According to unconfirmed media reports, results from Karstadt, the German department store chain, for the financial year 2014-15, were not that bad. In the fiscal year ended Sept 30., total sales declined by 2.7 percent over the prior year to €2.15 billion. net loss went significantly down to €60-70 million after €190 million in 2013-14.
The altogether satisfactory figures – given the bleak situation one year ago – is said to derive from the new owner’s – the Austrian real estate and retail group Signa Holding – strategy to cut costs. The new management has focused on closing under-performing outlets, axing jobs and substantially reducing suppliers.