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Van de Velde H1 turnover increases 6 percent

By Prachi Singh

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Consolidated turnover at Van de Velde in the first half of 2015 rose by 6 percent from 107 million euros (120.4 million dollars) to 113.4 million euros (127.7 million dollars). On a like-for-like basis including comparable deliveries consolidated turnover was up 8.2 percent.

This turnover growth was led by 8.3 percent growth in wholesale turnover and growth in all areas from lingerie, beachwear to stayers. In addition, pre-orders for the second half of the year are higher than the same period the previous year. A fall in retail turnover at Intimacy was by 4.7 percent and 10.3 percent on a like-for-like basis in local currency. Due to the strengthening of the American dollar against the euro, retail turnover in euro was up 17.1 percent. In Europe retail turnover rose on a like-for-like basis excluding store closures by 4.3 percent.

First half REBETDA in positive

REBITDA for the first half year increased by 6.3 percent. On a comparable basis including comparable deliveries, consolidated REBITDA rose by 11 percent owing to a rise in wholesale turnover, an increase in gross margin primarily due to a positive price and currency effect, increases in fixed costs mainly related to sales-driving costs such as marketing and customer programs and REBITDA in the retail business in line with the same period in the previous year.

The financial result was lower than in the same period last year. This is related to lower interest income as well as negative unrealised exchange losses as a result of the weaker euro. In wholesale, pre-orders for Autumn/Winter 2015 are higher than the previous year but lower than in the first half year because of the absence of the swimwear factor. However, Van de Velde expects a rise in wholesale over the whole year 2015.

Intimacy is now rebranded as Rigby & Peller from September 15. To drive growth, the company intends to implement a customer centric programme. A new leader will also be appointed for the USA. Van de Velde also expects a rise in REBITDA for 2015 on a comparable basis. On an annual basis, this rise will in terms of percentage be lower than the 11percent reported at half-year.

Van de Velde