IC Group sales edge upwards
IC Group, the parent company of By Malene Birger and Tiger of Sweden, posted revenues up 1% (or 1.9% measured in local currency) for the 2015/16 financial year.
Total revenues at the Copenhagen-based group amounted to DKK 2,665m (approx €358m). Gross margin improved by two percentage points to 56.8%. Operating profit (EBIT) hit DKK 243m (2014/15: DKK 207m) corresponding to an EBIT margin of 9.1%. Both the revenue growth and the EBIT margin were in line with expectations.
Looking forward the group said its premium brands (By Malene Birger, Tiger of Sweden and Peak Performance) would drive revenue growth from both wholesale and retail. It anticipates opening 10-15 stores for the three brands in the next financial year. IC Group also owns fast fashion brand Saint Tropez and a stake in premium brand Designers Remix.
Revenue from Tiger of Sweden for Q4 2015/16 declined by 6.1% (or 4.8% measured in local currency) to DKK 217m which the group attributed to a shift in deliveries for part of the wholesale revenue corresponding to DKK 18m which was delivered in July as compared to June in the previous year. Adjusting for this, the growth rate measured in local currency would have been 3.1%. Revenue from the retail channel rose, which was particularly driven by e-commerce.
Revenue from By Malene Birger for Q4 2015/16 amounted to DKK 80m corresponding to a growth rate of 6.7% (8.1% measured in local currency). Revenue from the wholesale channel rose whereas strong e-commerce growth was not able to compensate the reduced revenue reported in physical retail stores, the company said.