Brantano H1 disappoints
The Belgian footwear company Brantano Group has posted a dip in turnover for the first half of 3.8 percent to €140.3 million. Earnings plummeted by 57.2 percent to €3.8 million. The declines were the result of a dip in absolute gross margins, the rise in rent and rental charges in the UK and other operational costs like staff costs and marketing costs. Profit was also influenced by other operating income, from on the one hand, the sale of property in Belgium and on the other hand, the transfer of rental rights of the Brantano store in Leamington in the UK .
On 30 June the footwear company's own equity amounted to €52.9 million, or 33.1 percent of the total. The net debt amounted to €37.2 million, compared with €35.2 million on 31 December 2005 . In the first six months of the year the company invested €7.4 million, contrasting with an incoming cash flow of €9.8 million. "In the UK we are working hard at positioning Brantano as a national retailer. While taking into account the positive trend in turnover and the gross margin in recent weeks in both Belgium and the UK, we are pursuing a group turnover of €295 to €300 million and, without taking into account further operating income from store management, an operating result of €11 to €13 million," said Joris Brantegem, Chairman of the Board of Directors.
www.brantano.com
25 August 2006
Brantano 2005 turnover increase
Belgian footwear group Brantano recorded an increase in turnover of 2.1 percent to €304.1 million (£209.1 million) in 2005, compared with the year before. In the fourth quarter, the group generated turnover of €79.4 million, up 9.6 percent. Turnover in Belgium and Luxembourg amounted to €139.2 million, up 4.7 percent from 2004. Like-for-like sales rose 3.5 percent.
The UK, including the Middle East, saw turnover remain static at €165.0 million. Ten stores were opened and two closed in the UK in 2005, while six stores opened in the Middle East. At year's end, Brantano counted 125 stores in Belgium and Luxembourg and 145 stores in the UK. Including the 10 franchises in the Middle East, the total number of stores now amounts to 280.
Managing director and CEO Kurt Moons said the strong turnover was "not alone related to a good collection on the one hand, but also on the other to the success of the 7 percent loyalty discount on a next purchase and the cold winter weather in the month of December." In the UK the group adjusted to tough trading conditions by starting sales early. "In 2006 we will work on a clear positioning of Brantano in the British market. As a result I personally will take control as managing director in the UK for some months," said Moons, and added: "We are pursuing an annual turnover of €314 million for 2006."
www.brantano.com
17 January 2006
Brantano achieves operating profit
The Belgian Brantano Group achieved an operating profit of €16.4 million (£11.08 million) in the first nine months of 2005. Operating cash flow amounted to €23.1 million, while net results on continued activities were up 9.9 percent to €9.6 million. The net result increased 14.5 percent to €6.4 million or 2.9 percent of the turnover.
In the third quarter, the operating profit rose 5.6 percent, while pre-tax profits on continued activities grew by 18.6 percent and net results soared 36.4 percent. Turnover in the quarter amounted to €78.9 million.
The Group's consolidated turnover for the nine month period totalled €224.7 million, a negative growth of 0.3 percent compared with comparable turnover - excluding the Netherlands and Denmark - in the same period last year.
In the first nine months of the year, the Group opened five stores in the UK and closed two. Another five stores opened in the Middle East. The Group had 125 stores in Belgium and Luxemburg at the end of the nine month period. In the UK the Group operates 140 stores. The total number of stores, including 9 franchises in the Middle East, comes to 274.
The Group plans to open a further five stores in the UK in the fourth quarter. Remaining store openings will be deferred to next year for construction and technical permit reasons.
The Group's chairman, Joris Brantegem, said in a statement: "During the first nine months we experienced turnover growth in Belgium and a drop in like-for-like turnover growth in the UK. We were able to improve the gross margin in both countries."
He continued: "There was a rise in operating costs in both countries and we also had a high number of lease reviews in the UK this year. We can point out that the Brantano Group recorded a good result despite the difficult circumstances in the third quarter, namely the market in general on the one hand and the weather, which was much too warm for a good start of the winter season, on the other."
Brantegem warned that in the coming months the market would be very competitive. He added that the Group is aiming for a turnover of €300 million and an operating result of €18 million.
www.brantano.com
16 November 2005
Brantano disappoints
The Belgian Brantano Group realised a negative growth of 0.3 percent in the first nine months of 2005. The consolidated turnover amounted to €224.7 million (£152.8 million) compared with the same period last year. In the first nine months of 2004, the group generated a turnover of €243.2 million. Turnover in the third quarter of this year was €78.9 million. Since the sale of its Dutch and Danish stores their results have not been included in the consolidated results in 2005. Discounting Holland and Denmark , the group realised a negative growth of 0.3 percent. Eliminating the effects of rate fluctuations, the turnover increased by 0.7 percent.
Belgium (Luxemburg included) accounted for 46.9 percent of the total group turnover with €105.3 million, while the UK (the Middle East included) accounted for 53.1 percent of the total group turnover with €119.4 million. During the first nine months of 2005 five stores were opened in the UK and two were closed. Another five stores opened in the Middle East , bringing the total number of Brantano stores to 274.
Joris Brantegem, chairman of the board, revealed the projections for 2005: "For the full year 2005 we are adjusting the turnover forecast to €300 million (previously €302 - €307 million) and are endeavouring to achieve and operating result of €18 million (previously €21 - €21.5 million)."
www.brantano.com
20 October 2005
Brantano growth in UK
The
Belgian Group Brantano has reported a continued sales growth in the UK for the
first quarter of 2005. The total group turnover in the UK (including the Middle
East) amounted to EUR 33.4 million (GBP 23.86 million) for the first quarter.
The UK represents 49.2 per cent of the group total, whereas Belgium and Luxemburg
represent 50.8 per cent of the group total with EUR 34.4 million.
Although the total Group turnover of EUR 67.8 million represented a drop of 4.1 per cent as compared to EUR 70.8 million achieved in the first quarter of 2004, sales rose by 2.2 per cent on a comparative basis, thanks to the growth in the UK.
Sales in the UK (including the Middle East) rose by 5.4 per cent from the same period last year. The pound sterling turnover rose by 7.5 per cent. Meanwhile the existing shops in the UK achieved a growth of 4.3 per cent, on top of the 5.2 per cent like-for-like growth achieved in the first quarter of 2004. Sales also increased thanks to the opening of shops in 2004.
In the first quarter of 2005 one shop was opened in the UK and two more were opened in the Middle East. Two shops in the UK were closed. The Group now operates 136 shops in the UK and a total of 267 worldwide.
The Group's Managing Director, Joris Brantegem, said: "The Brantano Group achieved a 2.2% rise in turnover in the first quarter of 2005. Without exchange rate effects the rise is 3.2%. Bad weather, the fact that the first quarter 2005 is a day shorter, the fact that the January sales started on a Saturday last year and on a Monday this year, and the LFL growth of 7.3% in the previous year, explain the slight fall in sales figures for Belgium. The shops in the UK continue their upward trend. After a 7.7% like-for-like growth over 2004, they achieved a 4.3% growth in the first quarter of 2005. This again points at an enormous growth potential in the United Kingdom. These figures are in line with the objectives previously expressed."
www.brantano.com
19 April 2005
Brantano eyes UK
Belgian shoe retailer Brantano is planning on opening 20 stores in the UK over the next few years, its chief executive Kurt Moons has announced. The company will thereby be adding to its existing 137 stores. Meanwhile, Brantano has reported a 30 per cent increase in operating profits and a 30.2 per cent rise in earnings before interest and tax (EBIT) to EUR 20.7 million (GBP 14.7 million) from EUR 15.9 million in 2003.
Full year net profit dropped by 44 per cent to EUR3.2 million a year earlier due to exceptional charges from store sales and write-downs. Revenues climbed 6.2 per cent to EUR 322.6 million. The company expects operating profits to rise by 10% this year and forecasts an annual turnover of EUR 310 to EUR 315 million.
www.brantano.com
21 February 2005
Brantano results increase 26%
During the first nine months of 2004 the Brantano Group achieved an operating
profit of € 16.8 million and an operating cash flow of € 24.6 million.
Compared with the same period in 2003 the operating profit hereby improved by
26.0% and the operating cash flow by 28.3%. The current profit after tax rises
by 22.6% to € 8.3 million. The strong increase in the results can be primarily
attributed to good sales in existing stores combined with a significant rise
in the gross margin. The strong results for the first 9 months and the positive
prospects for the remainder of the year have led to an increase in the turnover
and profit forecast for the full year. From now on, there is a forecasted a
turnover of € 320 million and an operating profit of € 19.5 million
for 2004.
At this moment the Group operates 315 stores. In the first nine months of 2004
1 store was opened in Belgium and 4 in the United Kingdom.
Joris Brantegem, Chairman of the Board of Directors, states: "An increase
in turnover in the existing shops, an increase in the gross margin and strong
cost management are the 3 factors that we are continually working on. Like-for-like
turnover growth of 6.7% was achieved in the United Kingdom, accounting for 50.4%
of the total group turnover."
www.brantano.com
18 november 2004
Brantano operating profit rises by 12.5%
During the first half of 2004 the Brantano Group achieved an operating cash
flow of £10.7million and an operating profit of £6.8 million. Compared
with the same period in 2003 the operating cash flow (EBITDA) hereby improved
by 27.6% and the operating profit by 12.5%. An extraordinary reduction in value
of £2.8 million was booked after evaluating the result from the Dutch
outlets. The profit after tax consequently amounted to £1.1 million.
During the first six months of 2004 the Brantano Group achieved a consolidated
turnover of £108.3 million, representing a rise of 4.2% compared with
the £103.9 million which it earned in the first half of 2003.
Of the total group turnover of £108.3 million, the United Kingdom (including
the Middle East) accounts for 48.6%, Belgium (including Luxembourg) 43.7%, the
Netherlands 5.1% and Denmark 2.6%.
The gross margin for the first half of 2004 was equal to £52.7 million
and amounts to 48.7% of the total turnover. During the same period in 2003 the
gross margin was £49.9 million or 48.0% of turnover. The gross margin
thus increased by 5.7%. The improvement in the gross margin is the result of
a continuing focus on this margin during the purchasing process and stock management.
The Group opened 3 new shops in the United Kingdom during the first half of
the year. 1 franchise shop was closed in the Middle East and 1 shop was closed
in the Netherlands. On 30.06.2004, Brantano therefore had 132 shops in the United
Kingdom, 124 shops in Belgium (including Luxembourg), 39 shops in the Netherlands
and 15 shops in Denmark. Including the 4 franchising outlets in the Middle East,
the Brantano Group thus has 314 shops. In the second half of the year a further
7 openings are planned in the United Kingdom and 2 more in Belgium.
Joris Brantegem, Group Managing Director, states: 'In the first half of 2004
a great deal was done both in terms of turnover and gross margin in the United
Kingdom. This confirms our vision of focusing our short-term expansion plans
on this country. In Belgium a slightly positive like-for-like growth in turnover
was noted. This country's results were as budgeted for. Finally, the stores
in the Netherlands and Denmark performed below our expectations. They are being
monitored very closely and continually weighed out against other opportunities.
For the full year 2004 we are raising the expected turnover to £215 -
£218 million and the budgeted operating profit to £10.4 - £11.8
million. The investment budget is maintained at £5.2million'.
www.brantano.com
August 26, 2004
Ten new Brantano stores in UK
Brantano Group's consolidated turnover for the first half of 2004 totalled € 156.3 million. This represents a 4.2% increase on turnover in the first half of 2004.
In the United Kingdom (including the Middle East), turnover for the first half of 2004 stood at € 75.9 million, as compared to € 68.1 million in the first half of 2003. This represents turnover growth of 11.4%. In real terms (i.e. expressed in sterling), turnover increased by 9.4%. Like-for-like turnover in the United Kingdom saw a healthy 4.7% increase. In addition, outlets opened in 2003 and 2004 were responsible for the growth in turnover.
At the end of last year, the group had 313 outlets. In the first half of 2004, three shops have already been opened in the UK, one franchise outlet was closed in the Middle East, and one shop was closed in the Netherlands. This brought the total number of outlets to 314 at the end of June 2004. As a result, as at 30 June 2004, Brantano had 124 shops in Belgium (including Luxembourg), 132 in the United Kingdom, 39 in the Netherlands and 15 in Denmark; including four franchise outlets in the Middle East, this gives a total of 314.
Comment by Joris Brantegem, Group Managing Director: “In the United Kingdom like-for-like turnover growth of 4.7% was achieved in the first half of the year. These strong figures confirm the group's ongoing potential in the UK. We opened three shops in the UK in the first half of the year, and another one in July. Our expansion will focus on the UK, where we intend opening ten shops this year. We are maintaining our turnover forecast of between € 305 million and € 310 million for the year as a whole”.
www.brantano.com
July 20 2004
Q1 improvements for Brantano
During the first quarter of 2004 the Brantano Group increased its operating cashflow (EBITDA) by 110% to € 2.0 million. The operating result is € 0.1 million. Pre-tax profit has improved by € 0.6 million to - € 0.7 million. In the first quarter of 2004 the Brantano Group consequently succeeded in doing better than in 2003, particularly because the sale of real estate positively influenced the first quarter results for 2003 by € 1.2 million.
During the first quarter of 2004 Brantano Group posted consolidated turnover of € 70.8 million, i.e. an increase of 9.3% compared to the figure of € 64.7 million which it achieved in the first quarter of 2003. Excluding the translation effects, Brantano Group succeeded in boosting its turnover by 10.2%.
The increase in turnover can be attributed to the strong growth in turnover in Belgium and the United Kingdom. In Belgium (including Luxembourg) the growth in turnover was mainly achieved in the existing stores (growth of 7.3% was recorded in stores that have been open for over one year), while growth in turnover in the United Kingdom was realised by both an attractive increase in like-for-like turnover (5.2%) and turnover earned in stores that were opened in 2003. In the Netherlands like-for-like turnover rose by 18.9%.
The operating result was € 0.1 million in the first quarter of 2004. This is € 0.1 million lower than the operating result obtained in the first quarter of 2003 (€ 0.2 million). In this instance it should be pointed out that the 2003 result was influenced positively by € 1.2 million due to a capital gain on the sale of real estate. If this one-off income is deducted the operating result rose by € 1.1 million in 2004. The pre-tax profit improved from - € 1.3 million during the first quarter of 2003 to - € 0.7 million during the same period in 2004.
“The strong like-for-like turnover figures from the first quarter of 2004 found expression in attractive results. A capital gain of € 1.2 million on the sale of real estate was included in the first quarter of 2003 and we have now already absorbed this. The high growth in turnover in existing shops, combined with the cost savings made in 2003 ensured a rise in profitability. Moreover the efforts made to optimise the financial structure in 2003 are gradually beginning to pay off. After all, the financial result improved strongly in the first quarter. Notwithstanding the good first quarter, we continue to maintain the assumed expectations relating to turnover and operating profit for 2004, in view of the still uncertain economic climate,” Joris Brantegem, Chairman of the Board of Directors, explains.
www.brantano.com
May 19, 2004