DENMARK: IC Companys posts flat FY operating profit
- FY adjusted operating profit flat at DKK210m
- Reported figure hit by DKK53m costs
- Revenues up 1% to DKK3.314bn
Fashion retail group IC Companys is targeting improved earnings in the year ahead after reporting flat adjusted operating profit for the past 12 months.
The Danish company said revenue had risen by just 1%, thanks to an 18% sales increase for its Premium Contemporary division, offset by revenue declines for its Premium Outdoor and Mid-Market Contemporary divisions, down 5% and 11% respectively.
Gross margin edged up slightly to 56.4% from 55.7% a year ago.
The company said it expected premium brands to generate “solid growth” in fiscal 2013/14, but also predicted challenges in the mid-market segment, making overall revenue growth “modest”.
However, it said it expected consolidated earnings growth to increase significantly.
“Earnings must improve,” said IC Companys CEO Mads Ryder.
“Our premium brands, which all hold great potential, must continue the expansion they have embarked on, and the mid-market segment must put higher focus on its earnings capacity in the core markets.”
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