CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR 
Sursee (Switzerland), 28 July 2022 

Half-year report 2022

• Sales increase at group level in the first half of the year by 17.6 percent after currency adjustments to CHF 172.2 million driven by all brands 
• AUBADE and LAFUMA MOBILIER with high double-digit sales growth – largest profit contribution from LAFUMA MOBILIER with CHF 19.2 million 
• Omni-channel model proves its worth – strong growth in Retail (30.1 percent) and Wholesale/Space Management (20.9 percent)
• Despite normalisation of e-commerce growth, online sales share remains strong at 24.8 percent
• Further increase in operating profit from continuing operations to CHF 17.8 million – slight increase in EBIT margin to 10.3 percent
• Successful focus on core underwear and lingerie markets through acquisitions of ERLICH TEXTIL and COSABELLA 
• Financial solidity as basis for further strategic leeway to implement ACCELERATE 2026

“The CALIDA GROUP's well-balanced omni-channel business model once again proved its worth in a half-year marked by geopolitical uncertainties and a volatile market environment. Demand for our brands remained strong among our loyal customers in all sales channels. Thanks to the steady expansion of our e-commerce business, as well as our stationary points-of-sales focused on shopping experiences, we were successful in meeting our community's individual needs every step of the way. With the excellent half-year result, we have managed to seamlessly build on the record year of 2021. We are aware that the ongoing geopolitical uncertainties as well as the covid pandemic could impact business development in the second half of the year,” comments Timo Schmidt-Eisenhart, CEO of the CALIDA GROUP, on the 2022 half-year results.   
 

Targeted expansion of core segment and further fine-tuning of omni-channel model

The ACCELERATE 2026 growth strategy continued to be consistently implemented in the first half of 2022. The focus on the core underwear and lingerie business through the successful completion of the sale of the MILLET MOUNTAIN GROUP was driven forward. The proceeds from this were fully reinvested in the ongoing transformation of the brand portfolio. Following the acquisition in February of the German sustainability-focused lingerie brand ERLICH TEXTIL, the US premium lingerie brand COSABELLA was bought in May. The acquisition of the internationally recognised and profitable US company further strengthens the group’s position in the core segment of underwear and lingerie. It also paves the way for the CALIDA and AUBADE brands to enter the US market in the future.
In addition to strengthening the core segment, also the omni-channel business model was successfully expanded in H1 2022. After the intense pandemic years when the strategic push to grow online retail proved particularly profitable, H1 2022 revealed that brick-and-mortar stores, too, remain highly popular with the clientele. Now that the epidemic situation has eased, customers are increasingly enjoying the in-person shopping experience. The long-term trend still favours e-commerce, but nothing creates customer loyalty like shopping in person.
 

Double-digit sales growth overall – adjusted operating profit up 13.6 percent

Despite the uncertainty in global consumer markets, all CALIDA GROUP brands posted positive growth in H1 2022. In total and adjusted for currency effects, group sales from continuing operations increased 17.6 percent (whereof 14.8 percent organic growth) to CHF 172.2 million. By brand, CALIDA contributed CHF 69.6 million to group sales, a 6.6 percent increase year-on-year, adjusted for currency effects. AUBADE sales were up 25.7 percent, generating CHF 38.4 million. LAFUMA MOBILIER also achieved above-average growth of 25.4 percent with sales of CHF 53.7 million. ERLICH TEXTIL contributed CHF 2.2 million (from February 2022) and COSABELLA CHF 1.9 million (from June 2022) to consolidated sales.
The disproportionately strong growth of e-commerce sales fuelled by prolonged general lockdowns in H1 2021 gradually returned to more normal levels from the start of 2022. This led to 2.0 percent higher e-commerce sales, year-on-year and adjusted for currency effects. Online retail still generated nearly a quarter of CALIDA GROUP sales across the brand portfolio in H1 2022 (24.8 percent, versus 28.8 percent in H1 2021). Growth in the segments of wholesale/space management (20.9 percent) and retail (30.1 percent) significantly outperformed online sales channel growth and demonstrates the strength of the omni-channel business model.
In total, the CALIDA GROUP generated an adjusted operating profit of CHF 17.8 million, a 13.6 percent increase year-on-year. This produced a slightly higher EBIT margin of 10.3 percent (H1 2021: 10.2 percent). Adjusted EBITDA was CHF 20.7 million (+10.1 percent). This inspiring group performance was largely driven by the group’s core brands: the largest operating contribution came from LAFUMA MOBILIER at CHF 19.2 million (+20.6 percent), followed by CALIDA at CHF 17.4 million (-9.1 percent) and AUBADE at CHF 11.8 million (+21.1 percent).
 

Strong financial health as the basis for strategic scope for action

Free cash flow was CHF -36.0 million as of the end of H1 2022. This is explained in particular by the targeted inventory build-up to improve on time deliveries. Accordingly, normalised free cash flow amounts to CHF 14.0 million. Whereas cash inflows largely offset cash outflows from the disposal of the MILLET MOUNTAIN GROUP and the acquisitions of ERLICH TEXTIL and COSABELLA, negative free cash flow and the dividend distribution reduced net liquidity to CHF 15.1 million in H1 2022. Combined with an equity ratio of 65.8 percent, this continues to provide significant strategic scope for the benefit of the group’s future business performance.
 

Continuous implementation of the growth strategy 

The CALIDA GROUP continued to perform excellently in the first half of 2022 despite the impacting, unexpected global developments and achieved an excellent result. It should be noted that the first half of 2021 was heavily influenced by lockdowns and therefore represents a rather low basis for comparison. The pandemic situation has subsequently eased. In the outlook for H2, in addition to geopolitical uncertainty, the coronavirus pandemic could impact the growth prospects of the group. Ongoing monitoring of all relevant developments and trends and the ability to provide an agile fast response are therefore paramount. Nevertheless, the annual organic growth target of 4-6 percent as defined in ACCELERATE 2026 is to be achieved also in the current financial year. 

For further information, please contact: 
Calida Holding AG
Sacha Gerber, CFO
Phone: +41 41 925 44 49
investor.relations@calidagroup.com

Financial calendar 2023
Full-year results 2022     3 March 2023

 

The CALIDA GROUP is a globally active company for premium underwear with its head office in Switzerland. It consists of the brands CALIDA, AUBADE, ERLICH TEXTIL and COSABELLA in the underwear and lingerie segment as well as the outdoor furniture brand LAFUMA MOBILIER. The CALIDA GROUP stands for high-quality products that delight consumers every day. In the first half of 2022, the Group generated sales of over CHF 172 million with around 2,400 employees. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.