FRANCE: Lafuma swings to EUR15.2m FY loss
- Company swung to FY loss of EUR15.2m
- Turnover climbed 0.2% to EUR224.5m
- Gross margin slipped to 48.1%
French outdoor clothing retailer Lafuma has swung to a full-year loss on the back of costs linked to the acquisition of surfwear brand Oxbow, and its underperforming sports division.
The company recorded a net loss of EUR15.2m (US$19.9m) for the year ended 30 September, compared to a net income of EUR3.9m last year.
Lafuma said a partial impairment of goodwill related to the acquisition of surfwear brand Oxbow, declining operating profit, and the results of discontinued operations contributed to the overall loss. The group said it was also hurt by the under-performance of its sports division.
Turnover edged up 0.2% to EUR224.5m compared to EUR224.1m the prior year. Gross margin slipped to 48.1% against 51.1% a year earlier.
The company said it is pursuing three priority areas - innovation, international and internet retail. It added that it is also focused on repositioning and growing the Oxbow brand.
Last month, the company saw its share price slide after it withdrew from takeover talks with South Korean apparel conglomerate E-Land.
- Garment firms set sights on Vietnam amid TPP talks
- Garment manufacturers eye Myanmar outsourcing
- PSF 2014: No one size fits all in apparel sourcing
- PSF 2014: Shifting focus from cost to consumer
- Tesco takes second stab at US market with F&F
- Wage strike by Cambodia garment workers falls flat
- H&M still committed to higher wages and Bangladesh
- Vietnam Q1 textile and garment exports surge 21.9%
- Alliance inspections more than 50% complete
- Gap to grow China sales to $1bn in three years
- Ethiopia – the emerging textile and clothing industry
- Trade and trade policy: clothing imports, consumer expenditure and trends in five emerging markets: Brazil, Colombia, India, Kazakhstan and Peru, 4th quarter 2013
- Antimicrobial fibres, fabrics and apparel: innovative weapons against infection
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects
- Jeans in Italy