Arcandor says preparing Primondo, Karstadt for IPO is 'overriding goal' of FY |
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Tue, 08 Jan 2008 08:40
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FRANKFURT (Thomson Financial) - Arcandor AG said the current fiscal year's 'overriding goal' will be to prepare its units Primondo and Karstadt for possible flotation on the stock market.The first quarter of the current fiscal year, ended Dec 31, was 'satisfactory,' with sales at the Primondo mail-order unit advancing and sales at the Karstadt department store declining, Arcandor said in a statement.Sales in the full calendar year 2007, which includes the full fiscal year 2007 as well as the first quarter of the following fiscal year, jumped to 20 bln eur from 13 bln eur in 2006.Arcandor last year shifted its fiscal year to end in September rather than in December. That means that the last fiscal year to end-September had only three quarters, from Jan 1 to Sept 30.The MDAX-listed German retailer also affirmed its 2008/2009 guidance for sales above 23 mln eur and adjusted earnings before interest, tax, depreciation and amortization of more than 1.3 bln eur.maria.sheahan@thomson.commas/vsCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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