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Shima Seiki
Shima Seiki

9th July 2014, Schellebelle

Van de Velde reports half-year turnover up 9.1%

A 13.8% growth in wholesale turnover is driven by the successful launch of PrimaDonna Swim and the strong growth in lingerie, the company reports.Van de Velde, a producer of luxury lingerie, has reported a consolidated turnover growth of 10.3% for the first half of 2014, amounting EUR 106.9m.

On a like-for-like basis, including comparable deliveries, consolidated turnover is up by 9.1%. This turnover growth consists of several components.

Growth in wholesale turnover

A 13.8% growth in wholesale turnover is driven by the successful launch of PrimaDonna Swim and the strong growth in lingerie, the company reports.

Follow-up orders in May and June were also higher than during the same period in the previous year. As a result, actual growth is much higher than the minimum growth of 8% stated earlier.

Pre-orders for the second half of the year are higher than the same period in the previous year. According to the company, the rise is lower than in the first half of the year because of the absence of the swimwear factor.

Fall in retail turnover at Intimacy

A fall in retail turnover at Intimacy by 22.7% (14.1% on a like-for-like basis) in local currency is due to the weakening of the US dollar against the euro.

The impact in the carrying value of the intangible assets with regards to Intimacy will be examined during the half-year closing.

Based on the results of the first half of the year, there is a reasonable probability of an important impairment, the company reports.

Europe retail turnover

In continental Europe retail turnover at Rigby & Peller rose by 12.6%, especially due to strong like-for-like growth in Germany by 18.9%.

Retail’s footprint is increasingly concentrated on Northern Europe, with openings in Denmark, franchising in the Netherlands, and closures in France and Spain.

UK retail turnover

Retail turnover at Rigby & Peller in the United Kingdom rose by 9.1% (3.9% on a like-for-like basis) in local currency. Due to the strengthening of the UK pound against the euro the rise in euros is higher.

Donker stores

Retail turnover at the former Donker stores contributes EUR 2.4m, compared with EUR 1.3m for April-June 2013.

Turnover at the former Donker stores rose by 13.7% on a like-for-like basis. Van de Velde also expects the tax rate on an annual basis to rise by an estimated 2 to 3% in 2014 as a consequence of administrative restructuring.

www.vandevelde.eu

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