The Munich Fashion Group Ludwig Beck, reported 22.6 per cent sales decrease to €15.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of €19.9 million in same period prior year. Group reported that due to the closure of the stores from March 18, 2020, Ludwig Beck lost sales in both the textile and non-textile segments.
The Munich Fashion Group Ludwig Beck, reported 22.6 per cent sales decrease to €15.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of €19.9 million in same period prior year. Group reported that due to the closure of the stores from March 18, 2020, Ludwig Beck lost sales in both the textile and non-textile segments.#
The group reported sales of €10.5 million (Q1 FY19: €14.3 million) with the textile segment. In the non-textile segment, which also includes the online beauty shop, sales were €4.9 million (Q1 FY19: €5.6 million).
The Munich Fashion Group Ludwig Beck, reported 22.6 per cent sales decrease to €15.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of €19.9 million in same period prior year. Group reported that due to the closure of the stores from March 18, 2020, Ludwig Beck lost sales in both the textile and non-textile segments.#
The net gross profit in Q1 FY20 fell to € 5.8 million (Q1 FY19: €7.7 million). Earnings before taxes reported loss of €2.1 million.
The Munich Fashion Group Ludwig Beck, reported 22.6 per cent sales decrease to €15.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of €19.9 million in same period prior year. Group reported that due to the closure of the stores from March 18, 2020, Ludwig Beck lost sales in both the textile and non-textile segments.#
Group further reported that the drop in sales in stationary fashion retail was 60 per cent in March. In February, the effects of the Covid-19 pandemic were reflected in the sales, due to slump in the tourist numbers and their resulting purchasing power and by a more cautious consumption behaviour by private households, as reported.
Fibre2Fashion News Desk (JL)
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