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23.02.2016 07:30:01
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DGAP-News: TOM TAILOR Holding AG
DGAP-News: TOM TAILOR GROUP achieves targets for fiscal year 2015
- Net sales of TOM TAILOR brand in Wholesale and Retail segments increase by 3.8% to EUR 630 million
- Recurring EBITDA for the Group at EUR 76 million and within target corridor
- Recurring net income of EUR 14.3 million; reported net income of EUR 0.1 million
- Focus on increase of profitability and verticalization
Hamburg, 23 February 2016. TOM TAILOR GROUP achieved its targets for fiscal year 2015 and laid the strategic foundations for the future. According to preliminary figures, TOM TAILOR GROUP increased Group net sales by 2.5% in the year under review to EUR 955.9 million (previous year: EUR 932.1 million) and exceeded the concretized net sales forecast of EUR 945-955 million released in September 2015. The result was negatively impacted by interim delivery problems of the autumn and winter collections during the launch of the new logistics center and expenses of the accelerated retail expansion. Recurring earnings before interest, tax, depreciation and amortization (EBITDA) for the fiscal year amounted to EUR 76.3 million (previous year: EUR 87.2 million) and were at the lower end of the concretized target corridor of EUR 75-80 million. Regardless of all extraordinary effects in connection with the ramp up of the new logistics center recurring EBITDA would have been at EUR 81.4 million (rec. EBITDA margin: 8.5%).
"The textile industry is undergoing a rapid change, driven by digitalization and customers' changing shopping habits. We initiated two programs in 2015 to improve our flexibility, speed up our processes and reduce costs," said Dieter Holzer, CEO of TOM TAILOR Holding AG. "During the current fiscal year, we will focus on the implementation of the relevant steps in order to improve our profitability and in order to face up to vertical competition."
In the year under review, TOM TAILOR GROUP put a new organizational structure in place and accelerated the verticalization of the business. In addition, the Group launched the CORE program in November 2015, a comprehensive cost reduction and efficiency initiative that aims at a further strengthening of long-term profitability. Key aspects of the CORE program include, among other things, the optimization of the store portfolio as well as reductions in personnel expenses and operating costs in such areas as rents, freight charges and logistics. The company is also slowing down the retail expansion substantially, while accelerating its e-commerce presence and optimizing the integration of its sales channels.
Net sales growth despite market stagnation
TOM TAILOR GROUP increased its net sales in all segments against the background of a stagnant trend in the German textile industry amid a volatile market environment (Source: TW-Testclub 1B/2016). Net sales of the TOM TAILOR umbrella brand went up by 3.8% to EUR 630.0 million.
Net sales of TOM TAILOR Wholesale increased by 2.8% to EUR 341.0 million (previous year: EUR 331.7 million). The segment recorded a healthy trend in the first half of the year that slowed down in the third quarter due to shipping delays experienced as the new logistics center went on line. The fourth quarter saw a substantial 8.5% increase of net sales. Since the beginning of the year, the number of shop-in-shop spaces has increased by 270 to 2,956. The number of franchise shops decreased by three to 203, mainly because of the transfer of franchise shops into the retail organization.
After a relatively slow start in 2015, the retail business of the TOM TAILOR brand improved its performance every quarter and achieved an 8.2% net sales increase in the final quarter of the year. The brand's retail net sales increased by 4.9% for the entire year to EUR 289.1 million (previous year: EUR 275.5 million). On a like-for-like basis, net sales were at the previous year's level, showing a slight decrease of 0.3%. Compared to 2014, the number of TOM TAILOR Retail stores increased by 78 to 460.
Net sales at umbrella brand BONITA increased slightly to EUR 325.8 million (previous year: EUR 324.9 million). The segment accounted for 34.1% of Group net sales (previous year: 34.9%). On a like-for-like basis, BONITA achieved 1.7% growth in net sales for fiscal year 2015. The number of BONITA stores increased by 13 to 1,026.
EBITDA trend on target
The recurring Group EBITDA for the year under review came in at EUR 76.3 million (previous year: EUR 87.2 million). While it was within the concretized target corridor, it was 12.5% below previous year's level. Recurring EBITDA margin was 8.0% (previous year: 9.4%). Regardless of the extraordinary effects arising in connection with the new logistics center, recurring EBITDA would have been at EUR 81.4 million (recurring EBITDA margin: 8.5%). Reported EBITDA amounted to EUR 67.6 million (previous year: EUR 84.3 million), with a reported EBITDA margin of 7.1% (previous year: 9.0%).
Positive net income despite expenses for reorganization
TOM TAILOR GROUP is reporting a positive net income for the year under review despite increased expenses in connection with the reorganization and cost-cutting programs. For fiscal year 2015, Group earnings amounted to EUR 0.1 million (previous year: EUR 10.8 million) while recurring net income for the period reached EUR 14.3 million (previous year: EUR 21.1 Million).
TOM TAILOR GROUP will release the complete and audited annual report for the fiscal year 2015, including the forecast for the current fiscal year, on 17 March 2016.
KEY FIGURES FOR THE GROUP (PRELIMINARY) in EUR million 2015 2014 Change in %
Net sales 955.9 932.1 2.5 TOM TAILOR Retail 289.1 275.5 4.9 Like-for-like -0.3 BONITA 325.8 324.9 0.3 Like-for-like 1.7 TOM TAILOR Wholesale 341.0 331.7 2.8
Recurring EBITDA 76.3 87.2 -12.5 TOM TAILOR Retail 21.1 25.3 -16.4 BONITA 19.0 25.6 -25.7 TOM TAILOR Wholesale 36.2 36.4 -0.6 Recurring EBITDA margin in % 8.0 9.4 EBITDA 67.6 84.3 -19.8 EBITDA margin in % 7.1 9.0
Recurring net income 14.3 21.1 -32.3 Reported net income 0.1 10.8 -99.3
Points of sale 31.12.2015 31.12.2014 Absolute change Retail stores 1,486 1,395 91 Franchise stores 203 206 -3 Shop-in-shops 2,956 2,686 270
About TOM TAILOR GROUP
TOM TAILOR GROUP is an international fashion and lifestyle company offering stylish clothing and accessories in the medium price range through its two umbrella brands TOM TAILOR and BONITA. The TOM TAILOR umbrella brand comprises the brands TOM TAILOR, TOM TAILOR Denim, TOM TAILOR POLO TEAM and TOM TAILOR CONTEMPORARY. The collections are targeted at people aged between 0 and 40, with a focus on high-quality fabrics. BONITA, one of Germany's leading fashion brand producers and retailers, has been a part of TOM TAILOR GROUP since August 2012. BONITA sells menswear and womenswear collections for the over-40 age group.
The TOM TAILOR brand is sold through both the retail and wholesale segments, i.e. both in own-brand shops and through retail partners. As of the end of December 2015, the brand's products were being sold in 460 TOM TAILOR branches, 203 franchise stores, 2,956 shop-in-shops and approximately 8,400 multi-label stores in over 35 countries around the world.
BONITA has 1,026 of its own retail stores as well as 8 shop-in-shop sales areas.
Collections from both brands can also be purchased via their respective online stores.
Further information is available at www.tom-tailor-group.com and www.bonita.de.
Media and investor contact
Felix Zander Head of Investor Relations & Corporate Communications TOM TAILOR GROUP Phone: +49 (0) 40 58956-449 E-Mail: felix.zander@tom-tailor.com
Erika Kirsten Manager Corporate Communications TOM TAILOR GROUP Phone: +49 (0) 40 58956-420 Email: erika.kirsten@tom-tailor.com
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23.02.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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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-group.com ISIN: DE000A0STST2 WKN: A0STST Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Hanover, Munich, Stuttgart; Terminbörse EUREX End of News DGAP News Service ---------------------------------------------------------------------------
439139 23.02.2016
DGAP-News: TOM TAILOR Holding AG / Key word(s): Preliminary Results
TOM TAILOR GROUP achieves targets for fiscal year 2015
23.02.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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TOM TAILOR GROUP achieves targets for fiscal year 2015
Preliminary results for fiscal year 2015
- Group net sales exceed forecast and rise to EUR 956 million
- Net sales of TOM TAILOR brand in Wholesale and Retail segments increase by 3.8% to EUR 630 million
- Recurring EBITDA for the Group at EUR 76 million and within target corridor
- Recurring net income of EUR 14.3 million; reported net income of EUR 0.1 million
- Focus on increase of profitability and verticalization
Hamburg, 23 February 2016. TOM TAILOR GROUP achieved its targets for fiscal year 2015 and laid the strategic foundations for the future. According to preliminary figures, TOM TAILOR GROUP increased Group net sales by 2.5% in the year under review to EUR 955.9 million (previous year: EUR 932.1 million) and exceeded the concretized net sales forecast of EUR 945-955 million released in September 2015. The result was negatively impacted by interim delivery problems of the autumn and winter collections during the launch of the new logistics center and expenses of the accelerated retail expansion. Recurring earnings before interest, tax, depreciation and amortization (EBITDA) for the fiscal year amounted to EUR 76.3 million (previous year: EUR 87.2 million) and were at the lower end of the concretized target corridor of EUR 75-80 million. Regardless of all extraordinary effects in connection with the ramp up of the new logistics center recurring EBITDA would have been at EUR 81.4 million (rec. EBITDA margin: 8.5%).
"The textile industry is undergoing a rapid change, driven by digitalization and customers' changing shopping habits. We initiated two programs in 2015 to improve our flexibility, speed up our processes and reduce costs," said Dieter Holzer, CEO of TOM TAILOR Holding AG. "During the current fiscal year, we will focus on the implementation of the relevant steps in order to improve our profitability and in order to face up to vertical competition."
In the year under review, TOM TAILOR GROUP put a new organizational structure in place and accelerated the verticalization of the business. In addition, the Group launched the CORE program in November 2015, a comprehensive cost reduction and efficiency initiative that aims at a further strengthening of long-term profitability. Key aspects of the CORE program include, among other things, the optimization of the store portfolio as well as reductions in personnel expenses and operating costs in such areas as rents, freight charges and logistics. The company is also slowing down the retail expansion substantially, while accelerating its e-commerce presence and optimizing the integration of its sales channels.
Net sales growth despite market stagnation
TOM TAILOR GROUP increased its net sales in all segments against the background of a stagnant trend in the German textile industry amid a volatile market environment (Source: TW-Testclub 1B/2016). Net sales of the TOM TAILOR umbrella brand went up by 3.8% to EUR 630.0 million.
Net sales of TOM TAILOR Wholesale increased by 2.8% to EUR 341.0 million (previous year: EUR 331.7 million). The segment recorded a healthy trend in the first half of the year that slowed down in the third quarter due to shipping delays experienced as the new logistics center went on line. The fourth quarter saw a substantial 8.5% increase of net sales. Since the beginning of the year, the number of shop-in-shop spaces has increased by 270 to 2,956. The number of franchise shops decreased by three to 203, mainly because of the transfer of franchise shops into the retail organization.
After a relatively slow start in 2015, the retail business of the TOM TAILOR brand improved its performance every quarter and achieved an 8.2% net sales increase in the final quarter of the year. The brand's retail net sales increased by 4.9% for the entire year to EUR 289.1 million (previous year: EUR 275.5 million). On a like-for-like basis, net sales were at the previous year's level, showing a slight decrease of 0.3%. Compared to 2014, the number of TOM TAILOR Retail stores increased by 78 to 460.
Net sales at umbrella brand BONITA increased slightly to EUR 325.8 million (previous year: EUR 324.9 million). The segment accounted for 34.1% of Group net sales (previous year: 34.9%). On a like-for-like basis, BONITA achieved 1.7% growth in net sales for fiscal year 2015. The number of BONITA stores increased by 13 to 1,026.
EBITDA trend on target
The recurring Group EBITDA for the year under review came in at EUR 76.3 million (previous year: EUR 87.2 million). While it was within the concretized target corridor, it was 12.5% below previous year's level. Recurring EBITDA margin was 8.0% (previous year: 9.4%). Regardless of the extraordinary effects arising in connection with the new logistics center, recurring EBITDA would have been at EUR 81.4 million (recurring EBITDA margin: 8.5%). Reported EBITDA amounted to EUR 67.6 million (previous year: EUR 84.3 million), with a reported EBITDA margin of 7.1% (previous year: 9.0%).
Positive net income despite expenses for reorganization
TOM TAILOR GROUP is reporting a positive net income for the year under review despite increased expenses in connection with the reorganization and cost-cutting programs. For fiscal year 2015, Group earnings amounted to EUR 0.1 million (previous year: EUR 10.8 million) while recurring net income for the period reached EUR 14.3 million (previous year: EUR 21.1 Million).
TOM TAILOR GROUP will release the complete and audited annual report for the fiscal year 2015, including the forecast for the current fiscal year, on 17 March 2016.
KEY FIGURES FOR THE GROUP (PRELIMINARY) in EUR million 2015 2014 Change in %
Net sales 955.9 932.1 2.5 TOM TAILOR Retail 289.1 275.5 4.9 Like-for-like -0.3 BONITA 325.8 324.9 0.3 Like-for-like 1.7 TOM TAILOR Wholesale 341.0 331.7 2.8
Recurring EBITDA 76.3 87.2 -12.5 TOM TAILOR Retail 21.1 25.3 -16.4 BONITA 19.0 25.6 -25.7 TOM TAILOR Wholesale 36.2 36.4 -0.6 Recurring EBITDA margin in % 8.0 9.4 EBITDA 67.6 84.3 -19.8 EBITDA margin in % 7.1 9.0
Recurring net income 14.3 21.1 -32.3 Reported net income 0.1 10.8 -99.3
Points of sale 31.12.2015 31.12.2014 Absolute change Retail stores 1,486 1,395 91 Franchise stores 203 206 -3 Shop-in-shops 2,956 2,686 270
About TOM TAILOR GROUP
TOM TAILOR GROUP is an international fashion and lifestyle company offering stylish clothing and accessories in the medium price range through its two umbrella brands TOM TAILOR and BONITA. The TOM TAILOR umbrella brand comprises the brands TOM TAILOR, TOM TAILOR Denim, TOM TAILOR POLO TEAM and TOM TAILOR CONTEMPORARY. The collections are targeted at people aged between 0 and 40, with a focus on high-quality fabrics. BONITA, one of Germany's leading fashion brand producers and retailers, has been a part of TOM TAILOR GROUP since August 2012. BONITA sells menswear and womenswear collections for the over-40 age group.
The TOM TAILOR brand is sold through both the retail and wholesale segments, i.e. both in own-brand shops and through retail partners. As of the end of December 2015, the brand's products were being sold in 460 TOM TAILOR branches, 203 franchise stores, 2,956 shop-in-shops and approximately 8,400 multi-label stores in over 35 countries around the world.
BONITA has 1,026 of its own retail stores as well as 8 shop-in-shop sales areas.
Collections from both brands can also be purchased via their respective online stores.
Further information is available at www.tom-tailor-group.com and www.bonita.de.
Media and investor contact
Felix Zander Head of Investor Relations & Corporate Communications TOM TAILOR GROUP Phone: +49 (0) 40 58956-449 E-Mail: felix.zander@tom-tailor.com
Erika Kirsten Manager Corporate Communications TOM TAILOR GROUP Phone: +49 (0) 40 58956-420 Email: erika.kirsten@tom-tailor.com
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23.02.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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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-group.com ISIN: DE000A0STST2 WKN: A0STST Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Hanover, Munich, Stuttgart; Terminbörse EUREX End of News DGAP News Service ---------------------------------------------------------------------------
439139 23.02.2016
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