GERMANY: Ahlers lowers FY earnings expectations
German fashion group Ahlers has lowered its earnings expectations for the full year but said it projects improved results for its next fiscal year.
In a trading update, the company said it expects consolidated net income for the year, at EUR5.6m (US$7.7m), to fall short of the projected EUR7.3m, which would have been equivalent to the prior year level.
At EUR246.7m, sales were down by 2.6% on the previous year's EUR253.2m due to a shift in sales revenues to December 2013 as well unexpected one-time expenses.
Both revenues and consolidated net income, however, are expected to increase in the new fiscal year, the company said.
"The management board projects significant sales growth and an improved result for the fiscal year which has just started."
Rising revenues from jeans and premium brands helped German fashion group Ahlers to record strong profit growth in the first half of the company's financial year....
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