Projected EBIT for 2007 raised to EUR 20 million.
Kronach, November 6, 2007 - On a preliminary basis, the earnings before interest and taxes (EBIT) of the Loewe Group in the first nine months of 2007 have been raised to EUR 13.0 million, representing a 41% increase compared to the first nine months of 2006. Sales in the first nine months 2007 rose year-on-year by 1% to EUR 244.5 million. The value and profit-oriented marketing of Loewe products as well as the improved product mix caused the EBIT margin to increase significantly from 3.8% to 5.3% in the reporting period.
These results have prompted the Executive Board of Loewe AG to raise its previous EBIT forecast of EUR 16 -18 million to now EUR 20 million for the current fiscal year 2007. This is an improvement of around 50% in comparison to EUR 13.2 million a year earlier. Loewe continues to aim for sales growth of 10% to approximately EUR 380 million for 2007 as a whole.
Loewe’s report for the first to third quarter of 2007 with consolidated figures and commentary will be published on Wednesday, November 7, 2007 as announced.