What: Galeria Karstadt Kaufhof (GKK) anticipates losses in the 2023/24 financial year, expecting results in the lower negative double-digit million range

Why it is important: The new year for GKK begins amidst the bankruptcy saga of the Signa Reich.

The company forecasts a positive operating income in the mid double-digit million range for the same period. It recorded total sales of 2.86 billion euros, marking a 35.3% increase compared to the previous year, which was still impacted by Covid. Retail sales climbed by 40% to nearly 2.60 billion euros but fell short of the group's expectations.

GKK continues to expect losses