Galeria Kaufhof

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From January to September 2009, sales at Galeria Kaufhof declined by 2.6% to €2.4 billion. In Q3, Galeria Kaufhof was only able to partially decouple from the development of the general market and showed a slightly higher sales decline compared to H1 2009.

In Germany, the textile market showed a significant decline, especially in Q3. Due to the warm weather, the sale of the autumn/winter collection began sluggishly. Although Galeria Kaufhof developed ahead of the general market, it had to report a noticeable sales decline.

In Belgium sales from January to September 2009 grew by 1.2% to €233 million. Galeria Inno showed a like-for-like sales growth of 2.0% and was thus able to clearly decouple from the development of the Belgian retail sector. Also the business in Belgium suffered from the mild weather in Q3 2009.

The international share of sales grew from 9.4% to 9.8%.

EBITDA at Galeria Kaufhof came in at €7 million from January to September 2009 compared to €38 million last year. Therein included are Shape 2012-related special items amounting to €24 million expenses mainly for streamlining the store base. Adjusted for these special items, EBITDA came in at €31 million and was €7 million below prior year’s level due to the sales development.

EBIT amounted to €-72 million following €-43 million in 9M 2008 against the backdrop of an extremely difficult economic environment. Excluding special items of €25 million, EBIT came in at €-47 million and was thus only marginally below the prior-year level. As was the case in the past years, Galeria Kaufhof was EBIT-positive in Q3. Typically, German department stores do not generate positive earnings until Q4.

In the first nine months, capex in the store network amounted to €39 million (9M 2008: €78 million).

As at 30 September 2009, the store network of Galeria Kaufhof comprised 141 stores, thereof 126 in Germany and 15 in Belgium.

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