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Delticom raises 2009 earnings forecast
During the current recession the consumer climate has been surprisingly robust in many parts of Western Europe so far. In the first half-year of 2009, the European tyre trading was negatively impacted by special effects such as scrappage schemes, but prices remained largely stable. Delticom - Europe's largest online tyre retailer - was able to continue its positive business progress of recent years.
Although consumer confidence still seems to buck the economic downturn, economists and sector experts expect that the recession will affect tyre buyers soon. For this reason, Delticom's management continues to guide cautiously optimistic for a 10% year-on-year increase in revenues for 2009. In preparation for the anticipated decline of consumer demand, Delticom has optimised distribution channels, product offerings and margins and has implemented further measures of cost control over the course of the last months. For the remainder of the year, company management will continue to actively counter macroeconomic risks. Due to the good earnings situation in the first half of the year, Delticom's management is raising its earnings expectations and now forecasts an EBIT margin of 7% (previously 6%).
Delticom AG will publish preliminary revenue figures on July 30, 2009, and complete first-half 2009 results on August 13, 2009.
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