The Munich retail group Ludwig Beck started the 2023 financial year with a significant increase in sales. As the company announced on Thursday, gross sales in the first quarter amounted to 17.7 million euros and exceeded the corresponding level of the previous year by around 20 percent. Net sales increased from EUR 12.4 to 14.9 million. According to the company, the strong growth was also due to the fact that business at the beginning of last year was still severely affected by the effects of the Covid 19 pandemic.
Ludwig Beck also made progress in terms of operating profit in the most recent quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) grew from EUR 0.3 to 0.5 million. The net loss was not least due to “massive interest rate increases on the financial markets” as in the same period last year at 1.1 million euros.
The management stated that it was “satisfied” with the most recent course of business and was “continued to be cautiously optimistic about the current financial year”. As a result, the forecasts for 2023 remained unchanged. Gross goods sales in the range of EUR 88 to 92 million and earnings before interest and taxes (EBIT) of between EUR 4 and 5 million are still expected.