Charles Vögele FY'12 net sales down 4.4 percent

For the full year net sales of the Charles Vögele Group fell from

1016 million swiss franc (1085.24 million dollars) to 972 million swiss franc (1038.24 million dollars). Operating earnings before depreciation and amortization (EBITDA) improved slightly on the prior year, by 4 million swiss franc (4.27 million dollars) to 17 million swiss franc (18.16 million dollar).

EBITDA in the second half of 2012 improved clearly compared to the first half of 2012 and to the second half of the previous year. In the second half of the year, the increased gross profit led to 30 million swiss franc (32.04 million dollars) higher EBITDA compared with the equivalent period of the previous year. The EBITDA figure for the second half of 2012 went up by more than 27 million swiss franc (28.84 million dollars) compared with the first six months to 5 million swiss franc (5.34 million dollars).

The group’s net sales went down by 4.4 percent to 972 million swiss franc (1038.24 million dollars). During the first quarter, the weak euro once again had a negative effect. 16 million swiss franc (17.09 million dollars) of the decline in sales was due to the depreciation of foreign currencies (mainly the euro) against the Swiss franc. In local currency terms the fall was 2.8 percent.

The gross profit margin improved slightly, from 61.5 percent in the prior year to 61.9 percent. Due to the group’s discounting activity in the first half of 2012 there was a 23 million swiss franc (24.56 million dollar) decline in gross profit for the year to 602 million swiss franc (643.03 million dollars). By reducing discounts in the second half, gross profit was pushed up by around 24 million swiss franc (25.63 million dollars)compared with the second half of 2011 and by 28 million swiss franc (29.91 million dollars) compared with the first six months of 2012.

The Charles Vögele group is based in Switzerland. “The business environment remained challenging. The relevant clothing markets showed no signs of recovery, shrinking in all regions where Charles Vögele sells,” is how Markus Voegeli, interim CEO of Charles Vögele, sums up last year.