DGAP-News: TOM TAILOR Holding AG increases sales by 20% in the first half of 2011
(firmenpresse) - DGAP-News: TOM TAILOR Holding AG / Key word(s): Half Year
Results/Quarter Results
TOM TAILOR Holding AG increases sales by 20% in the first half of 2011
10.08.2011 / 07:30
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- Strong growth in the second quarter
- Number of own retail stores increased by 57 to 215
- Gross profit margin rises to 50% in second quarter
- EBITDA hits EUR 10 million in first half-year
- Outlook for 2011 confirmed
Hamburg, 10 August 2011. TOM TAILOR Holding AG continued on its growth path
in the first half of 2011, increasing its sales by 19.9% to EUR 176.6
million (H1 2010: EUR 147.3 million). In the second quarter TOM TAILOR
achieved a 27.4% increase in sales to EUR 90.3 million (Q2 2010: EUR 70.9
million) and benefited from the systematic pursuit of its expansion
strategy, as well as seasonal effects and a higher gross profit.
The Retail segment increased its sales by 63.1% to EUR 36.0 million in the
second quarter (Q2 2010: EUR 22.1 million). In total, the segment's sales
rose by 50.1% in the first half of 2011 to EUR 63.5 million (H1 2010: EUR
42.3 million). During the same period, the Wholesale segment achieved a
sales increase of 7.7% to EUR 113.1 million (H1 2010: EUR 105.0 million).
On a like-for-like basis, the Retail segment grew by 11.1% in the second
quarter, making it the tenth consecutive quarter in which it achieved
like-for-like growth in sales. In the first half of the year TOM TAILOR
achieved like-for-like growth of 7.1% and once again outperformed the
growth of the German textile market which amounted to 2%.
TOM TAILOR continued to implement its strategy of expanding its own
controlled retail space in the first half of the year. This retail space
includes the Company's own retail stores, as well as the TOM TAILOR e-shop,
franchise stores and shop-in-shops. As part of this expansion, the Group
has increased the number of retail stores by 57 to 215 since the start of
the year (31.12.2010: 158). At the end of June 2011, TOM TAILOR had
approximately 120,000 square metres of controlled retail space (31.12.2010:
approximately 109,000 square metres).
'Following a good start at the beginning of the year, our growth
accelerated in the second quarter. TOM TAILOR grew strongly on a
like-for-like basis and considerably outperformed the average growth of the
German textile market. We will continue forward with our systematic
expansion in the second half of 2011 and further increase our controlled
retail space in Germany and in our core European markets of Austria,
Switzerland, the Netherlands and the Benelux countries. In addition we will
open our first retail stores in Poland,' commented Dieter Holzer, Chairman
of the Management Board (CEO) of TOM TAILOR Holding AG.
Even though commodity prices have remained high, EBITDA improved in the
first half of 2011 from EUR 6.2 million to EUR 10.0 million and is
therefore in line with the Company's expectations. High freight costs
proved to be a burden in the first quarter, but procurement costs
normalized during the second quarter. Despite high start-up costs related
to the retail expansion, EBITDA went up in the second quarter. TOM TAILOR
benefited from a higher gross profit, Easter business which boosted both,
sales and earnings, and the positive effects of implementing its growth
strategy.
'After the first six months of the year, we are comfortably on our way to
achieving our sales and profit targets for 2011. The situation in the
commodity markets has eased during the second quarter and the steps we took
in the first quarter to boost our profitability show the desired effects.
Our plans foresee substantial increases in EBITDA in the third and fourth
quarters which are traditionally stronger,' explained Dieter Holzer.
The changes to the Group's financing structure yielded a sustainable
improvement in the financial result in the first half of the year. It
amounted to EUR -1.9 million after EUR -8.7 million in the same period last
year. The net result for the seasonally weaker first half-year rose to EUR
-2.7 million, compared with EUR -13.7 million in H1 2010. Earnings per
share therefore amounted to EUR -0.16 (Q1 2010: EUR -1.19).
Cash flow from operating activities improved from EUR -22.1 million to EUR
-11.4 million in the reporting period. The expansion of its controlled
retail space resulted in higher working capital and will lead to a
corresponding increase in cash inflow from sales in the traditionally
stronger forthcoming quarters. Cash outflow due to interest payments
decreased significantly.
It is currently not foreseeable how the current financial market turbulence
will affect the economy and consumer demand over the remainder of the year.
TOM TAILOR is still aiming to achieve sales of at least EUR 400 million and
an increase in EBITDA to between EUR 48 and 51 million in 2011.
KEY FIGURES FOR THE GROUP Q2 Q2 Change H1 H1 Change
EUR million 2011 2010 in % 2011 2010 in %
Sales 90.3 70.9 27.4% 176.6 147.3 19.9%
Retail 36.0 22.1 63.1% 63.5 42.3 50.1%
Wholesale 54.3 48.8 11.3% 113.1 105.0 7.7%
Gross profit 45.1 33.7 33.8% 83.8 69.6 20.4%
Gross profit margin in % 49.9 47.5 47.5 47.3
Adjusted EBITDA 6.2 3.5 77.1% 10.2 13.5 -24.4%
Adjusted EBITDA margin
in % 6.8 5.1 5.8 9.1
Non-recurring effects 0.2 0.2 0.0% 0.2 7.3 -97.3%
thereof due to IPO 0.0 0.0 0.0 6.4
EBITDA 6.0 3.3 81.8% 10.0 6.2 61.3%
EBITDA margin in % 6.6 4.7 5.7 4.2
Adjusted net result for the
period 0.1 -1.4 107.1% -0.6 -3.4 82.4%
Adjusted earnings per share
(in EUR) 0.01 -0.08 112.5% -0.04 -0.21 81.0%
Non-recurring effects incl.
calc. tax effect 0.9 1.6 -43.8% 2.1 10.3 -79.6%
thereof due to IPO 0.0 0.0 0.0 6.9
Net result for the period -0.8 -3.0 -2.7 -13.7
Earnings per share (in
EUR) -0.05 -0.26 -0.16 -1.19
Cash flow from operating
activities -0.5 -6.6 92.4% -11.4 -22.1 48.4%
Capital expenditure 5.0 4.3 16.3% 10.2 10.0 2.0%
30.06.2011 31.12.2010 Change in %
Total assets 309.6 295.0 4.9%
Shareholders' equity 95.3 100.2 -4.9%
Equity ratio (in %) 30.8 34.0
Liquid funds 5.3 22.5 -76.4%
Net debt 84.0 52.1 61.2%
Points of sale 30.06.2011 31.12.2010 Absolute changeAbout TOM TAILOR
Retail stores 215 158 +57
Franchise stores 155 175 -20
Shop-in-shops 1,552 1,441 +111
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,
women, teenagers and children in the medium price range. Since the
Company's establishment in 1962 its authentic fashions have highlighted a
positive and light-hearted attitude to life. Every year 12 collections are
developed for each of the product lines TOM TAILOR Casual and TOM TAILOR
Denim. The high-quality fashion sphere is complemented by 19 licensed
product groups. The Group distributes its collections via the Wholesale and
Retail segments. TOM TAILOR is a dynamic company that has been growing and
expanding continuously for many years. At the end of June 2011, TOM TAILOR
was represented in 35 countries by 215 dedicated stores, the TOM TAILOR
e-shop, 155 franchise stores, 1,552 shop-in-shops, and over 6,000
multi-label points of sale. In Q2 2011 the TOM TAILOR Group generated sales
of EUR 90.3 million (Q2 2010: EUR 70.9 million). The Company employs 1,411
people worldwide (as at 30.06.2011).
Press and investor contact
Dr Andrea Rolvering
Head of Investor Relations&Corporate Communications
TOM TAILOR Holding AG
Telephone: +49 (0) 40 58956-429
Fax: +49 (0) 40 58956-498
Email: anr(at)tom-tailor.com
Erika Kirsten
Corporate PR
TOM TAILOR GmbH
Telephone: +49 (0) 40 58956-420
Fax: +49 (0) 40 58956-498
Email: ek(at)tom-tailor.com
Further information 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
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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135008 10.08.2011Unternehmensinformation / Kurzprofil:
Datum: 10.08.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 44288
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