Advertisement
Singapore markets close in 2 hours 6 minutes

  • Straits Times Index

    3,434.77
    +19.26 (+0.56%)
     

  • Nikkei

    40,913.65
    +332.89 (+0.82%)
     

  • Hang Seng

    18,012.48
    +33.91 (+0.19%)
     

  • FTSE 100

    8,171.12
    +49.92 (+0.61%)
     

  • Bitcoin USD

    58,845.98
    -2,057.41 (-3.38%)
     

  • CMC Crypto 200

    1,234.87
    -26.31 (-2.09%)
     

  • S&P 500

    5,537.02
    +28.01 (+0.51%)
     

  • Dow

    39,308.00
    -23.90 (-0.06%)
     

  • Nasdaq

    18,188.30
    +159.54 (+0.88%)
     

  • Gold

    2,369.40
    0.00 (0.00%)
     

  • Crude Oil

    83.30
    -0.58 (-0.69%)
     

  • 10-Yr Bond

    4.3550
    -0.0810 (-1.83%)
     

  • FTSE Bursa Malaysia

    1,617.49
    +2.17 (+0.13%)
     

  • Jakarta Composite Index

    7,245.28
    +48.52 (+0.67%)
     

  • PSE Index

    6,506.86
    +56.83 (+0.88%)
     

Germany's Douglas reports loss in quarter due to IPO costs

Isabel Demetz and Chiara Holzhaeuser
·1-min read
The new logo of cosmetic retailer Douglas is photographed in Frankfurt

By Isabel Demetz and Chiara Holzhaeuser

(Reuters) - German perfume and cosmetics retailer Douglas reported a net loss in the second quarter, affected by expenses linked to its IPO, the company said on Wednesday.

The company reported a net loss of 41.3 million euros ($44.84 million), still a 2% improvement from a year ago but overshadowed by one-off costs related to its IPO on the Frankfurt Stock Exchange.

Douglas' listing in March was used to reduce its debt by 1.3 billion euros and to improve its financing conditions, allowing the company to reach a leverage ratio of 2.7.

"We also reconfirm our mid-term guidance to target the 2.0 leverage," Mark Langer, Douglas' CFO, said in a media call, adding that the company expects further deleveraging in the next financial year, with an increase in cash flow in the Christmas season.

ADVERTISEMENT

"The company will also consider paying dividends once we are approaching the 2.0," Langer added.

Douglas, which sells beauty products from brands like Chanel and Dior, is in talks to join the German small-cap index SDAX from June, after Deutsche Boerse conducts its review of the German DAX indices at the beginning of the month.

Operating profit was 145.9 million euros in the second quarter, up 16.2% compared to the same period last year.

The company confirmed its full-year guidance for 2023/2024.

($1 = 0.9221 euros)

(Reporting by Isabel Demetz and Chiara Holzhaeuser; Editing by Bernadette Baum)