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)."