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Innovation commitment spurs fiscal results at Van de Velde

28
Feb '19
Pic: Van de Velde
Pic: Van de Velde
The continuous commitment to innovation at Van de Velde, aimed at unique comfort and fit, resulted in a fiscal stimulus. This resulted in a reduced effective tax rate of 11.9 per cent during fiscal 2018 as compared to 28.6 per cent during last year. Retail turnover on like-for-like store basis during 2018 at constant exchange rates increased 2.5 per cent.

The wholesale turnover on comparable basis decreased 0.6 per cent at constant exchange rates. A decrease in lingerie was largely compensated by growth in swim collection by the strong start of Marie Jo Swim. Taking the negative exchange rate effect into account on the one hand and the positive effect of higher deliveries of the spring/summer collection, the reported turnover declined by 1.6 per cent.

The cash position at the end of 2018 was €15.7 million. The operational cash flow amounted to €17.5 million in 2018 versus €35.0 million in 2017. The decrease is mainly due to the group’s increased cost structure. Working capital (current assets excluding cash and cash equivalents minus short-term liabilities excluding financial debts) rose from €36.1 million to €47.9 million. The solvency of the Van de Velde group remains very strong at 79.6 per cent in the end of 2018 Current assets amount to 3.2 times the short-term liabilities which indicates a very strong liquidity. Furthermore, the group is completely self-financed.

"Growing through focus on retail partners and brands — is the theme by which we want to further strengthen the foundations of our company in 2019. Van de Velde is all about designing and producing fashionable and high-quality lingerie after all. We bring these to the consumer through strong brands and strong retail partners," Van de Velde said about its prospects for 2019. (RR)

Fibre2Fashion News Desk – India


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