DGAP-News: TOM TAILOR Group Achieves 60% Growth in Q3 2012
(firmenpresse) - DGAP-News: TOM TAILOR Holding AG / Key word(s): Quarter Results
TOM TAILOR Group Achieves 60% Growth in Q3 2012
08.11.2012 / 07:30
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- First-time consolidation of BONITA as of 1 August 2012
- Third-quarter sales increase by around 60% to EUR 190.7 million
- Retail segment comprising of more than 1,250 stores achieves
like-for-like growth of 3.9% in third quarter
- Gross profit margin rises to 50.9%
- Recurring EBITDA climbs to EUR 30.9 million in first nine months
TOM TAILOR Holding AG experienced accelerated growth in the third quarter
following the completion of the BONITA takeover as of 1 August 2012. The
Group has become a high-growth European fashion retailer with more than
1,250 stores and around 6,100 employees. With two strong brands the Group
serves a broad target group ranging in age from 0 to 60.
'A new era began for TOM TAILOR in the third quarter, as BONITA officially
became part of our Group in August. In our anniversary year, we do not only
look back on five decades of success with our TOM TAILOR brand, but have
also taken a decisive step forward in terms of the Group's future
development. BONITA and TOM TAILOR are two firmly established brands in
Germany and Europe with collections that appeal to a wide range of
consumers. In the third quarter, our Group achieved a 60% increase in sales
and reported a gross margin of around 51%. This gives us a first idea on
the potential of our expanded Group and its ability to generate value,'
said Dieter Holzer, Chairman of the Management Board (CEO) of TOM TAILOR
Holding AG.
Group sales of EUR 190.7 million in Q3
The Group increased its sales by 60.8% to EUR 190.7 million in the third
quarter (Q3 2011: EUR 118.6 million). Due to the consolidation of BONITA
for the months of August and September, the comparability of the Q3 figures
with prior-year results is limited. In the retail business, TOM TAILOR
Group generated total sales of EUR 107.9 million with its brands TOM TAILOR
and BONITA. The Retail business thus accounted for 57% of Group sales.The
TOM TAILOR retail stores including the e-shop contributed sales of EUR 50.6
million (Q3 2011: EUR 39.3 million) and BONITA contributed EUR 57.3 million
to this positive development. On a like-for-like basis, the Group's retail
business grew by 3.9% and the TOM TAILOR retail segment was even more
dynamic, achieving like-for-like growth of 16.2%.
While BONITA sells its fashion in its own stores only, TOM TAILOR draws on
trade and franchise partners to sell its fashion, in addition to using its
own store network. Sales of TOM TAILOR's wholesale segment increased by
4.4% to EUR 82.8 million in the third quarter. Wholesale thereby accounted
for 43% of overall Group sales. At the end of September, the number of TOM
TAILOR shop-in-shops had risen to 1,979 (31.12.2011: 1,786), while the
number of franchise stores was up to 167 (31.12.2011: 155).
Sales increase of 34.9% in the first nine months
During the first nine months TOM TAILOR Group achieved a sales increase of
34.9% to EUR 398.5 million (9M 2011: EUR 295.3 million). This development
is primarily attributable to TOM TAILOR's organic growth. In addition, the
first-time consolidation of BONITA as of August 1 also contributed to the
sales increase. Sales in TOM TAILOR's retail business grew by 32.5% to EUR
136.2 million (9M 2011: EUR 102.8 million), and was very much influenced by
the systematic expansion of the controlled selling space. As part of this
expansion, TOM TAILOR has increased the number of own retail stores by 35
to 283 since the start of the year. TOM TAILOR's e-commerce business also
continued to grow, with a sales increase of 48.2% to EUR 23.5 million (9M
2011: EUR 15.8 million). On a like-for-like basis, the retail segment grew
sales by 14.3%. As a result, TOM TAILOR once again reversed the trend seen
in German textile trading, which experienced a sales drop of 1% during the
first nine months of the year. In the wholesale business TOM TAILOR
increased its sales by 6.5% to EUR 205 million (9M 2011: EUR 192.5
million).
TOM TAILOR Group's gross profit margin improved by 4.2 percentage points to
50.9% in the third quarter (9M 2011: 46.7%) and by 3.5 percentage points to
50.7% for the first nine months. The first-time consolidation of BONITA,
the larger share of retail sales and economies of scale in purchasing all
made a positive contribution to the margin increase.
Recurring EBITDA climbs to EUR 30.9 million in the first nine months
In the first nine months of the year, the Group's earnings position was
characterized in particular by the acquisition of BONITA, the expansion of
the TOM TAILOR brand and expenses related to the changes of the Asian
sourcing structures. For the takeover of BONITA the Group incurred one-off
financing and acquisition costs in the amount of EUR 17.2 million. The
Group also invested in strengthening the profile and presence of the TOM
TAILOR brand. In July TOM TAILOR participated in the Bread&Butter fashion
trade fair in Berlin, where it showcased TOM TAILOR Denim and TOM TAILOR
POLO TEAM to a broad, international industry audience. The feedback it
received was highly positive. In addition, starting in the third quarter,
the Group had a new TV commercial broadcast on the channels of the
ProSiebenSat.1 Media Group. Additional costs in the mid single-digit
million range were incurred for TV advertising and for the market launch of
TOM TAILOR POLO TEAM.
Recurring EBITDA improved to EUR 30.9 million in the first nine months (9M
2011: EUR 27.3 million). The reported EBITDA amounted to EUR 24.7 million
after EUR 26.5 million in the prior-year period. In the third quarter,
recurring EBITDA increased by 12.4% to EUR 19.1 million (Q3 2011: EUR 17.0
million). At EUR 16.4 million the reported EBITDA remained on the
prior-year level (Q3 2011: EUR 16.4 million).
The financial result for the first nine months amounted to EUR -9.5 million
(9M 2012: EUR -4.7 million) and reflects one-off financing costs related to
the BONITA acquisition, as well as higher interest expenses due to higher
debt. In addition, costs for an early refinancing were incurred in the
first quarter.
Adjusted for special items, the Group's recurring net result amounted to
EUR 5.4 million (9M 2011: EUR 5.6 million) for the first nine month.
Recurring earnings per share (EPS) totalled EUR 0.21 (9M 2011: EUR 0.35)
and were also influenced by dilutive effects from the capital increase
against cash contributions and the capital increase in kind in the third
quarter. The Group's reported net result for the period totalled EUR -3.5
million (9M 2011: EUR 2.3 million), while earnings per share stood at EUR
-0.28 (9M 2011: EUR 0.15). In the third quarter, the Group achieved a net
profit of EUR 3.7 million (Q3 2011: EUR 5.0 million). For the months of
August and September, BONITA delivered an earnings contribution after tax
of EUR 1.0 million.
Recurring cash flow from operating activities amounted to EUR 2.7 million
in the first nine months of 2012 (9M 2011: EUR -0.9 million) and was
adjusted for expenses related to the acquisition of BONITA, higher
marketing expenses and tax payments for prior years. The reported cash
outflow from operating activities amounted to EUR -34.7 million in the
first nine months (9M 2011: EUR -0.9 million).
Outlook confirmed for the full year 2012 - positive seasonal effects
anticipated in Q4
The Management Board is confident about the remainder of the year. The
fourth quarter is traditionally an especially strong period due to the
forthcoming Christmas business and sales of the winter collections. The
Group therefore anticipates a strong seasonal increase in sales and EBITDA
in the fourth quarter of the year.
'In view of the acquisition and integration of BONITA, 2012 will be a
transitional year for TOM TAILOR Holding AG. It should come as no surprise
that this has an impact on our earnings position. We firmly believe that
the BONITA acquisition represents a strong rationale, both, from a
strategic and operational point of view. We expect BONITA to make a
substantial contribution to our Group's profitability going forward,' said
Dieter Holzer.
In view of the business development in the third quarter and over the first
nine months, TOM TAILOR Holding AG is confirming the forecast provided as
part of the announcement of the BONITA takeover in June. Unter the
assumption that consumer confidence remains stable in the fourth quarter
the Group expects sales of between EUR 625 million and EUR 635 million and
recurring EBITDA of EUR 70 million to EUR 75 million.
KEY FIGURES FOR THE GROUP Q3 Q3 Change 9M 9M Change
EUR million 2012 2011 in % 2012 2011 in %
Sales 190.7 118.6 60.8 398.5 295.3 34.9
TOM TAILOR retail 50.6 39.3 28.8 136.2 102.8 32.5
BONITA 57.3 n/a n/a 57.3 n/a n/a
TOM TAILOR Wholesale 82.8 79.3 4.4 205.0 192.5 6.5
Gross profit 97.1 55.4 75.3 202.0 139.3 45.0
Gross profit margin in % 50.9 46.7 50.7 47.2
Recurring EBITDA 19.1 17.0 12.4 30.9 27.3 13.2
Recurring EBITDA margin in % 10.0 14.4 7.8 9.2
One-off items 2.7 0.6 6.2 0.8
thereof for BONITA acquisition 11.9 0 14.8 0
thereof BONITA negative goodwill -11.1 0 -11.1 0
thereof BONITA integration 0.4 0 0.4 0
thereof TOM TAILOR POLO TEAM
market launch 1.2 0 1.2 0
EBITDA 16.4 16.4 0.0 24.7 26.5 -6.8
EBITDA margin in % 8.6 13.8 6.2 9.0
Recurring net result for the
period 7.4 6.3 17.5 5.5 5.7 -3.5
Recurring earnings per share (in
EUR)* 0.24 0.38 -36.8 0.21 0.35 0.40
One-off items incl. deferred taxes 3.7 1.3 184.6 9.0 3.4 164.7
thereof purchase price allocation 1.3 0.8 2.9 2.9
Net result for the period 3.7 5.0 -26.0 -3.5 2.3
Earnings per share (in EUR)* 0.07 0.31 -0.28 0.15
Cash flow from operating
activities -25.9 8.5 -34.7 -1.0
Capital expenditure 8.0 7.2 11.1 18.5 17.4 5.7
30.09.2012 31.12.2011 Change in %
Balance sheet total 756.8 320.5 136.1
Equity 215.3 113.7 89.4
Equity ratio (in %) 28.4 35.5
Cash and cash equivalents 20.6 9.3 121.5
Net debt 279.4 74.6
Points of sale 30.09.2012 31.12.2011 Absolute change* 2012: dilutive effect from cash and capital increase in kind in Q3
Retail stores 1,257 248 1,009
Franchise stores 167 155 12
Shop-in-shops 1,979 1,786 193
About the TOM TAILOR Group
The TOM TAILOR Group is an international fashion and lifestyle company
offering stylish casual wear and accessories in the medium price range
through its umbrella brands TOM TAILOR and BONITA. The TOM TAILOR umbrella
brand comprises the brands TOM TAILOR Casual, TOM TAILOR Denim and TOM
TAILOR POLO TEAM. Its collections are aimed at customers aged between 0 and
40 and are marketed in more than 35 countries via its wholesale and retail
segments. BONITA, one of Germany's leading fashion brand producers and
retailers, has been a part of the TOM TAILOR Group since August 2012.
BONITA sells mens- and womenswear collections for the over-40 age group via
more than 960 of its own BONITA stores. Not including BONITA, the TOM
TAILOR Group achieved sales of EUR 412 million in 2011. In its financial
year up to the end of February 2012, BONITA generated sales of EUR 379
million.
Further information is also available at www.tom-tailor.com and
www.bonita.de.
Press and investor contact
Dr Andrea Rolvering
Head of Investor Relations&Corporate Communications
TOM TAILOR Holding AG
Tel.: +49 (0) 40 58956-429
Fax: +49 (0) 40 58956-498
Email: anr(at)tom-tailor.com
Erika Kirsten
Corporate Communications
TOM TAILOR GmbH
Tel.: +49 (0) 40 58956-420
Fax: +49 (0) 40 58956-498
Email: ek(at)tom-tailor.com
Further information is also available at www.tom-tailor.com.
End of Corporate News
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Language: English
Company: TOM TAILOR Holding AG
Garstedter Weg 14
22453 Hamburg
Germany
Phone: +49 (0) 40 589 56 0
Fax: +49 (0) 40 589 56 398
E-mail: info(at)tom-tailor.com
Internet: www.tom-tailor.com
ISIN: DE000A0STST2
WKN: A0STST
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, Düsseldorf, Hannover, München,
Stuttgart
End of News DGAP News-Service
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