• Full-year losses widen to EUR71.2m 
  • Turnover down 13.8% to EUR193.6m
  • Company expects sales to continue to fall 
Lafuma was hit by lower sales and ongoing restructuring costs

Lafuma was hit by lower sales and ongoing restructuring costs

French outdoor clothing retailer Lafuma has seen its full-year losses widen, weighed down by lower sales and ongoing restructuring costs. 

Net loss was EUR71.2m (US$95.8m) for the year ending 30 September, compared to a EUR15.2m loss in the same period of the prior year.

Turnover declined 13.8% to EUR193.6m from EUR224.5m last year. The group's Oxbow brand saw revenue slide 29.3%, while its namesake business reported an 11.5% decline.

Gross margin, meanwhile, improved slightly to 49.8% from 48.1% in the prior year period.

The company expects the current decline in sales to continue throughout the year. Measures to reduce costs and focus on profitable distribution channels should lead to a gradual reduction in current operating losses starting fiscal 2014, Lafuma said. 

Earlier this month, Lafuma's board approved a takeover offer from Calida, which will see the Swiss group raise its 15% in the company to 50.6% with an investment of EUR35m.

In June, Lafuma unveiled a strategic plan to improve its under-performing businesses, with included 161 jobs being cut.