DGAP-News: TOM TAILOR GROUP more than doubles recurring EBITDA to EUR 9.9 million in Q1 2013
(firmenpresse) - DGAP-News: TOM TAILOR Holding AG / Key word(s): Quarter Results
TOM TAILOR GROUP more than doubles recurring EBITDA to EUR 9.9 million
in Q1 2013
08.05.2013 / 07:32
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TOM TAILOR GROUP more than doubles recurring EBITDA to EUR 9.9 million in
Q1 2013
- Group sales almost doubled to EUR 200 million
- TOM TAILOR umbrella brand achieves 19.5% growth despite difficult
weather conditions
- BONITA umbrella brand develops in line with the market for systemic
reasons
- Gross profit margin rises to 53.7% across the Group
Hamburg, 08 May 2013. Despite a weak market environment caused by adverse
weather conditions, TOM TAILOR GROUP managed to continue its course of
growth in the first quarter of 2013. The Group boosted sales by 90.0% to
EUR 196.8 million. The BONITA umbrella brand, which was not part of the
Group in the prior-year quarter, contributed EUR 73.0 million to overall
sales in Q1 2013. The TOM TAILOR umbrella brand recorded an increase in all
sales channels and managed to boost its sales by 19.5% to EUR 123.8 million
(Q1 2012: EUR 103.6 million). Together, the BONITA and TOM TAILOR retail
stores generated sales of EUR 121.4 million, which equates to approximately
62% of Group sales.
'TOM TAILOR GROUP developed well in a difficult first quarter and achieved
further growth. Our TOM TAILOR umbrella brand benefited from our consistent
trend management approach and also posted growth on a like-for-like basis.
BONITA was unable to tap its potential in the first three months of 2013
due to systemic reasons. The integration of BONITA into the TOM TAILOR
GROUP is well on track. We firmly believe that introducing the new product
development process will bring BONITA back on course for growth as of the
fourth quarter of 2013', said Dieter Holzer, CEO of TOM TAILOR Holding AG.
In the reporting period TOM TAILOR GROUP's sales almost doubled to EUR
196.8 million (Q1 2012: EUR 103.6 million). Due to the consolidation of
BONITA, it is only possible to draw limited comparison between these
quarterly figures and those of the previous year.
The TOM TAILOR retail stores performed particularly strong: Despite the
unfavourable temperatures, sales climbed up 20.4% to EUR 48.4 million (Q1
2012: EUR 40.2 million); on a like-for-like basis sales grew by 2.3%. TOM
TAILOR thus broke away from the negative trend in the German textile retail
market, which recorded a 6% decline in sales in the first quarter. TOM
TAILOR's e-commerce sales rose by 9.7% to EUR 7.5 million.
Unlike TOM TAILOR, BONITA was, due to systemic factors, unable to
counteract the challenging weather conditions and the consequent drop in
store traffic. BONITA generated sales of EUR 73.0 million in the first
quarter, which equals a year-on-year decline of 6.0%. On a like-for-like
basis, sales declined by 15.0%. In the first three months of 2013, BONITA
opened 13 new stores, increasing its store count to 995 (31.12.2012: 982).
In the TOM TAILOR wholesale segment, which comprises franchise stores and
shop-in-shops, the Group grew sales by 18.9% to EUR 75.4 million (Q1 2012:
EUR 63.4 million). This growth was primarily attributable to two factors:
positive demand from retail partners for the latest collections and an
increase in controlled sales areas. TOM TAILOR increased the number of
shop-in-shops by 34 to 2,065 andits franchise stores by two to 177 in the
first quarter of 2013.
Improved gross profit margin and recurring EBITDA
TOM TAILOR GROUP improved its gross profit margin by 6.2 percentage points
up to 53.7% (Q1 2012: 47.5%). Three key factors contributed to this
development: the consolidation of BONITA and thus the higher percentage of
retail sales, the ongoing expansion of both umbrella brands and the
increasing share of direct sourcing through the Group's sourcing
organisation in Asia.
The increase in sales and the higher gross profit margin had a positive
impact on the Group's earnings development: following adjustments for
special items, earnings before interest, tax, depreciation and amortisation
(EBITDA) increased by 115.2% to EUR 9.9 million (Q1 2012: EUR 4.6 million).
Non-recurring expenses related to the integration of BONITA amounted to EUR
3.3 million. The reported EBITDA totalled at EUR 6.3 million and also
represents a vast improvement over the previous year's figure of EUR 1.2
million.
The financial result amounted to EUR -4.1 million (Q1 2012: EUR -1.6
million) and reflected higher interest expenses following the takeover of
BONITA. In addition, the financial result included expenses of EUR 1.1
million for the refinancing carried out in 2012 which will be recognised as
an expense over the relevant term.
Following adjustments of one-off items, TOM TAILOR GROUP's net result for
the period came to EUR -3.8 million (Q1 2012: EUR -2.0 million). Recurring
earnings per share (EPS) amounted to EUR -0.16 (Q1 2012: EUR -0.12) as a
result. The reported net result for the period totalled at EUR -8.6 million
(Q1 2012: EUR -5.2 million), while earnings per share of EUR -0.40 were
reported (Q1 2012: EUR -0.29).
Net debt increased for seasonal reasons by EUR 22.8 million to EUR 270.6
million as compared to 31 December 2012.
Cash flow from operating activities amounted to EUR -10.9 million in the
first three months (Q1 2012: EUR -19.2 million). Cash outflow was lower
than in the reference period due to earnings developments, adjustments to
the supply of goods to BONITA stores and the seasonal build-up of stock at
the beginning of the year.
Outlook: Focus on BONITA integration and retail expansion
Despite a difficult first quarter caused by adverse weather conditions and
restrained consumption, the TOM TAILOR GROUP is confident with regard to
the current financial year 2013. The Company intends to systematically
continue its course of growth and aims at sales of at least EUR 900 million
along with a minimum recurring EBITDA margin of 12%. In 2013, the Group's
strategic focus is on completing the integration of BONITA and ramping up
the presence of both umbrella brands. As part of its retail expansion
programme, TOM TAILOR GROUP aims to open approximately 100 stores - around
60 for TOM TAILOR and around 40 for BONITA. The Group furthermore plans to
expand the wholesale business of the TOM TAILOR brand. Approximately 200
new shop-in-shop sales areas and about 20 franchise stores are set to open
in 2013.
The integration of BONITA focuses on the creation of a joint infrastructure
spanning product development, merchandising, sourcing and logistics.
KEY FIGURES FOR THE GROUP
in EUR million Q1 2013 Q1 2012 Change in %
Sales 196.8 103.6 90.0
TOM TAILOR retail 48.4 40.2 20.4
BONITA 73.0 n/a n/a
TOM TAILOR wholesale 75.4 63.4 18.9
Gross profit 105.7 49.2 114.8
Gross profit margin in % 53.7 47.5
Recurring EBITDA 9.9 4.6 115.2
Recurring EBITDA margin in % 5.0 4.4
One-off items 3.6 3.4 5.9
thereof BONITA integration 3.3 0.0
thereof 2012 refinancing 0.0 3.1
thereofother one-off items 0.3 0.3
EBITDA 6.3 1.2 425.0
EBITDA margin in % 3.2 1.2
Recurring net result for the period -3.8 -2.0 -90.0
Recurring earnings per share (in EUR)* -0.16 -0.12 -33.3
One-off items including deferred taxes 4.8 3.2 50.0
thereof purchase price allocation 1.5 0.8
Net result for the period -8.6 -5.2 -65.4
Earnings per share (in EUR)* -0.40 -0.29
Cash flow from operating activities -10.9 -19.2 43.2
Cash outflow from investing activities 8.1 4.6 76.1
31.03.2013 31.12.2012 Change in %
Total assets 771.2 771.2 0.0
Equity 213.2 218.9 -2.6
Equity ratio (in %) 27.6 28.4
Cash and cash equivalents 45.0 53.4 -15.7
Net debt 270.6 247.8 9.2
Net debt/recurring EBITDA 126.9 113.2
* 2012: dilutive effect from cash and capital increase in kind in Q3 2012
Absolute
Points of sale 31.03.2013 31.12.2012 change
Retail stores 1,318 1,297 21
Franchise stores 177 175 2
Shop-in-shops 2,065 2,031 34
About TOM TAILOR GROUP
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 TOM TAILOR GROUP since August 2012. BONITA
sells menswear and womenswear collections for the over40 age group.
Further information is also available at www.tom-tailor-group.com and
www.bonita.eu
Media and investor contact
Dr Andrea Rolvering
Head of Investor Relations&Corporate Communications
TOM TAILOR GROUP
Phone: +49 (0) 40 58956-429
Fax: +49 (0) 40 58956-199
Email: andrea.rolvering(at)tom-tailor.com
Erika Kirsten
Corporate Communications
TOM TAILOR GROUP
Phone: +49 (0) 40 58956-420
Fax: +49 (0) 40 58956-199
Email: erika.kirsten(at)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-group.com
ISIN: DE000A0STST2
WKN: A0STSTIndices: 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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210140 08.05.2013
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