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.
- Improved supplier capabilities benefit Next
- China and Vietnam lead US apparel imports in July
- Next H1: What the analysts say
- THE FLANARANT: Understand win-win or lose out
- Abercrombie & Fitch to lose logos in fashion focus
- Hanesbrands axes Costa Rican jobs in Vietnam move
- Brandix selects first "game-changing" innovations
- Apparel fuels global manufacturing downturn
- VF taps Nike exec to lead innovation centres
- Bagir to invest in Ethiopia as H1 loss deepens
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details