Van de Velde’s sales down again in H1 2019
Van de Velde has recorded another revenue downturn, in the wake of the decrease posted in 2018. In H1 2019, comparable sales for the Belgian lingerie group fell from €114.2 million to €112.8 million, equivalent to a 1.2% decline. At constant exchange rates, the shortfall was 1.8%.
The group, owner of Marie Jo, Andres Sardà and PrimaDonna, attributed this result to a shortfall in retail sales, which lost 8.8% at constant exchange rates. Retail sales were worst affected in the USA, where they fell by 9.1%, while in Europe they decreased by 5.6%. Van de Velde operates 59 monobrand stores, as well as the Rigby & Peller and Lincherie chains, active also in Germany, the UK, the Netherlands and the USA.
The group’s EBITDA was instead up in the period, rising by 2.8% to reach €29.3 million. Since January 2019, the group has been led by Marleen Vaesen, and has continued to invest in order to further develop its e-tail capabilities.
In H1 2019, Van de Velde invested €3 million in equity for the overhaul and upgrade of its existing e-tail site. In the same period in 2018, the group invested €7.7 million. In the first six months of 2019, Van de Velde's net income fell by 8.3% to €13.8 million.
Copyright © 2019 FashionNetwork.com All rights reserved.