Van de Velde FIRST LOOK - 1H23 sales somewhat lower than expected
In 1H23 -on a comparable basis so including comparable seasonal deliveries- Van de Velde's turnover increased y/y 4.3% to €122.5m. In both segments (B2B and D2C), swim sales grew significantly for the second consecutive year. In the D2C segment there is a “double-digit” growth of 13.6% on a comparable basis thanks to investments in its brands. The B2B segment grew less strongly (+2.2%) in 1H23, partly as a result of high inventory levels end 2022 at its independent retail partners.The reported 1H23 turnover increases y/y 5.5% to € 120.6m. We will have to lower our FY23E sales forecasts as our € 229.9m FY23E (+8.6% y/y) sales would result in a +12.3% 2H23E sales which seems unrealistic given Van de Velde's outlook statement that the economic environment remains uncertain. We maintain our Buy rating but lower our Target Price to € 40 (was € 45).
Van 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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