Germany-based home improvement retailer Praktiker Bau Und Heimwerkermaerkte Holding AG (PKKRF.PK) posted a narrower loss for the year 2012, reflecting a reduction in extraordinary effects, despite lower revenues. For 2013, the group said it expects sales to be below the prior-year level and expects to achieve improved but not yet positive EBITA.
Praktiker AG's net loss for the year narrowed to 188.9 million euros from last year's net loss of 554.7 million euros.
Operating earnings, or EBITA, was a negative 128.8 million euros this year, compared with last year's negative 375.1 million euros. This improvement, the group said, is exclusively attributable to the reduction of extraordinary effects which had impaired earnings much more strongly a year ago.
In 2012, extraordinary effects amounted to 29.6 million euros, while it was 4.73 billion euros last year, mainly relating to expenses for the conversion of Praktiker stores to Max Bahr, provisions for planned store closures and higher consultancy expenses.
In 2012, the Group's sales slid 5.6 percent to about 3.003 billion euros from 3.183 billion euros for last year. In addition, sales volume was lower on account of the realignment of the business model. In Germany, the Praktiker Group's sales totalled about 2.191 billion euros in 2012, down 4.3 percent from last year.
by RTT Staff Writer
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