Lafuma FY'13 like-for-like sales fall 13.8%

As anticipated, the negative trend noted over the first three quarters was confirmed in the fourth quarter. This decline in business was -11.1% over the second half-year compared to -15.9% in the first half-year.

Like-for-like sales revenue for fiscal 2012/2013 was 193.6 million euros compared to 224.5 million euros in the previous fiscal year, down 13.8%. Given the effect of a negative exchange rate on business of -3.4 million euros, mainly stemming from fluctuation in the Japanese yen, the like-for-like decline in sales at an even exchange rate was 12.3%.

Over the entire fiscal year, the Mountain division just about held up its same level of business, whereas the Boardsports and Great Outdoor divisions registered declines in sales at a constant exchange rate:

- The Boardsports division registered a sharp drop in business for the second consecutive year, down 29.3% this year (compared to -16.4% the previous fiscal year). With marked difficulties experienced in the boardsports market impacting the full spectrum of brands worldwide, the Oxbow brand has continued to decline, particularly in wholesale activities.

- The Great Outdoor division declined 11.5% over the fiscal year, following stabilization in business over the previous fiscal year (-0.4%).

-11.1% in textiles/equipment sales;

-9.1% in furniture sales;

- Sales growth in the Mountain division, with the Millet, Eider et Killy brands has stalled, registering a slight decline of 2.4% over the fiscal year, following a previous 2011/2012 fiscal year of robust gains (+11,5%) in this division. The Millet brand (-1.0%) has held up well, owing to the implementation of a coherent product and sales strategy.

All of the Group brands operate on a particularly difficult market in France (-11.9%) and in Europe (-13.9%).

Minus the exchange rate effect, performances in the Asian market have been satisfactory with a stabilization of real sales, and this bearing in mind the termination of marketing Lafuma products in Japan in the second half-year owing to a partnership agreement with the World group. Business in the United States decreased sharply, down 27%, excluding the exchange rate effect, mainly due to declines in textiles/equipment.

Outlook

Based on the remaining order book for the 2013 Autumn-Winter collections, the present decline in sales revenue will most likely continue into the first quarter of the present fiscal year.

Lafuma