Kaufhof reports further losses and declining sales

Shining bright, but losing money: Galeria Kaufhof.

Shining bright, but losing money: Galeria Kaufhof.

Galeria Kaufhof, the big German chain of department stores and specialty sporting goods shops, has booked another moderate decline in sales for the first six months of this financial year. Turnover slipped by 1.3 percent to €1.4 billion. Like-for-like sales however increased by 0.8 percent compared with the same period last year. These figures are for all their sites combined, including those in Belgium, which do not perform as well as those in Germany. Profits before interest and tax fell from -€23 million to -€34 million. Excluding non-recurrent factors, loss before interest and tax improved from €23 million last year to €19 million this year . The loss figures include one-ff costs of €15 million for the planned shut-down of department stores in the German cities of Düsseldorf, Augsburg and Heilbronn due to expiring lease contracts.

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