euro adhoc: GARANT SCHUH + MODE AG / Restructuring measures impact on GARANT Group‘s annual results (E)

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Düsseldorf, April 23, 2004 - In Fiscal 2003 GARANT SCHUH + MODE AG boosted Group turnover to 179.5 m. euro, a rise of 52.9% on last year‘s figure (117.5 m. euro), following acquisition of SALAMANDER SCHUH GmbH.
Under IAS, the Group‘s annual deficit now totals 14.1 m. euro (compared to last year‘s net earnings of 2.8 m. euro). Following adoption of the restructuring concept for SALAMANDER SCHUH GmbH, which was acquired on October 1, 2003, Group results were adversely affected by other one-off provisions of 18 m. euro and by further special bad-debt charges totalling 5.9 m. euro.
Following conclusion of the restructuring phase GARANT is confident of achieving positive Group results in Fiscal 2004.
The Annual Earnings Press Conference for Fiscal 2003 is scheduled on April 29, 2004.

Further inquiry note:
Jenny Bleilefens
Investor Relations
Telefon: +49(0)211-3386-311
Tel: +49(0)211-3386-0
FAX: +49(0)211 3386 297

Emittent: GARANT SCHUH + MODE AG Elisabethstrasse 70 DE-40217 Düsseldorf Tel: +49(0)211-3386-0 FAX: +49(0)211 3386 297 Email: WWW: ISIN: DE0005853030 WKN: 585303 Indizes: CDAX, Classic All Share, Prime Standard Börsen: official dealing Börse Düsseldorf, Frankfurter

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Branche: Consumer Goods
Sprache: Englisch