Van de Velde turnover up 8.7 percent in FY14

Consolidated turnover at Van de Velde rose by 8.7 percent in 2014 from 182.4 million euros (206.6 million dollars) to 198.4 million euros (224.7 million dollars). On a like-for-like basis consolidated turnover was up 7.2 percent. This turnover growth was driven by 9.6 percent growth in wholesale turnover and successful launch of PrimaDonna Swim and the strong growth in lingerie.

However retail turnover at Intimacy decreased by 16 percent or 12 percent on a like-for-like basis in local currency. The company witnessed 20.3 percent rise in retail turnover in continental Europe, due to strong like-for-like growth in Germany with 14.8 percent and the Netherlands with 14.3 percent. Furthermore, the one-time Donker stores are included over 12 months in 2014 versus 9 months in 2013.

Retail turnover at Rigby & Peller in the United Kingdom rose by 6.8 percent and 1.6 percent on a like-for-like basis in local currency. The strengthening of the UK pound against the euro means the rise in euros is higher. Consolidated REBITDA was 57.7 million euros (65.3 million dollars), 18.6 percent higher than the previous year. On a like-for-like basis, REBITDA rose by 14.8 percent due to strong turnover growth in wholesale. The REBITDA contribution of all other retail chains in Europe, United Kingdom and Far East increased.

For the financial year 2014 the Board of Directors will propose a total dividend of 3.5000 euros (3.97 dollars) per share and net dividend of 2.6250 euros (2.97 dollars) per share. Of this amount, 1.3500 euros (1.53 dollars) was paid out as an interim dividend in November 2014 and net dividend of 1.0125 euros (1.15 dollars) per share. After approval by the General Meeting of Shareholders, the final dividend of 2.1500 (2.44 dollars) per share and net dividend of 1.6125 euros (1.83 dollars) per share will be paid out from May 6, 2015.

Looking forward, the company expects growth in the wholesale division in the first six months of the year. Growth is also expected to continue in the Netherlands and Germany as well as the United Kingdom.