DGAP-News: TOM TAILOR Holding AG / Key word(s): Half Year Results
TOM TAILOR Holding AG: Adjusted EBITDA Climbs 16% in First Half of
2012
08.08.2012 / 07:30
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- Sales up 17.7% to EUR 207.8 million
- Dynamic growth in all sales channels
- Retail segment sales jump 34.6% - TV advertising drives e-shop growth
- Gross profit margin rises by 3.0 percentage points to 50.5%
- Takeover of BONITA to be completed shortly
Hamburg, 08 August 2012. TOM TAILOR Holding AG performed extremely
dynamically in the first six months of 2012. The Group consequently
continued expanding the TOM TAILOR brand and realized growth in all its
sales channels. In addition to this, in June TOM TAILOR announced an
important strategic step with the planned takeover of BONITA. The
transaction is expected to be completed shortly.
In the period from January to June, the Company increased its sales by
17.7% to EUR 207.8 million (H1 2011: EUR 176.6 million), clearly
outperforming the industry average again. In the second quarter, Group
sales climbed by 15.5% to EUR 104.3 million (Q2 2011: EUR 90.3 million).
Growth was primarily driven by the active expansion of selling space in the
Retail segment and by the e-shop.
'We implemented various measures in the first half which blaze a trail in
strategic terms. For instance, TOM TAILOR has been running a TV campaign
since March which has substantially boosted our online sales in particular.
Our trading partners responded very positively to the unveiling of our new
brand, TOM TAILOR POLO TEAM. That said, there is no doubt that the most
important event in the reporting period was the announced takeover of
BONITA. This established, profitable brand will instantly enable us to tap
an additional, attractive new market segment and make us a new heavyweight
in the European fashion industry,' said Dieter Holzer, Chairman of the
Management Board (CEO) at TOM TAILOR Holding AG.
'We can afford to take this strategic step because our core business is
very sound. Despite adverse weather conditions, TOM TAILOR once again
outperformed the industry average and we developed very well at the
operating level as well. As a result, we will continue to pursue our
expansion strategy in the second half of the year, which is traditionally
more dynamic,' Holzer added.
During the first six months, TOM TAILOR's Retail segment grew sales by
34.6% to EUR 85.5 million (H1 2011: EUR 63.5 million). TOM TAILOR's
e-commerce sales rose by 46.6% to EUR 15.4 million. This took the segment's
share of overall sales to 41.1% (H1 2011: 36.0%). The number of retail
stores increased by 21 to 269 in the first half of the year.
On a like-for-like basis the Retail segment grew 9.0% in the second
quarter. This marked the 14th consecutive quarterly increase in
like-for-like sales. In the first half of the year like-for-like growth
amounted to 13.5%. With this figure, TOM TAILOR by far exceeded the German
textile retail market's development which ended the first half at -2%.
In the Wholesale segment, which comprises franchise stores and
shop-in-shops, TOM TAILOR grew its sales by 8.1% to EUR 122.3 million (H1
2011: EUR 113.1 million). The growth was attributable to three factors in
particular: positive demand from trading partners for the collections, the
improved consumption climate in Eastern European sales markets and the
expansion of controlled selling space. TOM TAILOR increased the net number
of shop-in-shops by 103 to 1,889 and franchise stores by four to 159 in the
first quarter.
In the reporting period, TOM TAILOR improved its gross profit margin by 3.0
percentage points to 50.5%. TOM TAILOR's margin rose to an even more
impressive 53.5% in the second quarter. This stemmed primarily from
economies of scale in purchasing and a higher share of retail sales in the
overall figure.
The operating result - measured using adjusted EBITDA - improved, despite
additional expenses for both, the TV campaign and the launch of the new
POLO line. It stood at EUR 11.8 million in the first half of 2012,
equivalent to an increase of approximately 16% on last year. These figures
clearly show that the corporate strategy is paying off and that TOM
TAILOR's operations are very healthy. The reported EBITDA reached EUR 8.3
million. This was due to non-recurring expenses in conjunction with
February's refinancing and the takeover of BONITA.
Following adjustments, the financial result was comparable to last year's
(EUR -3.2 million) at EUR -3.3 million. The reported financial result of
EUR -5.0 million (previous year: EUR -2.0 million) includes
transaction-related expenses of EUR 1.7 million for the refinancing which
was conducted in the first quarter. Last year's figure also contained fair
value interest income of EUR 1.1 million from completed interest hedges for
which there was no equivalent in the period under review.
The adjusted net result for the period came in at EUR -1.9 million (H1
2011: EUR -0.6 million). Recurring earnings per share amounted to EUR -0.12
(H1 2011: EUR -0.04). The reported net result for the period totalled EUR
-7.2 million (H1 2011: EUR -2.7 million), while earnings per share stood at
EUR -0.41 (H1 2011: EUR -0.16).
Despite higher marketing and refinancing expenses, as well as costs for the
BONITA takeover and tax payments for prior years, the cash outflow from
operating activities improved in the first half to EUR -8.8 million (H1
2011: EUR -9.5 million).
TOM TAILOR Holding AG updated its outlook for the full year 2012 when it
announced the takeover of BONITA in June. Assuming that BONITA is fully
consolidated with effect as of 1 August, the Group now anticipates sales of
between EUR 625 million and EUR 635 million and an adjusted EBITDA of
between EUR 70 million to EUR 75 million. For seasonal reasons, TOM TAILOR
expects EBITDA to increase strongly in the third and fourth quarters, when
sales are traditionally higher. In spite of the ongoing economic
uncertainty, the Company is confident about its performance in the full
year 2012.
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KEY FIGURES FOR THE GROUP
EUR million Q2 Q2 Change H1 H1 Change
2012 2011 in % 2012 2011 in %
Sales 104.3 90.3 15.5% 207.8 176.6 17.7%
Retail 45.5 36.0 26.4% 85.5 63.5 34.6%
Wholesale 58.8 54.3 8.3% 122.3 113.1 8.1%
Gross profit 55.8 45.1 23.7% 104.9 83.8 25.2%
Gross profit margin in % 53.5 49.9 50.5 47.5
Adjusted EBITDA 7.2 6.2 16.1% 11.8 10.2 15.7%
Adjusted EBITDA margin in % 6.9 6.8 5.7 5.8
One-off items 0.1 0.2 -50.0% 3.5 0.2 1,650.0%
thereof refinancing costs 1.7 - 1.4 -
thereof costs from the
BONITA takeover 1.5 - 1.5 -
EBITDA 7.1 6.0 18.3% 8.3 10.0 -17.0%
EBITDA margin in % 6.8 6.6 4.0 5.7
Adjusted net result for
the period 0.1 0.1 - -1.9 -0.6 -216.7%
Adjusted earnings per share
(in EUR) 0.01 0.01 - -0.12 -0.04 -200.0%
One-off items including
deferred taxes 2.1 0.9 133.3% 5.3 2.1 152.4%
thereof depreciation on the
purchase price allocation
(PPA) from 2005 0.8 0.8 1.6 2.0
Net result for the period -2.0 -0.8 -150.0% -7.2 -2.7 -166.7%
Earnings per share (in EUR) -0.12 -0.05 -0.41 -0.16
Cash flow from operating
activities 10.4 1.0 940.0% -8.8 -9.5 7.4%
Capital expenditure 5.9 5.0 18.0% 10.5 10.2 2.9%
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30.06.2012 31.12.2011 Change in %
Balance sheet total 335.8 320.5 4.8%
Equity 103.3 113.7 -9.1%
Equity ratio (in %) 30.8 35.5
Cash and cash equivalents 6.7 9.3 -28.0%
Net debt 104.2 74.6 39.7%
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Points of sale 30.06.2012 31.12.2011 Absolute change
Retail stores 269 248 +21
Franchise stores 159 155 +4
Shop-in-shops 1,889 1,786 +103
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About TOM TAILOR
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 the product lines TOM TAILOR Casual and TOM TAILOR Denim. The
high-quality fashion sphere is complemented by numerous licensed product
groups. The Group distributes its collections via the Wholesale and Retail
segments. TOM TAILOR is a dynamic company that is constantly growing and
expanding. At the end of June 2012, TOM TAILOR was represented in 35
countries by 269 dedicated stores, the TOM TAILOR e-shop, 159 franchise
stores, 1,889 shop-in-shops, and approximately 6,300 multi-label points of
sale. The TOM TAILOR Group generated sales of EUR 207.8 million in the
first half of 2012 (H1 2011: EUR 176.6 million). The Company employs 1,679
people worldwide (as of 30.06.2012).
Press and investor contact
Dr Andrea Rolvering
Head of Investor Relations & Corporate Communications
TOM TAILOR Holding AG
Tel.: +49 (0) 40 58956-429
Fax: +49 (0) 40 58956-498
Email: anr@tom-tailor.com
Erika Kirsten
Corporate Communications
TOM TAILOR GmbH
Tel.: +49 (0) 40 58956-420
Fax: +49 (0) 40 58956-498
Email: ek@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@tom-tailor.com
Internet: www.tom-tailor.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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180774 08.08.2012
DGAP-News: TOM TAILOR Holding AG: Adjusted EBITDA Climbs 16% in First Half of 2012
| Source: EQS Group AG