IC Companys reports decline in H1 revenues

REPORT_ Announcing its financial results for the first half of fiscal year 2013-14, IC Companys reported that

its consolidated revenue from continuing operations amounted to 1,775 million Danish krone (321.4 million dollars) which is a decline of 10 million Danish krone (1.8 million dollars) compared to the first half of 2012/13.

The premium outdoor segment reported an unchanged revenue level whereas the premium contemporary segment generated growth and the mid-market contemporary segment suffered revenue setback. The Group’s gross margin amounted to 57.1 percent and the operating profit stood at 187 million Danish krone (33.8 million dollars) which is an improvement of 11 million Danish krone (1.9 million dollars).

Revenue from the premium contemporary segment rose by 12 percent. This growth rate was particularly attributable to the segment’s wholesale channel as well as insourcing of Tiger of Sweden’s accessory line. However, revenue from the mid-market contemporary segment suffered a setback of 16 percent. The gross margin of continuing operations amounted to 57.1 percent.

The Copenhagen-based company’s premium brands are expected to continue the positive development and generate solid growth rates for 2013/14 whereas the mid-market segment is expected to suffer a revenue setback. The Group expects the consolidated revenue from continuing operations for 2013/14 to attain a level of 3,315-3,350 million Danish krone (600.2-606.6 million dollars). However, earnings are expected to increase in all segments, and the consolidated operating profit for the financial year 2013/14 is thus expected to attain a level of 210-240 million Danish krone (38-43.4 million dollars).