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Luxury brand Van De Velde reports 1.8% fall in H1 sales
03
Sep '13
In the first half of 2013 the consolidated turnover of Van de Velde fell by 1.8% (from € 98.7m to € 97.0m).

On a comparable basis (including comparable deliveries and excluding retail turnover of Donker stores for the period April-June 2013) the consolidated turnover fell by 2.5%. This turnover development can be explained as follows:

- A fall in wholesale turnover by 2%. The independent retailers experienced a tough spring in most European countries. ]

- A fall in the retail turnover of Intimacy of slightly over 11%.

- An increase in retail turnover of Rigby & Peller on the European continent (the former Oreia) by 14% thanks to strong store-to-store growth in Germany (9%) and a number of new stores (Cologne, Munich, Copenhagen).

- An increase in the retail turnover at Rigby & Peller in the UK of 2.1%. However, due to a weaker British pound, this translates as a decrease of 1.5% in euro.

The retail turnover at the Donker stores for the period April-June 2013 contributed an amount of € 1.3m.

RECURRING EBITDA DEVELOPMENTS FIRST HALF-YEAR

Recurring EBITDA for the first half-year (€ 28.4m) was around 9.4% lower than in the same period last year (€ 31.3m). On a comparable basis (including comparable deliveries) the decrease was around 8.9%:

- A fall in wholesale turnover combined with a slightly lower gross margin compared with last year, primarily due to the rise in the weighted average assembling costs.
- A decrease in the EBITDA contribution of Intimacy.
- A rise in costs.

FINANCIAL RESULT

On a like-for-like basis the financial result was about the same compared to the same period last year. However, an exceptional result of € 2.9m was recognized in the first half-year of 2012 as a consequence of a revision of the price paid for a 35.1% shareholding in Intimacy (transaction in April 2010). In the first half-year of 2013 this revision resulted in exceptional profit of € 0.9m. The receivable from the selling party (the minority shareholder) for a total of € 7.2m (US$ 9.4m) was fully collected during the first half.

MINORITY PARTICIPATIONS

The share of results of associates (based on the equity method) was negative for an amount of € 138k versus a loss of € 2,043k in the same period last year. This lower loss is mainly due to the fact that the loss reported by Top Form for the financial year 2013 (1 July 2012-30 June 2013) amounts to HK$ 4.3m versus a loss of HK$ 60.0m for financial year 2012 (1 July 2011-30 June 2012).

About VAN DE VELDE:

Van de Velde NV is a leading player in the luxury and fashionable women’s lingerie sector. Van de Velde is convinced of a long-term strategy based on developing and expanding brands around the Lingerie Styling concept (fit, style and fashion), especially in Europe and North America.

Van De Velde

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