euro adhoc: ESCADA AG / Quarterly or Semiannual Financial Statements / ESCADA shows profit in first quarter of 2003/2004 (E)

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Aschheim/Munich, March 5, 2004 - The ESCADA Group reported a profit for the first quarter of fiscal 2003/2004. The luxury women’s fashion maker increased its consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to EUR 14.0 million, from the EUR 7.1 million of the first quarter of 2002/2003. The profit on the quarter after deductions for taxes and minority interests, was EUR 3.1 million, as against the comparable period’s loss of EUR 2.2 million. Consolidated sales amounted to EUR 148.1 million compared to EUR 156.5 million in the previous year (- 5.4 %). Eliminating the effects of foreign exchange rates, sales were up 0.4 %. Sales for the ESCADA core brand were EUR 100.2 million, following sales of EUR 105.7 million for the first quarter of last year (- 5.2 %). Eliminating the effects of foreign exchange rates, sales were up 2.8 %.

The profit was largely the result of two factors. Firstly, the program to cut the Group’s structural costs is proceeding on schedule and is showing its first results. Secondly, the current ESCADA collections and products are being warmly received in all markets, despite the continuing adverse market conditions.

For fiscal year 2003/2004, management continues to expect that Group sales will remain stable, EBITDA will increase and the Group will show an after-tax profit.

Further inquiry note:
Viona Brandt
Tel.: +49 (0)89 9944 1336
Tel: +49 (0)89 9944 1336
FAX: +49 (0)89 9944 1500

Emittent: ESCADA AG Margaretha-Ley-Ring 1 DE-85609 München Tel: +49 (0)89 9944 1336 FAX: +49 (0)89 9944 1500 Email: WWW: ISIN: DE0005692107 WKN: 569210

end of announcement euro adhoc

Indizes: CDAX, Classic All Share, Prime All Share, Prime Standard, SDAX
Börsen: official dealing Berliner Wertpapierbörse, Bayerische Börse, Frankfurter Wertpapierbörse; regulated dealing Bremer Wertpapierbörse (BWB); free trade Hamburger Wertpapierbörse, Börse Düsseldorf, Baden-Württembergische Wertpapierbörse
Branche: Clothing
Sprache: Englisch