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Douglas Group Reports Net Loss of $142.7M for Year

The loss is due to what the company referred to as necessary write-downs, including restructuring of the group’s weak book retailer, Thalia.

BERLIN — Douglas Group reported a net loss of 109.9 million euros, or $142.7 million, for its fiscal year ended Sept. 30 following its annual balance sheet conference on Tuesday. The loss is due to what Douglas referred to as necessary write-downs, including restructuring of the group’s weak book retailer, Thalia. The company confirmed previously released figures, including a fiscal year net sales increase of 1.7 percent to 3.44 billion euros, or $4.47 billion. Dollar figures are converted at the average exchange rate for the period to which they refer.

Douglas Holding, the parent company of The Douglas Group, whose retail activities including Douglas Perfumeries, books, jewelry, fashion and confectionery businesses, was taken over by Advent International in a transaction completed earlier this month, through a squeeze-out of remaining minority shareholders by Beauty Holding Three AG, a holding company held indirectly by Advent and the Douglas founders, the Kreke family.

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Sales for the Douglas Group’s first quarter rose 1.6 percent. “While this figure was slightly below our expectations, we were nevertheless able to create a reasonably solid foundation for the rest of the fiscal year,” said Douglas Group president and chief executive officer Henning Kreke in a statement. Douglas will release full first-quarter figures on Feb. 6.