BERLIN – Escada shares slipped in trading Monday in reaction to a widening loss at the struggling German fashion house.
Late Friday, Escada said the soon-to-be completed sale of its Primera business – comprised of Apriori, Biba, Cavita and Laurèl – would require another writedown, triggering a book loss exceeding over half the company’s capital stock.
In preliminary figures for the six months ended April 30, Escada reported an after-tax loss of 17.8 million euros or $23.3 million, compared to 6 million euros or $9 million for the period a year earlier.
However, after the writedown for Primera and discontinued operations, the after-tax loss for the period widened to 91.7 million euros or $120.2 million, compared to 8 million euros of $12.0 million a year ago. Dollar figures are converted from the euro at average exchange rates for the respective periods.