03.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: Adler Modemärkte AG Industriestraße Ost 1-7 63808 Haibach Germany Phone: +49 (0) 6021 633 0 Fax: +49 (0) 6021 633 1299 E-mail: info@adler.de Internet: www.adlermode.com ISIN: DE000A1H8MU2 WKN: A1H8MU Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service ---------------------------------------------------------------------------
516737 03.11.2016
DGAP-News: Adler Modemärkte AG / Key word(s): 9-month figures Adler Modemärkte AG: Revenue and earnings declined in the third quarter of 2016
03.11.2016 / 07:00 The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Press Information from Adler Modemärkte AG
Continuing difficult market environment: Revenue and earnings declined in the third quarter of 2016 Forecast for full year 2016 already adjusted
Haibach (near Aschaffenburg), 3 November 2016: Against the backdrop of a continuing difficult market environment, Adler Modemärkte AG recorded a decline in revenue of 9.4% to EUR117.9 million (Q3 2015: EUR130.2 million). Like-for-like revenue was down by 9.7% in the third quarter of 2016. During the first nine months of the year, revenue amounted to a total of EUR375.0 million (9M 2015: EUR398.6 million), down by 5.9% compared to the previous year's level of EUR398.6 million. Like-for-like, the decline was 6.0%. The first half of the year is the traditionally weaker period for ADLER, particularly due to the sale of winter merchandise. In the course of the third quarter, July and September saw a decline in revenue. Due to the late summer, notably sales of the recently rolled out autumn collections in September were poor. By contrast, sales in August increased compared to the previous year. In response to these developments, ADLER has further strengthened the measures to increase efficiency which had already been initiated in the course of the year. These will result in additional cost savings as the year 2016 progresses.
Gross profit margin slightly declined The ADLER Group's cost of materials decreased by 2.7% from EUR188.6 million to EUR183.5 million due to the decline in revenue. Gross profit declined from EUR210.1 million to EUR191.5 million. The gross profit on goods sold fell from 52.7% to 51.1%. EBITDA decreased from EUR4.6 million in the first nine months of 2015 to EUR -7.7 million in the first nine months of 2016. Earnings before interest and taxes (EBIT) declined from EUR -7.5 million in the first nine months of 2015, to EUR -20.1 million. Earnings before taxes (EBT) fell from EUR -11.1 million to EUR -23.8 million in the first nine months of 2016. ADLER reported a consolidated net loss of EUR -18.4 million as at 30 September 2016 (first nine months of 2015: consolidated net loss of EUR -9.3 million). Adjusted earnings per share amounted to EUR -1.00. Adjusted earnings per share totalled EUR -0.50 in the comparable period. Cash and cash equivalents declined from EUR52.1 million as at 31 December 2015 to EUR14.0 million due to seasonal factors, namely the payment of the dividend, as well as the lower level of revenue and the corresponding increase in the consolidated net loss for the period.
Lothar Schäfer, CEO of Adler Modemärkte AG says: "It is now a matter of sustainably adapting our cost structure to the market environment in order to continually strengthen our earnings situation. The range of measures which were implemented and are now being reinforced will help us to tap further savings and optimization potential. We are expecting additional cost savings during the course of 2016, and a total amount of approximately EUR10 million in the 2017 financial year."
Store network further optimised ADLER opened a store in Chur in March 2016, its second in Switzerland. A new store was opened in Neumarkt in der Oberpfalz in April, followed by another in Hard near Bregenz, Austria, in May and one in Selfkant in North Rhine-Westphalia in September. The lease agreement for an unprofitable store in Günthersdorf was terminated during the reporting period; the store was closed in September. The stores in Georgsmarienhütte, Weiden, Gotha, Neuwied, Rüsselsheim and Mannheim Neu-Edingen were extensively renovated under the programme to modernise older existing ADLER stores.
Forecast for full year 2016 adjusted - Fundamentals for long-term growth intact In light of its performance in the third quarter of the year, on 20 October 2016 ADLER adjusted the forecast for full-year 2016, as given after the first six-months. The new marketing campaign launched in September is expected to boost operating performance in the rest of the year. Despite the positive business performance in October, ADLER forecasts consolidated revenue for the fourth quarter to be slightly below the previous year's level. This is because of the current decline in consumer spending and the associated price pressure within the textile industry. Accordingly, consolidated revenue for full-year 2016 is expected to fall short of the prior-year figure of approximately EUR566 million. EBITDA should amount to between EUR14 to 17 million, so that an after-tax loss is to be expected. ADLER aims to achieve a slightly positive free cash flow in 2016. The cash position at year-end will be clearly positive. The fundamentals for the already communicated sustainable long-term growth remain intact.
Adler Modemärkte AG's full nine months report is now available for inspection or download from the Company's homepage at http://www.adlermode- unternehmen.com/en/investor-relations/reports-and-publications/financial- reports/
ADLER Group's key performance indicators
(EUR million) 9M 2016 9M 2015 Change Q3 2016 Q3 2015 Change Revenue 375.0 398.6 -5.9% 117.9 130.2 -9.4% Gross profit 191.5 210.1 -8.9% 56.3 67.0 -15.9% Earnings before -7.7 4.6 -267.4% -8.4 0.1 -8536.2% interest, taxes, depreciation and amortisation (EBITDA) Earnings before -20.1 -7.5 -168.2% -12.6 -4.1 -212.0% interest and taxes (EBIT) Earnings before -23.8 -11.1 -114.3% -13.9 -5.3 -162.3% taxes (EBT) Earnings per -1.00 -0.50 -100.0% -0.57 -0.22 -159.1% share (in EUR)*
* Based on 18,510,000 no-par value shares
30/09/2016 31/12/ 2015 Change Total assets (EUR million) 230.2 243.4 -5.4% Equity (EUR million) 77.2 104.9 -26.4% Equity ratio (in %) 33.5 43.1 -9.6pp Debt/equity ratio 1.98 1.32 Cash and cash equivalents 14.0 52.1 -73.1% (EUR million) 4.030 4.203 -4.1% Employees 180 177 +1.7%
About Adler Modemärkte: Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2015, the Group generated revenue of EUR566.1 million with a workforce of around 4,200, generating EUR33.3 million in EBITDA. ADLER currently operates 180 stores, 154 of which are located in Germany, 22 in Austria, two in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m2 of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to more than 60 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 45 and over. For more information: www.adlermode-unternehmen.com; www.adlermode.com
Contact Adler Modemärkte AG: Jasmin Dentz GFD Finanzkommunikation Tel.: +49 (0) 69 971 247 31 E-mail: dentz@gfd-finanzkommunikation.de
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03.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: Adler Modemärkte AG Industriestraße Ost 1-7 63808 Haibach Germany Phone: +49 (0) 6021 633 0 Fax: +49 (0) 6021 633 1299 E-mail: info@adler.de Internet: www.adlermode.com ISIN: DE000A1H8MU2 WKN: A1H8MU Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service ---------------------------------------------------------------------------
516737 03.11.2016
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