DGAP-News: TOM TAILOR GROUP doubles sales and operational result in the first six months of 2013
(firmenpresse) - DGAP-News: TOM TAILOR Holding AG / Key word(s): Development of Sales
TOM TAILOR GROUP doubles sales and operational result in the first six
months of 2013
08.08.2013 / 07:30
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TOM TAILOR GROUP doubles sales and operational result in the first six
months of 2013
- Group sales up 95.9% to EUR 407.0 million
- TOM TAILOR umbrella brand: Growth driver with an increase in sales of
17.7%
- Recurring EBITDA more than doubles to EUR 25.8 million
- Gross profit margin increases by 5.7 percentage points to 56.2%
- Outlook adjusted for the 2013 financial year
Hamburg, 08 August 2013. TOM TAILOR GROUP succeeded in holding its own in
the first half-year despite difficult underlying conditions. The Company
increased sales by 95.9% from EUR 207.8 million to EUR 407.0 million. This
increase was the result of the organic growth of the TOM TAILOR umbrella
brand, with sales rising from EUR 36.7 million to EUR 244.5 million.
Moreover, the BONITA umbrella brand contributed EUR 162.5 million to Group
sales in the first six months of the year. The recurring earnings before
interest, taxes, depreciation and amortisation (EBITDA) went up from EUR
11.8 million in the previous year to EUR 25.8 million. This constitutes a
rise of approximately 118.6%.
'We are pleased that our TOM TAILOR umbrella brand continued to grow during
the first half of the year, bucking both, market trends and the weather. As
expected, BONITA was unable to detach itself from the difficult conditions
in the market,' said Dieter Holzer, CEO of TOM TAILOR Holding AG. 'We are
convinced that we can bring BONITA back on track for success in the second
half of 2013,' emphasised Dieter Holzer.
TOM TAILOR umbrella brand continues to grow successfully
TOM TAILOR GROUP doubles its sales in the first half-year to EUR 407.0
million (previous year: EUR 207.8 million). In the second quarter, Group
sales climbed to EUR 210.1 million (previous year: EUR 104.3 million).
Thereby, it must be considered that BONITA was consolidated for the first
time in August 2012.
The Group's growth was driven in particular by the TOM TAILOR umbrella
brand across all channels. Sales in the TOM TAILOR retail segment increased
by 26.1% to EUR 107.8 million (previous year: EUR 85.5 million). Within
also TOM TAILOR's e-commerce business continued to grow dynamically, with a
sales increase of 14.9% to EUR 17.7 million (previous year: EUR 15.4
million). In the second quarter, TOM TAILOR retail achieved a like-for-like
increase in sales of 13.1%. This meant that the retail segment grew for the
eighteenth quarter in a row in comparable sales areas. Like-for-like growth
in the first half-year came to 7.9%, thereby significantly exceeding the
industry average.
The TOM TAILOR wholesale segment increased sales by 11.8% from EUR 122.3
million to EUR 136.7 million in the reporting period. Since 31 December
2012, the segment increased the number of shop-in-shops by net 71 to 2,102
and of franchise stores by net five to 180 stores.
The BONITA umbrella brand contributed sales of EUR 162.5 million to the
Group's overall sales. This corresponds to a fall of 6.3% year-on-year.
Sales declined by 5.0% in the second quarter and by 9.6% in the first
half-year on a like-for-like basis.
Gross margin and EBITDA trending positively
TOM TAILOR GROUP improved its gross margin by 5.7 percentage points to
56.2% in the first half-year (previous year: 50.5%). TOM TAILOR's margin
rose to an even more impressive 58.6% in the second quarter (previous year:
53.5%). In particular, this is attributable to a higher share of retail
sales in overall sales and the higher share of direct purchases made
through the Company's own procurement organisation.
The wider gross margin and a disproportionately low development in other
operating expenses had a positive effect, meaning that the EBITDA adjusted
for special items jumped by 118.6% to EUR 25.8 million (previous year: EUR
11.8 million). The adjusted EBITDA margin climbed to 6.3% (previous year:
5.7%). The reported EBITDA came to EUR 17.3 million (previous year: EUR 8.3
million) and reflects non-recurring expenses incurred in conjunction with
the integration of BONITA of EUR 7.1 million.
The recurring financial result amounted to EUR -5.8 million (previous year:
EUR -3.3 million). The reason for this development can be found in higher
interest expenses for financing the takeover of BONITA and the seasonally
higher drawdown of credit lines. The reported financial result also
includes expenses amounting to EUR 2.1 million (previous year: EUR 1.7
million) for the refinancing carried out in 2012. As a result, the reported
financial result comes to EUR -7.9 million (previous year: EUR -5.0
million).
Net debt increased for seasonal reasons by 9.3% to EUR 270.8 million
compared to the end of 2012 (previous year: EUR 247.8 million). Cash flow
from operating activities rose by EUR 13.3 million to EUR 4.5 million in
the first half of the year (previous year: EUR -8.8 million).
TOM TAILOR GROUP's recurring net result for the period came to EUR -3.4
million (previous year: EUR -1.9 million). Recurring earnings per share
therefore amounted to EUR -0.14 (previous year: EUR -0.12). The reported
net result for the period totalled to EUR -13.9 million (previous year: EUR
-7.2 million), while earnings per share stood at EUR -0.25 (previous year:
EUR -0.41).
BONITA's potential yet to be reached
In the first half-year, the Group implemented a 16-week shorter product
development process at BONITA. This means that the time between design and
delivery of the merchandise in BONITA stores now only comes to between 24
and 28 weeks. The first products from this development process are set to
hit stores beginning in autumn 2013. Furthermore, BONITA's procurement is
currently being integrated into TOM TAILOR's existing infrastructures. In
the future, BONITA will therefore be in the position to react more flexibly
to market trends and to supply stores with merchandise that meets customer
demands. Moreover, the BONITA e-shop went live in June, meaning that
BONITA's products are now also available online. In addition, marketing
measures are aimed at strengthening BONITA's brand profile. The Group
expects to feel the first positive effects of these measures in the fourth
quarter.
Management adjusts forecast
TOM TAILOR GROUP rates the business outlook for the second half-year as
positive based on the current economic and consumption situation. At the
same time however, the Company does not expect to be able to compensate
fully for the negative impact caused by weather in the first half of the
year. The unfavourable weather conditions and premature sales also affected
the business performance of TOM TAILOR GROUP. As a result, the Management
Board now expects to generate Group sales of EUR 890 to EUR 910 million and
a recurring EBITDA of EUR 85 to EUR 95 million in the 2013 financial year.
The Company's forecast this year also accounts for considerable growth
impulses in the industry's traditionally strong fourth quarter.
KEY FIGURES FOR THE GROUP Q2 Q2 Change H1 H1 Change
EUR million 2013 2012 in % 2013 2012 in %
Sales 210.1 104.3 101.4% 407.0 207.8 95.9%
TOM TAILOR retail 59.4 45.5 30.5% 107.8 85.5 26.1%
BONITA 89.4 n/an/a 162.5 n/a n/a
TOM TAILOR wholesale 61.3 58.8 4.3% 136.7 122.3 11.8%
Gross profit 123.1 55.8 120.6% 228.9 104.9 118.2%
Gross profit margin in % 58.6 53.5 56.2 50.5
Recurring EBITDA 15.9 7.2 120.8% 25.8 11.8 118.6%
Recurring EBITDA margin in % 7.6 6.9 6.3 5.7
One-off items 4.9 0.1 4800.0% 8.5 3.5 142.9%
thereof cost from the acquisition
of BONITA 0 0.3 0 2.9
thereof costs from the
integration of BONITA 3.8 0 7.1 0
thereof refinancing costs/note
loans 0.8 0 0.8 0
thereof other one-off items 0.3 0.3 0.6 0.6
EBITDA 11.0 7.1 54.9% 17.3 8.3 108.4%
EBITDA margin in % 5.2 6.8 4.3 4.0
Recurring net result for the
period 0.4 0.1 300.0% -3.4 -1.9 -78.9%
Recurring earnings per share (in
EUR) 0.02 0.01 100.0% -0.14 -0.12 -16.7%
One-off items including deferred
taxes 5.7 2.1 171.4% 10.5 5.3 98.1%
thereof purchase price allocations 1.5 0.8 3.1 1.6
Net result for the period -5.3 -2.0 -165.0% -13.9 -7.2 -93.1%
Earnings per share (in EUR)* -0.05 -0.12 -0.25 -0.41
Cash flow from operating
activities 15.4 10.4 48.1% 4.5 -8.8 151.1%
Cash outflow from investing
activities 6.6 5.9 11.9% 14.4 10.5 37.1%
30.06.2013 31.12.2012 Change in %
Total assets 766.9 771.2 -0.6
Equity 205.1 218.9 -6.3
Equity ratio (in %) 26.7 28.4
Cash and cash equivalents 43.5 53.4 -18.5
Net debt 270.8 247.8 9.3
Net debt/recurring EBITDA 132.0 113.2
Absolute
Points of sale 30.06.2013 31.12.2012 change
Retail stores 1,334 1,297 37
Franchise stores 180 175 5
Shop-in-shops 2,102 2,031 71
About 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, 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.
In the first half of 2013, the TOM TAILOR GROUP reported sales of EUR 407.0
million, of which EUR 162.5 million was generated by BONITA. The Group has
approximately 1,300 own stores in the retail segment. About 1,000 of these
are BONITA and BONITA men stores, and 335 are TOM TAILOR stores. The TOM
TAILOR brand is also sold via retail partners.
Further information is also available at www.tom-tailor-group.com and
www.bonita.eu
Media and investor contact
Felix Zander
Head of Investor Relations&Corporate Communications
TOM TAILOR GROUP
Phone: +49 (0) 40 58956-449
Fax: +49 (0) 40 58956-199
Email: felix.zander(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: 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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