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11.05.2016 07:30:11
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DGAP-News: TOM TAILOR Holding AG
DGAP-News: TOM TAILOR GROUP starts the fiscal year 2016 with a slight increase in sales
- TOM TAILOR brand remains main driver of sales growth: TOM TAILOR Retail 8.4 % and TOM TAILOR Wholesale 3.3 %
- Recurring EBITDA for the Group at EUR 8.1 million
- Successful continuation of digitalization measures
- Guidance confirmed
Hamburg, 11 May 2016. The TOM TAILOR GROUP started the fiscal year 2016 with a slight increase in sales. In the first three months of the year, sales grew by 1.5 % to EUR 218.9 million (previous year: EUR 215.7 million). The Group benefited from the growth dynamics of the TOM TAILOR brand with a pleasing sales development in both the retail and wholesale business. The German textile market by contrast saw a negative trend in stationary sales. Recurring EBITDA for the Group in the reporting period came in at EUR 8.1 million (previous year: EUR 9.1 million).
"The first months of 2016 were coined by key measures within our 'CORE' efficiency program, on one hand, and growth initiatives in the digital segment, on the other. 2016 will be a year of transformation. We are facing up to this challenge with commitment, a strong team and confidence that we can get the TOM TAILOR GROUP back on the course of profitable growth. The basis for this will be further improved products, enhanced process efficiency and greater competitiveness," said Dieter Holzer, CEO of TOM TAILOR Holding AG.
In the first quarter, TOM TAILOR GROUP increased the range of products and services offered online and continued to integrate them closely with the stationary business. In mid-March, the Company expanded its successful cooperation with the online retailer Zalando and now has its own brand shop for the TOM TAILOR umbrella brand. In addition, the brand's online presence in China was expanded: Since the beginning of March, the fashion lines of TOM TAILOR, TOM TAILOR Denim and TOM TAILOR CONTEMPORARY WOMEN are offered through JD.com, one of China's biggest online direct sales providers. To continue improving the quality of customer service, the TOM TAILOR GROUP rolled out the application "Click&Collect" in Germany in March. Effective immediately, customers can order goods through the TOM TAILOR online shop and pick them up at a shop of their choice.
Sales up for TOM TAILOR umbrella brand
The Group's growth was carried by the TOM TAILOR umbrella brand, which posted a 5.4 % increase in sales to EUR 151.1 million (previous year: EUR 143.4 million). Both the wholesale and retail segment contributed to this development.
TOM TAILOR Wholesale picked up on the encouraging development from the fourth quarter of 2015. Sales increased by 3.3 % in the first three months of 2016 to EUR 87.3 million (previous year: EUR 84.5 million). The number of shop-in-shops rose by 189 to 3,145 since the end of 2015. The number of franchise stores remained nearly constant over the same period, decreasing from 203 to 202. TOM TAILOR Wholesale accounted for 39.9 % of Group sales (previous year: 39.2 %).
The retail segment of the umbrella brand achieved a strong sales growth of 8.4 % to EUR 63.9 million (previous year: EUR 58.9 million). This was mainly due to a year-on-year increase in the number of retail stores, which grew by 77. Since the end of 2015, the number has increased by five to 465. On a like-for-like basis, sales in the first quarter were 2.0 % lower than in the prior year period. This decrease was in line with the overall development of the industry. The TOM TAILOR Retail segment accounted for 29.2 % of Group sales (previous year: 27.3 %).
The BONITA umbrella brand was unable to withdraw from the effects of a difficult market environment, especially in the month of January. As compared with the strong prior year figure, sales were down 6.3 % in the reporting period to EUR 67.8 million (previous year: EUR 72.4 million). On a like-for-like basis, BONITA sales were down 5.3 % (previous year: +7.4 %). BONITA accounted for a 31.0 % share of Group sales (previous year: 33.5 %). As a result of the announced review of the Group's store network, the number of BONITA stores was decreased by four to 1,022.
Income situation reflects market environment
The Group's gross profits decreased to EUR 116.3 million due to higher costs of materials (previous year: EUR 119.3 million). As a result, the gross profit margin decreased to 53.1 % after 55.3 % in the previous year. Recurring EBITDA for the Group was EUR 8.1 million in the first three months of the year (previous year: EUR 9.1 million), while the recurring EBITDA margin was 3.7 % (previous year: 4.2 %). The year-on-year decrease resulted primarily from the decrease in gross profit. The reported Group EBITDA decreased to EUR 6.3 million (previous year: EUR 7.8 million), and the reported EBITDA margin was 2.9 % (previous year: 3.6 %).
The recurring net result was down in the first quarter to EUR -5.8 million (previous year: EUR -4.0 million). The recurring earnings per share (EPS) were down accordingly to EUR -0.26, as compared with EUR -0.19 in the previous year. Reported net result in the period under review was EUR -8.8 million (previous year: EUR -6.9 million). Reported earnings per share amounted to EUR -0.38 (previous year: EUR -0.30).
Cash flow from operating activities decreased by EUR 11.7 million to EUR -20.0 million (previous year: EUR -8.3 million). This was mainly due to a rise in net working capital resulting from an increase in inventories and a decrease in trade payables. In the first three months of the year, the TOM TAILOR GROUP made investments of EUR 6.1 million (previous year: EUR 7.6 million), above all in store furnishings and the IT infrastructure. Free cash flow came in at EUR -25.3 million (previous year: EUR -17.4 million).
Net debt increased to EUR 246.4 million as at 31 March 2016 (31 March 2015: EUR 232.0 million). The equity ratio at the end of the reporting period was 25.6 % (31 March 2015: 29.6 %).
Focus on cost reduction and efficiency increase
The Group expects the accelerating structural change in the textile industry to continue gaining momentum in the coming quarters. This will bring both challenges and opportunities. Against this backdrop, the Group will continue to move forward as planned with the CORE cost cutting and efficiency program. The goal is to reduce costs, increase efficiency and expand the range of products and services offered through e-commerce.
The TOM TAILOR GROUP expects sales to increase moderately as compared with 2015. The first positive results from the two launched programs are expected to take hold after the end of the current fiscal year. Consequently, the Management Board expects recurring EBITDA to remain on prior year level in 2016.
KEY FIGURES FOR THE Q1 2016 Q1 2015 Change in % GROUP in EUR million
Sales 218.9 215.7 1.5 TOM TAILOR Retail 63.9 58.9 8.4 BONITA 67.8 72.4 -6.3 TOM TAILOR Wholesale 87.3 84.5 3.3
Gross profit 116.3 119.3 -2.5 Gross profit margin 53.1 55.3 in %
Recurring EBITDA 8.1 9.1 -10.8 Recurring EBITDA 3.7 4.2 margin in % One-off items 1.8 1.3 42.9 EBITDA 6.3 7.8 -19.5 EBITDA margin in % 2.9 3.6
Recurring net result -5.8 -4.0 -44.4 for the period Adjusted earnings -0.26 -0.19 -38.4 per share (in EUR) One-off items 3.0 2.9 3.0 including deferred taxes Net result for the -8.8 -6.9 -26.9 period Earnings per share -0.38 -0.30 -25.1 (in EUR)
Cash flow from -20.0 -8.3 >-100.0 operating activities Cash outflow from -2.1 -7.4 71.8 investing activities
31.03.2016 31.03.2015 Change in % Total assets 794.2 801.6 -0.9 Equity 203.4 237.4 -14.3 Equity ratio (in %) 25.6 29.6 Cash funds 35.9 33.4 7.3 Net debt 246.4 232.0 6.2
Points of sale 31.03.2016 31.12.2015 Change absolute Retail stores 1,487 1,486 1 Franchise stores 202 203 -1 Shop-in-shops 3,145 2,956 189
About TOM TAILOR GROUP
TOM TAILOR GROUP is an international fashion and lifestyle company offering
stylish apparel and accessories in the medium price range through its umbrella brands TOM TAILOR and BONITA. The TOM TAILOR umbrella brand comprises the brands TOM TAILOR, TOM TAILOR Denim, and TOM TAILOR CONTEMPORARY WOMEN. These high-quality collections are aimed at customers between 0 and 40. BONITA, one of Germany's leading fashion brand producers and retailers, has
been a part of the TOM TAILOR GROUP since August 2012. BONITA sells menswear and womenswear collections for the over-40 age group.
The TOM TAILOR brand is marketed through the retail and wholesale segments,
and thus through single-label stores as well as wholesale partners. At the end of March 2016, these comprised 465 TOM TAILOR stores and 202 franchise stores, 3,145 shop-in-shops and around 9,140 multi-label points of sale. The brand is present in more than 40 countries.
BONITA has more than 1,022 retail stores and now has more than eleven shop- in-shop spaces.
The collections of both brands are also available through their respective online shops.
Further information is also available at www.tom-tailor-group.com and www.bonita.eu
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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11.05.2016 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 ---------------------------------------------------------------------------
462181 11.05.2016
DGAP-News: TOM TAILOR Holding AG / Key word(s): Quarterly / Interim
Statement
TOM TAILOR GROUP starts the fiscal year 2016 with a slight increase in sales
11.05.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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TOM TAILOR GROUP starts fiscal year 2016 with slight increase in sales
- Group sales up 1.5 % to EUR 218.9 million
- TOM TAILOR brand remains main driver of sales growth: TOM TAILOR Retail 8.4 % and TOM TAILOR Wholesale 3.3 %
- Recurring EBITDA for the Group at EUR 8.1 million
- Successful continuation of digitalization measures
- Guidance confirmed
Hamburg, 11 May 2016. The TOM TAILOR GROUP started the fiscal year 2016 with a slight increase in sales. In the first three months of the year, sales grew by 1.5 % to EUR 218.9 million (previous year: EUR 215.7 million). The Group benefited from the growth dynamics of the TOM TAILOR brand with a pleasing sales development in both the retail and wholesale business. The German textile market by contrast saw a negative trend in stationary sales. Recurring EBITDA for the Group in the reporting period came in at EUR 8.1 million (previous year: EUR 9.1 million).
"The first months of 2016 were coined by key measures within our 'CORE' efficiency program, on one hand, and growth initiatives in the digital segment, on the other. 2016 will be a year of transformation. We are facing up to this challenge with commitment, a strong team and confidence that we can get the TOM TAILOR GROUP back on the course of profitable growth. The basis for this will be further improved products, enhanced process efficiency and greater competitiveness," said Dieter Holzer, CEO of TOM TAILOR Holding AG.
In the first quarter, TOM TAILOR GROUP increased the range of products and services offered online and continued to integrate them closely with the stationary business. In mid-March, the Company expanded its successful cooperation with the online retailer Zalando and now has its own brand shop for the TOM TAILOR umbrella brand. In addition, the brand's online presence in China was expanded: Since the beginning of March, the fashion lines of TOM TAILOR, TOM TAILOR Denim and TOM TAILOR CONTEMPORARY WOMEN are offered through JD.com, one of China's biggest online direct sales providers. To continue improving the quality of customer service, the TOM TAILOR GROUP rolled out the application "Click&Collect" in Germany in March. Effective immediately, customers can order goods through the TOM TAILOR online shop and pick them up at a shop of their choice.
Sales up for TOM TAILOR umbrella brand
The Group's growth was carried by the TOM TAILOR umbrella brand, which posted a 5.4 % increase in sales to EUR 151.1 million (previous year: EUR 143.4 million). Both the wholesale and retail segment contributed to this development.
TOM TAILOR Wholesale picked up on the encouraging development from the fourth quarter of 2015. Sales increased by 3.3 % in the first three months of 2016 to EUR 87.3 million (previous year: EUR 84.5 million). The number of shop-in-shops rose by 189 to 3,145 since the end of 2015. The number of franchise stores remained nearly constant over the same period, decreasing from 203 to 202. TOM TAILOR Wholesale accounted for 39.9 % of Group sales (previous year: 39.2 %).
The retail segment of the umbrella brand achieved a strong sales growth of 8.4 % to EUR 63.9 million (previous year: EUR 58.9 million). This was mainly due to a year-on-year increase in the number of retail stores, which grew by 77. Since the end of 2015, the number has increased by five to 465. On a like-for-like basis, sales in the first quarter were 2.0 % lower than in the prior year period. This decrease was in line with the overall development of the industry. The TOM TAILOR Retail segment accounted for 29.2 % of Group sales (previous year: 27.3 %).
The BONITA umbrella brand was unable to withdraw from the effects of a difficult market environment, especially in the month of January. As compared with the strong prior year figure, sales were down 6.3 % in the reporting period to EUR 67.8 million (previous year: EUR 72.4 million). On a like-for-like basis, BONITA sales were down 5.3 % (previous year: +7.4 %). BONITA accounted for a 31.0 % share of Group sales (previous year: 33.5 %). As a result of the announced review of the Group's store network, the number of BONITA stores was decreased by four to 1,022.
Income situation reflects market environment
The Group's gross profits decreased to EUR 116.3 million due to higher costs of materials (previous year: EUR 119.3 million). As a result, the gross profit margin decreased to 53.1 % after 55.3 % in the previous year. Recurring EBITDA for the Group was EUR 8.1 million in the first three months of the year (previous year: EUR 9.1 million), while the recurring EBITDA margin was 3.7 % (previous year: 4.2 %). The year-on-year decrease resulted primarily from the decrease in gross profit. The reported Group EBITDA decreased to EUR 6.3 million (previous year: EUR 7.8 million), and the reported EBITDA margin was 2.9 % (previous year: 3.6 %).
The recurring net result was down in the first quarter to EUR -5.8 million (previous year: EUR -4.0 million). The recurring earnings per share (EPS) were down accordingly to EUR -0.26, as compared with EUR -0.19 in the previous year. Reported net result in the period under review was EUR -8.8 million (previous year: EUR -6.9 million). Reported earnings per share amounted to EUR -0.38 (previous year: EUR -0.30).
Cash flow from operating activities decreased by EUR 11.7 million to EUR -20.0 million (previous year: EUR -8.3 million). This was mainly due to a rise in net working capital resulting from an increase in inventories and a decrease in trade payables. In the first three months of the year, the TOM TAILOR GROUP made investments of EUR 6.1 million (previous year: EUR 7.6 million), above all in store furnishings and the IT infrastructure. Free cash flow came in at EUR -25.3 million (previous year: EUR -17.4 million).
Net debt increased to EUR 246.4 million as at 31 March 2016 (31 March 2015: EUR 232.0 million). The equity ratio at the end of the reporting period was 25.6 % (31 March 2015: 29.6 %).
Focus on cost reduction and efficiency increase
The Group expects the accelerating structural change in the textile industry to continue gaining momentum in the coming quarters. This will bring both challenges and opportunities. Against this backdrop, the Group will continue to move forward as planned with the CORE cost cutting and efficiency program. The goal is to reduce costs, increase efficiency and expand the range of products and services offered through e-commerce.
The TOM TAILOR GROUP expects sales to increase moderately as compared with 2015. The first positive results from the two launched programs are expected to take hold after the end of the current fiscal year. Consequently, the Management Board expects recurring EBITDA to remain on prior year level in 2016.
KEY FIGURES FOR THE Q1 2016 Q1 2015 Change in % GROUP in EUR million
Sales 218.9 215.7 1.5 TOM TAILOR Retail 63.9 58.9 8.4 BONITA 67.8 72.4 -6.3 TOM TAILOR Wholesale 87.3 84.5 3.3
Gross profit 116.3 119.3 -2.5 Gross profit margin 53.1 55.3 in %
Recurring EBITDA 8.1 9.1 -10.8 Recurring EBITDA 3.7 4.2 margin in % One-off items 1.8 1.3 42.9 EBITDA 6.3 7.8 -19.5 EBITDA margin in % 2.9 3.6
Recurring net result -5.8 -4.0 -44.4 for the period Adjusted earnings -0.26 -0.19 -38.4 per share (in EUR) One-off items 3.0 2.9 3.0 including deferred taxes Net result for the -8.8 -6.9 -26.9 period Earnings per share -0.38 -0.30 -25.1 (in EUR)
Cash flow from -20.0 -8.3 >-100.0 operating activities Cash outflow from -2.1 -7.4 71.8 investing activities
31.03.2016 31.03.2015 Change in % Total assets 794.2 801.6 -0.9 Equity 203.4 237.4 -14.3 Equity ratio (in %) 25.6 29.6 Cash funds 35.9 33.4 7.3 Net debt 246.4 232.0 6.2
Points of sale 31.03.2016 31.12.2015 Change absolute Retail stores 1,487 1,486 1 Franchise stores 202 203 -1 Shop-in-shops 3,145 2,956 189
About TOM TAILOR GROUP
TOM TAILOR GROUP is an international fashion and lifestyle company offering
stylish apparel and accessories in the medium price range through its umbrella brands TOM TAILOR and BONITA. The TOM TAILOR umbrella brand comprises the brands TOM TAILOR, TOM TAILOR Denim, and TOM TAILOR CONTEMPORARY WOMEN. These high-quality collections are aimed at customers between 0 and 40. BONITA, one of Germany's leading fashion brand producers and retailers, has
been a part of the TOM TAILOR GROUP since August 2012. BONITA sells menswear and womenswear collections for the over-40 age group.
The TOM TAILOR brand is marketed through the retail and wholesale segments,
and thus through single-label stores as well as wholesale partners. At the end of March 2016, these comprised 465 TOM TAILOR stores and 202 franchise stores, 3,145 shop-in-shops and around 9,140 multi-label points of sale. The brand is present in more than 40 countries.
BONITA has more than 1,022 retail stores and now has more than eleven shop- in-shop spaces.
The collections of both brands are also available through their respective online shops.
Further information is also available at www.tom-tailor-group.com and www.bonita.eu
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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11.05.2016 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 ---------------------------------------------------------------------------
462181 11.05.2016
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