27-9-2007
Results of first half year 2007
Positive results in the first half year 2007 for
Maxeda as strategy proves successful in building better businesses:
• Net Sales (including concessionaire sales) increased by 6.6% to EUR 1,559
million compared to the first half year of 2006. Same store sales up by 5.0%
• Operating EBITDA increased by 11.9% to EUR 92.2 million
• Gross Asset Investments amounted to EUR 52.1 million
• Working Capital Improvement of EUR 123.1 million
• Market share gains for Maxeda overall and in most formats and product
categories
• Number of stores increased by 6.4% to 1,283 stores
• Strategy of Selling more, Sourcing Better, Saving Costs & Cash, Exploiting
Synergies and Smile! continues to build better businesses.
Maxeda’s overriding goal is to build better businesses. It aims to create retail
leaders delivering sustainable growth in their marketplaces. Over the last six months
Maxeda continued to improve its business and its performance. Maxeda increased
sales at existing stores and the number of stores grew by 6.4% to 1,283 stores.
Almost 50% of its 1,283 stores are now located outside the Netherlands. Maxeda is
now active in 11 countries.
The performance of Maxeda’s DIY formats (Praxis, Formido, Brico and Brico Plan-It)
continued to be strong in a competitive marketplace. Maxeda DIY invested in
product categories, joint sourcing, in new (IT) systems and in format renewals to
improve its market positioning and results.
In Maxeda Fashion the Department Stores performed very well. The renewal
strategy of V&D is on track. The premium positioning of Bijenkorf strengthened its
appeal to customers and their increased spend translated into a stronger
performance. The results of the apparel formats were mixed. Hunkemöller continued
to expand successfully. M&S has refocused its product offer and the benefits of this
strategy drove improved margins and operating results. M&S is expanding rapidly in
Spain. The results of Claudia Sträter were impacted by collection issues.
Tony DeNunzio, Executive Chairman: “Building better businesses is key to Maxeda in
realising its mission of achieving retail leadership in every format. Our strategy is
focused on driving sales in existing stores and expansion. We will open more than
100 shops this year, the majority outside the Netherlands. New formats are being
developed, stores remodelled and new countries opened. Hunkemöller recently
opened stores in Cairo (Egypt) and Riyadh (Saudi-Arabia); La Place is to open its
first store in Antwerp (Belgium). V&D will open a new department store in
Pagina: 2/2
Doetinchem (The Netherlands). In DIY, Brico is expanding its Brico City convenience
stores and Formido is rolling out its ‘Deco Bouwmarkt concept’. We are accelerating
our expansion.”
Ronald van der Mark, CFO of Maxeda: “Overall, we are satisfied with the financial
results for the first half year. Almost all of our formats experienced good sales,
margin and profit growth. While Maxeda benefited from improved market conditions
across Europe, our strategy continued to deliver improvements in our key economic
parameters and market share out performance in most product categories. Strong
financial results were delivered through the successful implementation of our
strategy and our philosophy of ‘A Passion to Serve’.”
View our Semi-Annual Results 2007