Van de Velde - FY23 results
FY23 results came in below expectations. Sales flat vs. last year. B2B is impacted by the slow recovery of the retail traffic in ‘23 while D2C was up 11%, showing the relevance of their optichannel strategy.EBITDA margin remains at strong level (26.7%), above our expectations (DPe 26.1%). This reflects strong cost management and positive price impact. With a EUR 60.6m cash position, dividend is raised by 5.5% and a new SBB is launched.Although there is uncertainty around the B2B business in the ST, margin performance is reassuring. We stick to our Buy rating and will review our estimates following today'sVan de Velde creates, produces and sells luxury women's lingerie under its own brand names. Co.'s brands are Marie Jo – 'Haute Lingerie' which provides timeless underwear fashion for the woman in all her forms; Marie Jo L'Aventure – 'Lingerie Pure' which provides Graphic luxury lingerie for the young-at-heart woman; and PrimaDonna – 'Exigez l'excellence' which provides luxury lingerie that combines a fit with fashion. Co. operates in a single reporting business segment, which is the production and sale of luxury lingerie. Co. reports its opeStefaan Vandammerations based on the geographical location of customers divided into euro zone and non euro zone.
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