Interim Group Management Report
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Overview Q1 2009 Galeria Kaufhof
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Sales at Galeria Kaufhof declined by 3.8% to €0.8 billion mainly due to the aforementioned calendar effects.
In Germany, Galeria Kaufhof was again able to partially distance itself from the declining textile market despite the fact that the start to the spring business was delayed by unfavourable weather conditions. In comparison to the prior year’s quarter, the important and high-margin Easter business was missing. This was mainly the reason for the sales decline of 4.7%.
In contrast, sales in Belgium grew by 5.1% to €82 million in Q1 2009. Galeria Inno’s like-for-like sales growth of 6.3% was significantly better than the development of the Belgian retail sector.
The international share of sales grew from 9.5% to 10.3%.
EBITDA at Galeria Kaufhof was €-19 million compared to €6 million in Q1 2008. Therein included are expenses amounting to €18 million resulting from Shape 2012 for streamlining the store base. Already decided are the closures of four department stores after the rental contracts expire in 2010. Adjusted for this special item, EBITDA reached €-1 million and reflects especially also the missing high-margin Easter business. EBIT amounted to €-47 million following €-20 million in Q1 2008 against the backdrop of an extremely difficult economic environment. Before the special item of €19 million EBIT came in at €-28 million. German department stores typically turn EBIT-positive only in the second half of the year.
Capex in the store network in Q1 2009 amounted to €11 million (Q1 2008: €16 million).
The department store in the shopping centre CentrO in Oberhausen was remodelled and enlarged. Here, Galeria Kaufhof underlines its role as an innovation leader in the German department store business with new lifestyle-orientated brands in an appealing and pleasant ambience. All in all, around 30 new branded shop-in-shops and more than 50 new brands are present in this lifestyle world. Galeria’s exclusive brands rounds off the high-end assortment. The upper storey was enlarged by 3,800 sqm and boasts the largest single sales area of 10,500 sqm in German department store retailing.
As at 31 March 2009, the store network of Galeria Kaufhof comprised 141 stores, thereof 126 in Germany and 15 in Belgium, and remained unchanged at the year-end 2008 number.
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