Damartex Group records 9.9% decrease in revenue | kbnmart

French group Damartex recorded a new decline in revenues, after losing 9.5% in the 2022-23 financial year. In the twelve months ending June 2024, the group recorded another negative result, with revenues falling by 9.9% to 529.2 million euros.

The fourth quarter from April to June 2024 was particularly tough, with revenues down 10.4%. Damartex, a silver economics specialist, said the trend “reflects the business impact of various headwinds – macroeconomic and political instability and weak consumption – but also more targeted business investments.”

In the 2023/24 financial year, the Group’s Fashion division generated revenues of €396.2 million, down 9% compared to the previous year. Following the sale of Afibel in February 2024, Damartex has only two clothing brands left in its portfolio: Damart, whose revenues fell by 10.2% in the 2023/24 financial year, and Xandres, which is currently on an upward trajectory, recording a 6.8% increase in revenues during the period.

“Damaretex, a specialist in thermoplastic underwear, said it “suffered from weak consumption, particularly due to bad weather conditions in the last quarter, which affected the entire apparel sector.”

Revenues from the home and lifestyle division (including brands such as 3 Pagen and Coopers of Stortford) fell by 10.6%, to €99.2 million, while the healthcare division (Almadia and Santéol) lost significantly, falling by 17.9%, to €33.7 million.

As usual, the group said it was cautious about results for the coming months, noting that its “net income for the financial year will be significantly impacted by exceptional items.” Damartex will publish its financial results on September 11. The group also said it “carefully manages cash flows and controls its activities prudently and carefully.”