BELGIUM: Van de Velde issues profit warning
Lingerie company Van de Velde warned that the “very tough” consumer market was likely to negatively impact earnings for fiscal 2013, amid signs of falling sales among independent retailers across Europe.
The economic crisis and bad weather had had a clear impact on follow-up wholesale orders in the spring, the Belgian business said, reporting that it might not be able to match last year’s half-year turnover figures.
Van de Velde declined to forecast retail turnover, thanks to a mixed picture of growth in Germany for Rigby & Peller, a slowing decline for Intimacy in the US, but a tough quarter for Rigby & Peller in London.
Future turnover growth would depend on the speed of the turnaround in the US and a return to growth in the UK, it added.
Lingerie group Van de Velde has reported an 11.9% decline in first-half profit, with higher costs, lower sales, and a drop in wholesale turnover and gross margin all to blame....
- MYANMAR SNAPSHOT: Textile and apparel industry
- Indian apparel exporters discuss policy changes
- Clothing seen as central focus for new Tesco CEO
- INTERVIEW: David Nieper pushes Made in UK momentum
- VF Corp bullish for second-half growth
- Crystal Group improves worker communication
- TIMELINE: Charney ousting from American Apparel
- ILO backs Burma project to improve work practices
- UN rights expert urges further Cambodia reforms
- VF Corp books "solid" Q2 performance
- Global market review of denim and jeanswear – forecasts to 2020
- American Eagle Outfitters, Inc. : Reacting to a need for change
- 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