Charles Vögele's H1 income up despite shrinking clothing markets
30 Aug '05
4 min read
Helped by the improvement in operating results, lower financing costs and another reduction in the tax rate, net income rose from CHF 5.7 million in the previous year to CHF 33.6 million. The equity ratio went up from 43% on 30 June 2004 to 53%.
Operational progress made in all countries Charles Vögele Group made operational advances and improved profitability in all Sales Organizations in the first half of 2005.
Despite the fact that the overall market is still shrinking, the Switzerland Sales Organization still matched the year-back figure (CHF 239.9 million) for net sales with CHF 239.7 million, and increased operating earnings (EBITDA) by more than 25.0% to CHF 41.0 million (previous year CHF 32.8 million).
Although the German clothing market continues to be very challenging and intensely competitive, our Germany Sales Organization scored a marked improvement in net sales, posting a 6.4% increase to CHF 231.8 million (previous year CHF 217.8 million). Operating earnings (EBITDA) rose from CHF -8.9 million in the previous year to CHF 0.9 million.
The Austrian clothing market has also been sluggish for two years now. Nevertheless, Charles Vögele's Sales Organization increased its net sales from CHF 115.1 million in the previous year to CHF 121.8 million, and increased operating earnings (EBITDA) from CHF 6.3 million to CHF 8.7 million thanks to further efficiency gains.
Good progress was also made in Belgium and the Netherlands. Thanks to the greatly improved collection, which included a much higher proportion of new items than in the year-back period, net sales rose by 12.3% from the year-back CHF 63.5 million to CHF 71.3 million. Higher sales and lower operating expen-
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