Seidensticker first-half comparable sales rise 2.7% helped by new strategy
today Jan 12, 2016
German shirtmaker Seidensticker reported on Tuesday its half-year results for fiscal 2015/2016, and it turns out its restructuring strategy is yielding results. Despite a challenging market environment the menswear label posted revenue of 94.8 million euros in the six-month period, representing a minor decline from 95.5 million euros in the previous year.
On a like-for-like basis, sales grew 2.7% in the same period, mainly attributed to the launch of two new product lines at a lower price point and the company’s rearrangement of retail space.
According to a statement, the brand Seidenticker grew 5.3% on the first half of 2014/2015, building on the positive development of the previous years and further reflecting the success of the private company’s restructuring.
“The restructuring process of group is already bearing fruit,” said Frank and Gerd Oliver Seidentiskcer, managing partners of the Seidensticker Group. “Our goal is to achieve further growth. For that reason we will continue with our current strategy.”
The group’s EBITDA (earnings before interest, taxes, depreciations and amortization) for the six-month period was up 23% to 4.2 million euros.
Seidensticker was founded in 1919 in Bielefeld in Germany’s north-east. As well as retailing its own branded products, including Seidentiscker, Schwarze Rose and Jacques Britt, the brand’s stores stock international labels such as Bogner and Arrow.
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