Bijou Brigitte 2007 group profit reaches prior year’s level / Dividend proposal: EUR 6.50 per common share / Group sales and group earnings in 1st Quarter of 2008
The Hamburg costume jewellery group Bijou Brigitte modische Accessoires AG increased group sales in fiscal year 2007 from EUR 348.0 million to EUR 366.9 million by expanding its shop network – an increase of 5.4 %. The like for like sales in the past year was – 3.9 %. The result of ordinary operations for the reporting year was EUR 121.9 million (prior year: EUR 124.5 million).
Group after tax profit for fiscal year 2007 was EUR 80.3 million (prior year: EUR 80.3 million). The EUR 9.91 earnings per share, according to IFRS, was almost identical to that of the prior year (EUR 9.92).
At the AGM to be held on 16 July 2008, management & supervisory board will propose declaration of a dividend for fiscal year 2007 at the same level as the prior year, EUR 6.50 per common share. That would be the equivalent of a EUR 52.65 million dividend.
In the first quarter of 2008, group sales rose by 3.0 % from EUR 73.8 million to EUR 76.0 million. Like for like there was a slight decline of 4.4 %. Pursuant to the extrapolation of group figures for the first three months of the current year as well as on the basis of estimated inventory values, Bijou Brigitte group earned a pre-tax result of EUR 17.9 million (prior year: EUR 19.6 million).
Earnings after tax were EUR 12.2 million (prior year: EUR 12.7 million), that is EUR 0.5 million resp. 3.9 % less than in the prior year.
The decline in sales revenues is due to growing competition. Moreover the Spanish real estate crisis has led to hesitant buying in the company’s second largest market. For this reason it is assumed that like for like sales will also exhibit a slight decline in the subsequent three months.
In the current fiscal year expansion will continue. As of 31 March 2008, the shop network increased from 1,005 to 1,015 stores. Bijou Brigitte plans 80 new store openings throughout the group for 2008 as a whole. The focus of expansion will be other European countries.
Other markets like Scandinavia and Eastern Europe offer development perspectives for the future.
As a result of growth in the store network, the group expects continued positive business development with a high level of earnings.
