KarstadtQuelle sets back target for returning to profit
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KarstadtQuelle, the crisis-ridden German retail giant, does not expect to turn in a profit until 2006 instead of 2005 as expected, the group's chairman Christoph Achenbach told shareholders at an extraordinary general meeting in Duesseldorf.
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It's on track to meet sales targets, but profits might not keep pace.
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Air France-KLM has said it was set for healthy results in the 2006-2007 financial year after reporting that third quarter net profit had tripled to 229 million euros (299 million dollars) from the same period a year earlier.
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The adverse publicity surrounding the drastic overhaul of troubled retailer KarstadtQuelle dented consumer confidence and therefore made the group's third-quarter business &quot;difficult,&quot; chairman Christoph Achenbach said in a newspaper interview.
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Reinsurer Munich Re AG said Wednesday it expects to post a bigger profit in 2007 than last year, beating its previous target of more than $5.17 billion.
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German reinsurance giant Munich Re sought Wednesday to reassure investors with an advance release of its 2007 net profit figure, which surpassed its target and suggested the group had escaped damage from the US subprime crisis.
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KarstadtQuelle, the troubled German department store operator, said its creditor banks had agreed to meet its liquidity needs until December 31, but had not yet agreed to its request for a three-year-loan of 1.75 billion euros (2.2 billion dollars).
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German shareholder says company should consider carving off loss-making American division.
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Munich Re, the world&#39;s largest reinsurer, lowered its target for 2004 earnings after the worst storm season in more than a century led to 550 million euros ($714 million) of damage claims.
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Germany's budget deficit widened in the first half of this year, figures released Tuesday showed, but the government renewed its commitment to get the shortfall back within a European Union-imposed limit next ...
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Confectionery group Cadbury Schweppes today said it was expecting full-year profits towards the lower end of hopes after a difficult summer for its European drinks business.
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KarstadtQuelle, the crisis-ridden German retail giant, does not expect to turn in a profit until 2006 instead of 2005 as expected, the group's chairman Christoph Achenbach told shareholders at an extraordinary ...
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Germany looks set to cut its budget overspending back within EU limits for the first time in five years this year, finance minister Peer Steinbrueck has indicated.
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Struggling German department store KarstadtQuelle reaches agreement with its main union to cut 5,500 jobs,  a move which should help save  it 760m euros.
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Shares of KarstadtQuelle dropped over 3 percent Tuesday after the group, Europe's largest department store and mail order retailer, said fourth quarter sales plunged 9.5 percent to 4.1 billion euro ($5.4 ...
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Company has revised its financial forecasts for the current quarter.
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Struggling German retailer KarstadtQuelle said Tuesday it plans to sell 77 of its department stores as soon as possible as it responds to slumping sales in economically lagging Germany.