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H1 revenues rise 6% at lingerie retailer Van de Valde
01
Sep '15
Revenues for the six months ended June 30, 2015 at Belgium based luxury lingerie marketer Van de Velde NV rose 6 per cent over the same period of previous year.

Turnover at Van de Velde in the first half of 2015 rose 6.0 per cent to €113.4 million as against €107.0 million in the corresponding period of prior year.

“On a like-for-like basis, turnover was up 8.2 per cent, which includes a growth of 8.3 per cent in wholesale sales,” the company said in a press release.

The intimate's marketer informed that growth has continued in all areas like lingerie, beachwear and stayers.

It also said that additionally, pre-orders for the second half of the current year are higher than the same period in the previous year.

Due to the strengthening of the US dollar against the euro, retail turnover in euro was up a steep 17.1 per cent. In Europe, retail turnover rose 4.3 per cent year over year on a like-for-like basis.

The company noted that it reported the highest ever recurring EBITDA for the first half of any other year, which climbed 6.3 per cent to €36.4 million from €34.2 million.

On a comparable basis, consolidated REBITDA in the reporting period rose by 11.0 per cent from €32.3 million to €35.9 million in the year ago period.

Van De Valde attributed the rise to increase in wholesale turnover and an increase in gross margins primarily due to a positive price and currency effect.

It informed that in the first half of 2014, an impairment charge of €16.3 million was recorded in relation to the goodwill and the intangible assets of Intimacy, while no such charges were reported in the period under review.

The group profit for the first half of 2015 grew massively from €5.0 million in the prior year's first half to €22.0 million, up a steep 342 per cent.

Its board of directors approved payment of interim dividend of €1.35 per share and after payment of 25 per cent tax; this represents a net dividend of €1.01 per share.

According to the marketer, this dividend will be allocated to the shares with rights that are not suspended, which are 5,000 treasury shares primarily bought back under an option program. (AR)

Fibre2Fashion News Desk – India

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