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Research update: Douglas Holding AG 07. August 2008  Still no real growth Douglas Holding reported first nine months 2008 sales to June were up by 4.6% to €2,416m. Like-for-like sales were up just 1.9% but only 0.4% in Germany, again below the rate of inflation. Net earnings were down 0.2% in the nine months following a third quarter loss. June was especially poor with... ...Subscribe to VISCARDI Research... |
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Research update: Douglas Holding AG 08. Mai 2008 No real growth in first half 2008 Douglas Holding's group sales rose by 6.1% in the six months to March 2008. Like-for-like growth though was just 2.7% or below general inflation. Net earnings grew by just 3% in the first half to €88.7m. Perfumeries. Expansion abroad saw international perfumery sales grow 6.1%. However, we still believe the group lacks critical size in foreign operations... ...Subscribe to VISCARDI Research... |
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Research update: Douglas Holding AG 13. Februar 2008 Flawed strategy still undermines efforts Douglas Holding's successful perfumery retailing activities account for over 85% of group EBIT. However, strategy has been to invest into different lower margin businesses. This move is driven by short-term market conditions rather than long-term trends. Attention was diverted away from the main perfumeries business which faces growing risks from major competitors. We believe management will continue to deliver lacklustre results. Slow core growth. In Germany the number of stores has remained similar to 2000. Growth has only come from international expansion, mainly by... ...Subscribe to VISCARDI Research... |
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Research update: Douglas Holding 15. Februar 2007 Short-term VAT, long-term strategy questions Douglas Holding reported solid first quarter results to December 2006. These were helped by acquisitions and customer purchases made ahead of the German VAT increase from 16% to 19% in January 2007. Sales rose by... ...Subscribe to VISCARDI Research... |
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Research update: Douglas Holding 18. Mai 2006 Expensive with limited real growth First half to March 2006 sales rose by 9.5%, but by just 1.3% on a like-for-like basis or by less than inflation. Second quarter sales rose by 0.7% on a like-for-like basis. Half year EBITDA rose by 5.3% with ... ...Subscribe to VISCARDI Research... |
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Research update: Douglas Holding 03. August 2005 Slow growth, more competition, VAT threats In the nine months to June 2005 Douglas Holding continued to suffer from the difficult domestic economic environment. Group sales though rose ... ...Subscribe to VISCARDI Research... |
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Research Douglas Holding 21. Juni 2005 Douglas Holding VISCARDI Securities GmbH just released a research note of Douglas Holding ...Subscribe to VISCARDI Research... |