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IC Company revenue dips marginally in H1 FY'14
04
Feb '14
Consolidated revenue from continuing operations for H1 2013/14 amounted to DKK 1,775 million which is a decline of DKK 10 million compared to H1 2012/13. The Premium Outdoor segment reported an unchanged revenue level whereas the Premium Contemporary segment generated growth and the Mid Market Contemporary segment suffered revenue setback.
 
The Group’s gross margin amounted to 57.1% for H1 2013/14 and was at the same level as last financial year. The operating profit for H1 2013/14 amounted to DKK 187 million which is an improvement of DKK 11 million compared to H1 2012/13.
 
Revenue from the Premium Outdoor segment for H1 2013/14 amounted to DKK 565 million (DKK 564 million) which is at the same level as last financial year. The segment has reported satisfactory growth in sales to the wholesale customers whereas sales in the retail channel have been disappointing. The Premium Outdoor operating profit for H1 2013/14 amounted to DKK 91 million (DKK 92 million).
 
Revenue from the Premium Contemporary segment rose by 12% to DKK 592 million (DKK 528 million). This growth rate was particularly attributable to the segment’s wholesale channel as well as in sourcing of Tiger of Sweden’s accessory line. The Premium Contemporary operating profit for H1 2013/14 amounted to DKK 58 million (DKK 54 million).
 
Revenue from the Mid Market Contemporary segment suffered a setback of 16% to DKK 395 million (DKK 472 million) which was as expected. The primary reason for this revenue setback is attributable to lower sales to wholesale customers, however, the closure of selected stores also played a contributing factor.
 
The Mid Market Contemporary operating profit for H1 2013/14 rose to DKK 21 million (DKK 11 million) primarily as a consequence of the implemented restructurings and cost saving measures.
 
The gross margin of continuing operations amounted to 57.1% and was thus unchanged compared to last financial year.
 
The capacity costs were reduced by DKK 14 million to DKK 827 million corresponding to a cost rate of 46.6% which is an improvement of 0.5 percentage points compared to last financial year.

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