Calida Group of Switzerland said it has restored Lafuma Group to profitability just six months after acquiring control of the French outdoor company.
We have managed, as planned, to restructure and stabilize Lafuma quickly and comprehensively,” said Felix Sulzberger, CEO of the Calida Group, an apparel company that acquired a 59.9 percent stake in Lafuma in December, 2013. “We streamlined the company and this has already led to a positive operating result in the first half year of 2014.
Lafuma’s sales reached CHF85.5 million ($96 mm) during the period, down 11.2 percent compared with CHF 96.3 million in the same period of 2013. However, operating profits reached CHF1.5 million compared with a loss of CHF54.2 million in the first six months of 2012. Excluding one-time charges, operating profits reached CHF1.7 million in the first half of this year, compared with a loss of CHF59 million in 2013.
Sales reached CHF41.3 million at Lafuma Group’s largest division, Millet Mountain Group, during the period. At the Oxbow Division, which underwent a major restructuring during the first half, sales declined CHF3.6 million, or 18.5 percent to CHF15.8 million ($18 mm) , which was within plan. Oxbow, which makes apparel for action sports channel, is has resumed profitability.
At the Furniture Division, which produces garden and camping furniture under the Lafuma Mobilier brand, sales increased 5.4 percent to CHF27.1 million ($30mm), driven in part by exports to other European countries. The Furniture Division is also contributing profits.
Calida Group, an Austrian company that makes innerwear and other apparel, acquired a 59.9 percent stake in Lafuma Group last year.
