DGAP-News: TOM TAILOR Holding AG: 2010 Half-Year Earnings: TOM TAILOR on track
(firmenpresse) - TOM TAILOR Holding AG / Half Year Results/Half Year Results
10.08.2010 07:31
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- Revenue up 9.9% in first six months of the year
- Growth driver Retail segment with like-for-like increase of 5.8%
(including e-shop: 14.1%)
- Significant improvement of EBITDA (adjusted: +73.9%) and net result for
the period (adjusted: +70.4%) in first half of the year
- Growth strategy seeking sustained improvement of earnings proves
effective
Hamburg, August 10, 2010. TOM TAILOR Holding AG increased Group revenue by
9.9% to EUR 147.3 million in the first half of 2010 (H1 2009: EUR 134.0
million). In the second quarter of 2010, Group revenue increased by 13.6%
to EUR 70.9 million (Q2 2009: EUR 62.4 million).
The Retail segment was an important growth driver in the first half year,
pushing up revenue by 39.8% to EUR 42.3 million (H1 2009: EUR 30.3
million). In the Retail segment, TOM TAILOR distributes its products
through its own retail stores and its e-shop. Retail revenue climbed 33.9%
to EUR 22.1 million in the second quarter of 2010 (Q2 2009: EUR 16.5
million). On a like-for-like basis, revenue in the second quarter of 2010
rose 5.8%, or 14.2% including the e-shop. In the first half of 2010,
like-for-like growth was also 5.8% (including e-shop: 14.1%). Accordingly,
the Group performed significantly better than the average market growth of
2% in Germany (Source: TW Testclub 27/2010).
In the first six months the e-business was particularly dynamic, recording
growth in excess of 40% over the prior year.
'We successfully implemented our growth strategy in the first half of 2010
and expect to see a continuation of the sustained improvement of earnings
in the future,' commented Dieter Holzer, CEO of TOM TAILOR Holding AG. 'The
IPO definitely boosted our financial strength. We will take advantage of
the situation by continuing the targeted expansion of controlled sales
areas and promoting further profitable growth.' The dynamic growth in the
controlled sales areas also continued in July.
In the Wholesale segment, revenue rose to EUR 104.9 million in the first
six months of 2010 (H1 2009: EUR 103.7 million). The increase was
particularly pronounced in the second quarter with a rise of 6.3% to EUR
48.8 million (Q2 2009: EUR 45.9 million).
Adjusted for one-time effects, Group earnings before interest, taxes,
depreciation, and amortization (EBITDA) of TOM TAILOR Holding AG increased
73.9% to EUR 13.5 million in the first half of 2010 (H1 2009: EUR 7.7
million), representing an adjusted EBITDA margin of 9.1% (H1 2009: 5.8%).
The one-time effects are primarily reflecting IPO costs in the first
quarter of 2010. In the second quarter of 2010, adjusted EBITDA improved
significantly by EUR 4.2 million to EUR 3.6 million (Q2 2009: loss of EUR
0.6 million). Taking into account total one-time effects of EUR 7.3 million
(thereof Q1 2010: EUR 7.0 million), EBITDA in the first half of 2010
amounted to EUR 6.2 million (H1 2009: EUR 8.5 million). In the second
quarter of 2010, EBITDA rose strongly to EUR 3.3 million (Q2 2009: loss of
EUR 0.9 million).
EBITDA generated by the Retail segment in the first half of 2010 amounted
to EUR 2.9 million (H1 2009: EUR 1.7 million) and largely reflected second
quarter earnings of EUR 2.4 million (Q2 2009: EUR 1.6 million). The rising
earnings trend will continue in the second half of the year due to the
seasonal effects of that period.
After a EUR 2.6 million loss in the prior year, EBITDA in the Wholesale
segment achieved a positive value of EUR 0.8 million in the traditionally
weaker second quarter. The half-year profit in the Wholesale segment of EUR
3.2 million in 2010 (H1 2009: EUR 6.7 million) thus forms a solid basis for
the continued improvement of earnings in the seasonally stronger second
half of the year.
The financial result was EUR -8.7 million at the end of the first six
months. This means that despite special charges in the amount of
approximately EUR 3.4 million related to debt restructuring in connection
with the IPO, the result was EUR 1.8 million higher than in the same period
in the prior year (H1 2009: EUR -10.5 million).
Overall, the adjusted net Group result for the first half of 2010 improved
by 70.4% from a net loss of EUR 11.4 million to a net loss of EUR 3.4
million (adjusted loss per share: EUR 0.29). The adjusted net result for
the second quarter of 2010 also improved significantly, by EUR 7.2 million
or 83.5% to a net loss of EUR 1.4 million (Q2 2009: net loss of EUR 8.6
million).
The lower interest expense, the non-recurrence of the IPO costs, and above
all the increase in operating earnings will lead to an improvement in Group
earnings in the future.
The focus of the Group's expansion strategy is on opening new retail
stores, an effort that will be stepped up as of the third quarter of 2010.
Twenty-three new store contracts have already been concluded for the second
half of 2010. In the past six months, the number of own stores was
increased by nine to a total of 96 stores (excluding the e-shop). In the
Wholesale segment, the Group also plans to expand the number of franchise
stores and shop-in-shops. Since December 31, 2009, the number of franchise
stores increased by four to 205 and the number of shop-in-shop areas from
1,108 to 1,240.
The Management Board confirms its prediction of growth in revenue of
between 8 and 12% for the year 2010 as a whole. At the same time,
profitability is to be increased, primarily on the basis of positive
economies of scale and the elimination of one-time effects.
Key Financial Indicators for TOM TAILOR Holding AG:
H1 H1 Change Q2 Q2 ChangeAbout TOM TAILOR
in EUR million 2010 2009 in % 2010 2009 in %
Revenue 147.3 134.0 9.9 70.9 62.4 13.6
Adjusted EBITDA 13.5 7.7 73.9 3.6 -0.6 752.2
Adjusted EBITDA margin
(in %) 9.1 5.8 -- 5.1 -0.9 --
One-time effects 7.3 -0.8 -- 0.2 0.4 --
- due to IPO 6.4 0.0 -- 0.04 0.0 --
EBITDA 6.2 8.5 -27.4 3.3 -0.9 --
EBITDA margin (in %) 4.2 6.4 -- 4.7 -1.4 --
Adjusted net result for
the period -3.4 -11.4 70.4 -1.4 -8.6 83.5
One-time effects 10.3 2.3 -- 1.6 1.6 --
- due to IPO 6.9 0.0 -- 0.04 0.0 --
Net result for the
period -13.7 -13.6 -- -3.0 -10.3 70.5
Shareholders' equity 81.2 -68.2 219.2 81.2 -68.2 219.2
Equity-to-assets ratio
(in %) 30.1 -27.3 30.1 -27.3
Total assets 269.7 250.1 7.9 269.7 250.1 7.9
Capital expenditure 10.0 10.1 -0.7 4.3 3.0 44.2
Number of employees as
of June 30 (total) 901 769 17.2 901 769 17.2
TOM TAILOR - Casual fashion for a casual life!
The TOM TAILOR Group is an international and vertically integrated
lifestyle company. It offers stylish casual wear and accessories for men
and women, teenagers, and children in a medium price range. Since the
Company's establishment in 1962, its authentic fashions have highlighted a
positive and light-hearted attitude to life. TOM TAILOR is represented in
the fashion market with the brands TOM TAILOR Casual and TOM TAILOR Denim
developing twelve collections for each brand per year. The range is
complemented with 17 licensed product groups. The fashion company
distributes its collections through the Retail and Wholesale segments. TOM
TAILOR is a dynamic company that has been continuously growing and
expanding for many years. At the end of the second quarter of 2010, TOM
TAILOR was represented with 96 own stores, the TOM TAILOR e-shop, 205
franchise stores, 1,240 shop-in-shops, and more than 4,500
multi-label-sales centers, or a total of 6,000 points of sale in 35
countries. In the first half of 2010, the TOM TAILOR Group realized sales
in the amount of EUR 147.3 million (H1 2009: EUR 134.0 million). The
Company has 901 employees worldwide (as of June 30, 2010).
Viona Brandt
Investor Relations
TOM TAILOR Holding AG
Phone: +49 (0) 40 589 56 429
Fax: +49 (0) 40 589 56 399
vb(at)tom-tailor.com
Additional information also at www.tom-tailor.com.
10.08.2010 07:31 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: TOM TAILOR Holding AG
Garstedter Weg 14
22453 Hamburg
Deutschland
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 München, Düsseldorf, Berlin, Hannover,
Stuttgart
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