PWT Group increased EBITDA by 10 percentage compared to last year. PWT Group is satisfied with the development in a challenging market.
The Group experienced a positive development in the wholesale-division Worldwide during the first 6 months of 2014/15. This has affected the order backlog positively.
Throughout the first 6 months, PWT Group continued its efforts to expand and develop the wholesale-division further.
Within the period, PWT Group has signed contracts with 9 new Franchisees, which will strengthen the market position as Denmark's leading men's wear stores as well as the future sales within the Wholesale division.
Challenging market conditions in Denmark have affected sales negatively within the retail division. However, PWT Group managed to increase its contribution margin compared to last year which off-set the lower sales.
Stocks and debtors increased compared to last year, mainly due to expansion within the wholesale-division and declining sales within the retail division. This affects the net-interest-bearing-debt and cash flow negatively compared to last year.
In line with the Group's strategy to maintain and expand earnings, PWT has invested in several leasehold improvements, moved a number of stores to new and more attractive leaseholds and made an acquisition of a new top 3 "Tøjeksperten" store.
In November 2014 PWT Group re-purchased DKK 15,000,000 nominally of its bonds, listed at the NASDAQ Stock Exchange.
PWT Holding 2nd Quarter 2014/15 http://hugin.info/161371/R/1923206/689679.pdf
HUG#1923206
