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.
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