FRANKFURT May 25 Struggling German department
store retailer Karstadt made a net loss of 34 million euros ($46
million) in the first half of its 2013/2014 fiscal year, German
business newspaper Handelsblatt reported on Sunday, citing an
In the comparable period the year before, Karstadt posted a
net loss of 35 million euros, the report said.
Sales in the first half of Karstadt's fiscal year, which
starts in October, declined by 3.9 percent to 1.413 billion
euros, while earnings before interest, tax, depreciation and
amortisation (EBITDA) reached 25 million euros, compared with 24
million a year earlier.
Karstadt was not immediately available for comment.
Karstadt was taken over by billionaire businessman Nicolas
Berggruen in 2010 but unions and local media have accused him of
not investing enough, allowing rival Kaufhof to steal market
share, stoking speculation of an eventual merger of the two even
though Kaufhof's owner Metro has ruled it out.
Business monthly Manager Magazin in March reported the
company made a net loss of 127 million euros in the 2012/2013
fiscal year, citing unnamed board sources.
($1 = 0.7336 Euros)
(Reporting by Christoph Steitz and Patricia Weiss; Editing by