FNG Group turnover jumps to 459.8 million euros in FY2016

London - 2016 is said to have been a transitional year for fashion retail company FNG as the group saw its revenue hit 242.2 million euros, up from 74 million euros in 2015. In its annual results for its fiscal year 2016, published Wednesday evening, FNG Group noted that 2016 has been a particularly strong year in what was an economically challenging year for the fashion retail sector.

Part of the group’s increase in turnover can be attributed to the major acquisition made in 2016, which saw the group merge with R&S Retail Group and take over retailers Miss Etam and Brantano. Which is partly why total turnover for the Benelux fashion group hit 459.8 million euros on a year on year basis. Miss Etam reported an annual turnover of 98.7 million euros for FY2016, which accounted for 21.5 percent of FNG group total turnover. At the same time, Brantano reported an annual turnover of 123.3 million euros, which counted for 26.9 percent of the group’s total annual turnover. Both retailers were acquired and successfully turnaround last spring, which led to an annualised EBITDA of 2.9 million euros and 4.4 million euros for the brands respectively.

FNG Group reports annual turnover of 459.8 million euros for FY2016

FNG reported an EBITDA of 37.6 million euros for the same period and a gross profit of 140 million euros for the same period, in comparison to 40.4 million euros in 2015. EBIT for FY2016 was 2.3 million euros, as FNG reported a loss of 3.6 million euros for the same period. In the final consolidated annual figures for the 2016 financial year, FNG Group NV is only included for 6 months and Brantano is only included in FNG's consolidated annual figures for 4 months, as both these business units were not a part of FNG Group until July 2016 and September 2016 respectively.

"2016 was a year filled with great challenges in an undefined consumer market. The realisation of a fast turnaround at both Brantano and Miss Etam to healthy retail chains is evidently proving that FNG's no-nonsense approach in combination with the buy-and-build strategy is successful,” said Dieter Penninckx, CEO of FNG Group in a statement to FashionUnited NL. The past year has seen the fashion retail company change drastically. FNG Group, a newly formed company, saw R&S Retail Group merge with the Belgian FNG company last September to form FNG Group. During the same time, FNG took over Belgian footwear retailer Brantano.

Photo: FNG Group, website