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FAST Casualwear Q1 revenues soar 56.7% to €32.6mn

May 24, 2014 (Germany)

Recording high growth rates, FAST Casualwear AG started very successful into the financial year 2014. Revenues showed a strong increase of 56.7 per cent from 20.8 million Euros in Q1 2013 to 32.6 million Euros in the same period 2014. Measured in the local currency Renminbi revenues increased by 61.0 per cent.
 
Highlights:
-Significant revenue increase by 56.7 per cent to 32.6 million Euros
-EBIT growth of 66.7 per cent to 7.5 million Euros
-Stable profit margins
-Further positive development expected for full year 2014
 
Main revenue growth drivers were the increased sales of FAST branded shoes and casual wear as well as higher sales in FAST’s OEM and ODM business. FAST brand product segment experienced a plus of 43.2 per cent to 25.6 million Euros (Q1 2013: 17.9 million Euros) reflecting the increasing popularity and acceptance of FAST’s products in China.
 
Within this segment the shoe business was up by around 43 per cent and the casual wear business improved by about 44 per cent. In both businesses growth was driven by price and volume effects. FAST’s second product segment – OEM and ODM products – increased even stronger by 139.7 per cent to 7.0 million Euros (Q1 2013: 2.9 million Euros).
 
Gross profit grew during the reporting period by 54.5 per cent to 8.5 million Euros (Q1 2013: 5.5 million Euros). The gross profit margin amounted to 26.1 per cent (Q1 2013: 26.7 per cent) due to the fact that the cost of sales increased faster than the revenues. In line with higher gross profit, EBIT improved by 66.7 per cent to 7.5 million Euros (Q1 2013: 4.6 million Euros).
 
This led to a slightly increased EBIT margin by 1.2 percentage points to 23.1 per cent (Q1 2013: 21.9 per cent). The net profit reached the strongest growth rate within the first quarter 2014 with a year-on-year increase of 68.8 per cent to 5.4 million Euros (Q1 2013: 3.2 million Euros). Net profit margin grew by 1.2 percentage points to 16.6 per cent (Q1 2013: 15.4 per cent).
 
Stable financial basis
In the first three months FAST’s total equity went up by 3.9 per cent from 83.3 million Euros as of 31 December 2013 to 86.6 million Euros as of 31 March 2014. This represents an equity ratio of 74.3 per cent (31 December 2013: 72.2 per cent) and provides the company with a stable financial basis for future investments and development. Cash and cash equivalents slightly decreased year-on-year by 6.8 per cent to 1.6 million Euros (Q1 2013: 1.8 million Euros) due to the fact that FAST reinvested the surplus cash into operations and fixed assets.
 
Furthermore, to raise the working capital, FAST successfully carried out a capital increase of 500,000 Euros to 12.7 millionEuros in February 2014. The gross proceeds amounted to EUR 840,000.00.
 
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FAST Casualwear
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