BELGIUM: Van de Velde full-year profits fall
Belgian underwear group Van De Velde saw full-year net profit plunge as wholesale turnover fell, US sales declined and margin was hit by rising labour costs in China.
The company saw net profit drop 37.8% to EUR25.6m (US$33.9m) from EUR41.2m in the same period of the prior year. Turnover rose 1.1% to EUR181.8m.
The company said wholesale turnover fell 1% over the year, mainly due to a decline in the first half. The group's US retail chain Intimacy saw turnover fall 12.6% in local currency and 5.3% in euro.
Meanwhile, in Continental Europe, Rigby & Peller saw turnover rise 7%, largely driven by new stores in Germany and Spain.
The company said that EBITDA fell 9.2% over the year to EUR48.8m, due to the fall in wholesale revenue, combined with "rising stitching costs in China and higher stock depreciations (primarily raw materials)."
- Alliance members buy more products from Bangladesh
- ANALYSIS: New pricing strategy pays off for Nike
- MYANMAR SNAPSHOT: Textile and apparel industry
- Hanesbrands praises supply chain efficiency
- Change management key to PLM project success
- Columbia Sportswear fined for mislabelled clothing
- “Made in USA” company rapped for deceptive claims
- Wal-Mart US chief resignation little surprise
- Accord still struggling to engage industry bodies
- Under Armour "bullish" in full-year guidance rise
- Global market review of denim and jeanswear – forecasts to 2020
- Management briefing: Sourcing shifts: Changes and challenges
- Ethiopia – the emerging textile and clothing industry
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies
- American Eagle Outfitters, Inc. : Reacting to a need for change