Brantano has reported a higher net loss of €2.7 million for the 1st quarter of 2005 ended on March 31, as compared to a net loss of €0.3 million in the 1st quarter of 2004, but the result from continued activities improved to a net profit €0.5 million from a loss of €0.3 million. These results are based on the new IFRS accounting guidelines, and the costs related to the discontinuation of its activities in Denmark and Holland was fully provisioned in the quarter, allowing the company to start again with a clean slate.
The consolidated turnover for the quarter was down by 4.1 percent to €67.8 million from the 1st quarter of 2004, but it was up by 2.2 percent on a comparable basis, excluding the Netherlands and Denmark. This was due especially to sales increases of 5.4 percent in euros and 4.3 percent on same-store basis in the UK, where new stores were opened in 2004. Turnover fell by 0.7 percent in Belgium and Luxembourg, due in part to bad March weather.
The gross profit was flat at €33.2 million, but as a percentage of sales the margin increased to 49.0 percent from 46.9 percent. The operating margin improved from 4.2 to 5.5 percent of sales before amortization and depreciation (Ebitda), and from 0.6 to 2.2 percent after these items (Ebit).