(Filed Under Financial and General Interest News). Van de Velde Group, the Belgian maker of the Marie Jo, Prima Donna and Andres Sarda lingerie brands, cited a group profit of 36.6 percent. This figure excluded Intimacy, the intimate apparel retailer that Van de Velde has owned 85 percent of since April 2010.
The group’s organic turnover, excluding Intimacy, rose 7.3 percent: to £150.4 million, primarily driven by a rise in volumes across countries. Higher exchange rates also positively impacted results, the company said.
If Intimacy retail turnover was included from May 2010, Van de Velde’s consolidated turnover would have been £166.3 million, an 18.7 percent increase from 2009. Over fiscal 2010, Intimacy generated turnover of $35.5 million, a 27.5 percent increase from 2009. The retail chain opened four stores during the year.
During 2011, Van de Velde anticipates that rising production costs in China and increased sales efforts will result in increased costs, and expects the gross margin to drop slightly from 2010. Intimacy, which operated 13 stores at the end of last year, plans to finish this year with 16 or 17 stores.
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