• H1 profit plummets 74.9% to EUR5m 
  • Turnover up 10.3% to EUR107m 
  • Retail turnover at Intimacy falls

Belgian underwear group Van de Velde saw its first-half net profit plummet 74.9%, due to declines at its Intimacy brand.

Net profit amounted to EUR5m (US$6.6m) for the six months to 30 June, compared to EUR19.9m for the same period of the prior year.

Turnover, meanwhile, rose by 10.3% to EUR107m from EUR97m last year, while like-for-like sales were up 9.4%. Wholesale turnover grew 13.8%, driven by the launch of PrimaDonna Swim and strong growth in lingerie.

The group's Intimacy brand saw retail turnover decline 22.7% in local currency, due to the weakening of the US dollar against the euro. The fall in euro was greater.

Retail turnover at Rigby & Peller in continental Europe increased 12.6%, due to strong like-for-like growth in Germany. In the UK, the brand grew retail turnover by 9.1%. And turnover at the former Donker stores rose 13.7%.

Van de Velde said it is difficult to predict how retail and in particular Intimacy will develop, but added that it expects a strong rise in wholesale pre-orders.