Van de Velde’s sales down again in H1, U.S. plummets 9%
Van de Velde has recorded another revenue downturn, in the wake of the decrease posted in 2018. In H1 2019, comparable sales for the Belgian lingerie group fell from €114.2 million to €112.8 million, equivalent to a 1.2% decline. At constant exchange rates, the shortfall was 1.8%.
The group, owner of Marie Jo, Andres Sardà and PrimaDonna, attributed this result to a shortfall in retail sales, which lost 8.8% at constant exchange rates. Retail sales were worst affected in the USA, where they fell by 9.1%, while in Europe they decreased by 5.6%. Van de Velde operates 59 monobrand stores, as well as the Rigby & Peller and Lincherie chains, active also in Germany, the UK, the Netherlands and the USA.
The group’s EBITDA was instead up in the period, rising by 2.8% to reach €29.3 million. Since January 2019, the group has been led by Marleen Vaesen, and has continued to invest in order to further develop its e-tail capabilities.
In H1 2019, Van de Velde invested €3 million in equity for the overhaul and upgrade of its existing e-tail site. In the same period in 2018, the group invested €7.7 million. In the first six months of 2019, Van de Velde's net income fell by 8.3% to €13.8 million.
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