Van de Velde reports sharp decline in turnover and profit

The consolidated turnover at Van de Velde, in the first six months of 2020 decreased by 26.5 percent 82.9 million euros (98.6 million dollars). The company said in a statement that the reported turnover decreased by 31.9 percent to 73.9 million euros (87.9 million dollars). The company added that the drop in comparable turnover consists of 23.5 percent or 22.2 million euros decline in comparable wholesale turnover including comparable season deliveries, 42 percent drop in retail turnover through company-owned stores.

The company’s turnover in Europe fell by 32.3 percent, whereas the United States fell by 63.8 percent. The company further said that stores in the Netherlands and Germany reopened in mid-May and sales are recovering gradually. However the stores in the US and UK remained closed in June.

On a comparable basis including comparable deliveries, consolidated EBITDA in the first half fell by 31 percent compared with the same period in 2019 to 22.3 million euros (26.5 million dollars), while EBITDA on a non-comparable basis fell by 44.5 percent compared with the same period last year to 16.3 million euros (19.4 million dollars). Van de Velde said, group profit in the first half was 63 percent lower than last year at 5 million euros compared with 13.4 million euros.

The company’s board has approved the payment of an interim dividend of 1 euro per dividend entitled share and to replace the dividend for the 2019 financial year that was not distributed.

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