(Filed Under Financial and General Interest News). Van De Velde, the Belgian lingerie manufacturer that now owns 85 percent of Intimacy, reported that its net profit during the first half of 2010 jumped 39.3 percent, to 25.3 million Euros, equivalent to approximately $32.2 million at the current exchange rate. These results were driven by growth in every one of the company’s regions worldwide, with particularly strength in the United States and Canada.
These results excluded Intimacy, as the company purchased a percentage of the retailer’s shares three months into the period.
Van De Velde reported in the first half results that the Intimacy expansion is on schedule, with two new stores slated to open by the end of 2010, bringing the total number of stores to 13 by the end of the year. The company plans to have a minimum of 20 Intimacy stores in the United States by the end of 2012. — A.T.P.
american apparel’s debt rises
In its preliminary results for the second quarter ended June 30, 2010, American Apparel cited a 16 percent decline in comparable store sales. Total debt grew by $28.9 million, to $120.3 million, from $91.4 million as of March 31, 2010.
American Apparel attributed some of its financial troubles to lower labor efficiency at its production facilities.
Once again, American Apparel warned that it expects to soon be out of compliance with its lender.
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