DENMARK: IC Companys eyes growth after H1 profit rises
- H1 operating profit up 6.3% to DKK187m
- Revenues edge down 0.6% to DKK1.775bn
- Gross margin flat at 57.1%
Fashion retail business IC Companys is forecasting higher earnings across all business segments after posting a 6% rise in first half operating profit.
Revenues were down slightly and gross margins flat as the Danish company’s Premium Outdoor segment (which consists of the Peak Performance brand) reported flat revenues of DKK565m (US$102m) on “satisfactory” wholesale performance, but “disappointing” retail growth.
That enabled IC Companys’ Premium Contemporary division (Tiger of Sweden and By Malene Birger) to become its leading segment, with revenues rising 12% to DKK592m on the back of solid wholesale growth.
However, Mid Market Contemporary revenues (the InWear, Matinique, Part Two and Soaked in Luxury brands) slumped 16% to DKK395m, thanks to declines in wholesale and the closure of selected stores.
The company said it expected its premium brands to maintain their positive development in the remainder of the year, but the Mid Market segment is forecast to continue its revenue decline.
Earnings are nonetheless expected to increase across all segments, with full-year operating profit predicted to hit DKK210-240m.
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