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....
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