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current news

Van de Velde: 11% First Half Decline at Intimacy


(Filed Under Financial and General Interest News). First half sales fell by 2% at Van de Velde, the Belgian public company that is parent to several brands and retail chains. One of these stores, Intimacy in the U.S., suffered an 11% decline during the first six months. Company-wide, sales dropped to m€ 96.8 (about $126 million), compared to m€ 98.7 for the same period last year.

The decline would have been slight greater, had it not been for the additional sales provided by Donker stores of the Netherlands, purchase of which chain Van de Velde completed this year. Reported the firm, “On a comparable basis (including comparable deliveries and excluding retail turnover of Donker stores for the period April-June 2013) the consolidated turnover” fell by 2.6%... The retail turnover at the Donker stores for the period April-June 2013 contributes for an amount of m€ 1.3.”

Van de Velde said that the decline “can be explained as follows: (1.) A fall in wholesale turnover by 2.1%. The independent retailers experienced in most European countries a tough spring. The pre orders for autumn 2013 indicate a very slight increase versus last year. The backorders (including stayers) will determine what wholesale turnover is precisely achieved. (2. ) A fall in the retail turnover of Intimacy of slightly over 11%. (3.) In Europe retail turnover of Rigby & Peller (the former Oreia) grows by 14% thanks to a strong store-to-store growth in Germany (9%) and a number of new stores (Cologne, Munich, Copenhagen). (4.) The retail turnover at Rigby & Peller in the UK grows by 2.1%. However, due to a weaker British Pound, this results in a decrease of 1.5% in euro.”

The report added, without full explanation, that “Second half year looks better,” adding that “The results for the first semester including an outlook for 2013 will be announced on Friday 30 August, 2013.”


more Financial and General Interest News >>

Published 07-14-2013 by Nick Monjo

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