Douglas tweaks 2009 outlook after weak Q2

today May 12, 2009
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FRANKFURT, May 12 (Reuters) - German fragrance-to-fashion house Douglas (DOHG.DE) specified its full-year outlook after posting a wider-than-expected second-quarter pretax loss on Tuesday 12 May.


Douglas, which had been criticised by investors for setting a wide target range of 100 million to 150 million euros ($136-$204 million) for its fiscal year 2008/09 pretax profit, now aims for a range of 120-130 million before one-off effects.

It expects sales to grow 2 percent, having aimed for a range between 3 and 6 percent earlier.

Douglas's second-quarter loss before tax widened to 23.1 million euros from a loss of 3.7 million a year earlier, missing the average estimate for a loss of 19 million in a Reuters poll of analysts.

Douglas shares were indicated 2 percent lower, according to pre-market data from brokers before the German market opens at 0700 GMT.

Douglas shares trade at about 15.6 times 12-month forecast earnings, in line with German home improvement chain Praktiker (PRAG.DE) and at a slight discount to glasses and contact lens maker Fielmann (FIEG.DE), which trades at a multiple of 17.3, according to Thomson Reuters StarMine.

StarMine weights analyst estimates according to their track record. (Reporting by Eva Kuehnen)

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