Wednesday April 23, 09:15 AM
Arcandor issues FY 2007 profit guidance, sees adj EBITDA above 800 mln eur
DUSSELDORF, Germany (Thomson Financial) - Arcandor AG (Frankfurt: A0S867 - news) . issued profit guidance for the current fiscal year
to September, saying it expects adjusted earnings before interest, tax, depreciation and amortization to exceed 800 million euros.
The MDAX-listed retailer also said it was 'satisfied' with the second quarter of this year, which ended on March 31, according to a statement issued at its annual shareholders' meeting. The company is scheduled to publish second-quarter results on May 15.
Mail-order division Primondo posted double-digit percentage sales growth during the three-month period, with a 'significant' increase in profit, chief executive Thomas Middelhoff said.
The company's Karstadt department stores, which have been plagued by sluggish German consumer spending and sliding sales, in the second quarter 'recovered strongly,' with both sales and adjusted EBITDA above the year-earlier level.
The third major division, Thomas Cook Group Plc, 'still showed a good booking situation, with strong summer business,' Middelhoff said.
The business, in which Arcandor holds 52 percent of shares, will reach 'significantly' more than 800 million euros EBITDA in the fiscal year ending in September 2010, Middelhoff said.
Arcandor also said it still sees full fiscal-year sales reaching at least 23 billion euros next year, with EBITDA of at least 1.3 billion euros.
And while Middelhoff reiterated that both Karstadt and Primondo should be readied for capital markets, he emphasised that there are currently no concrete plans for an initial public offering.
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