スペインの服装会社のアドルフォ·ドミンゲス(Adolfo Dominguez)は,2008年は269万0000ユーロの収益をあげていたのに、2012年3月ー11月には1039万0000ユーロの損失を計上
Cuando ‘la arruga’ no mola
Adolfo Domínguez cambia para intentar revertir cuatro años de pérdidas crecientes
Carlos Gómez 3 FEB 2013 - 00:00 CET
When 'wrinkle' not cool
Adolfo Dominguez changes to try to reverse four years of mounting losses
Carlos Gomez 3 FEB 2013 - 00:00 CET
The wrinkle is no longer beautiful and again to be a sign of maturity and aging. The crisis, a huge punch in the face of Adolfo Dominguez holds fifth consecutive heavy losses to former Galician fashion leader. The changes focus on its strategy, the reduction and redistribution of chain stores, the renegotiation of its debt or cuts overhead and little personal settings have served so far.
Despite the lift or facelift that has gone, Adolfo Dominguez has made public a few days ago a net loss of 10.39 million in the first nine months of its fiscal year (which runs from March to November), which has course 7.3% increase in red numbers recorded in the same period last year.
An annual increase in percentage of lower losses at least to that recorded in the first nine months of 2011 (85.5%), 2010 (46.24%) and 2009 (232.8%) and falling earnings in 2008 (75.06%). In absolute terms, the results of the textile group have spent five years of record profits of 2.69 billion euros in losses of almost € 10.4 million.
Adolfo Dominguez, aware of their plight, and warned the National Securities Market Commission (CNMV), a year ago, they never expected to benefit at least until 2014, when most of the investments are redeemed, and Thanks to cost-saving measures being taken.
Refinanced its debt in 2012 and opted for the foreign market, franchises and Internet
The textile regulator explained that his career "historic" positive results had been interrupted by falling sales in Spain and a "significant increase in depreciation expense" due to the investments made in 2007 and 2008.
To turn to the results, the Galician company plans focus on a strategy of international expansion, with the aim that half of the revenue comes from markets outside national and primarily through franchising, a model with which operating costs are reduced significantly for the company. The group also said it is analyzing the CNMV outlets that do not generate positive cash flows in order to "take the necessary steps to remedy the situation, including, where appropriate, their closure."
He left the group and the historic Fernandez joins Novo Estanislao Carpio
The textile company says now that his recent results have been "conditioned by the sharp deterioration of the Spanish economy and the decrease in consumption." "Serve as an example," he argues, the continued declines "by the retail index, ending 2012 with a fall year on year, by 3.8%."
Facts and arguments in line with public events this week, and no doubt will be reflected in the data for the fourth quarter and year end at Adolfo Dominguez, the Spanish Confederation of Commerce, which emphasizes that the last December was the worst sales month in 20 years. A few days before the National Statistics Institute has stressed that constant price-discounting the effect of inflation, overall sales fell 10% over December 2011.
The Galician company says, however, that despite this "critical juncture", has achieved in its third quarter "maintain sales recovery trend" that began in the previous three months, "thanks to the implementation of the action plan the scope of business and the increasing importance of the online store. " Thus, in the first nine months, the company's turnover grew by 1.52% to 102.82 million euro sum.
Some analysts suggest, however, that the highest turnover of Adolfo Dominguez responds to several specific marketing actions, their Internet sales and price cuts in its stores. The other side of the coin, added, reflecting a slump in gross margin of the company in an environment of lower raw material costs.
The gross operating profit (EBITDA) was negative by 1.7 million in the third quarter, compared to the amount, also negative, from 1.08 million a year earlier. The firm attributes this fact to orensana reduced gross margin has derivative price adjustment caused by their business plans and the impact of compensation associated with setting the template approved in the first half of 2012.
In early June, as reported to the CNMV, Adolfo Dominguez agreed with employee representatives dismissal of 3% of its workforce (50 seats), with an allowance of 25 days per year worked to a maximum of 15 monthly payments, and a pay cut for all other employees of between 0% and 15%. The pay cut, the company will cease to apply "when they reach 10% of net sales."
Another major milestone in the current year for the textile, financial stability by providing you to develop your business, has been the refinancing of its bank debt.
In July signed a set of agreements with banks for a total of 31.6 million. Signed contracts, in particular, long-term bilateral funding, under which refinances six years three and seven million years another 14.2 million euros. Also, loan agreements initialed bilateral five years amounting to 10 million, in part to replace the credit facilities that held short term, and other contracts of a similar nature to two years for a total of 4, 4 million to renovate the rest of their short policies.
The company, which is moving ahead with an emergency plan to exit the red, has also changed its commanders. Left the group "for personal reasons" Juan Manuel Fernandez Novo, right hand pattern for many years Domínguez and key figure in the historical expansion of the company "Wrinkles are beautiful." And Estanislao Carpio has joined as CEO, a newly created position from which report to president and founder. His experience in the Camper Group, which managed to triple its size and give a strong international momentum, supports him as Adolfo Dominguez mainstay in its international expansion strategy and return to profitability.
It has been an interesting signing, however, because it has been accompanied by a capital increase by 500,000 euros-approved last week at an Extraordinary General Meeting, so that the new manager can subscribe shares (Carpio was going to do with 1.4 % of the group). Peculiar is, moreover, it is the company that just signed which gives funding to be made with the block of shares at a fixed rate of 4% and a term of five years, besides being pledged securities of the extension.
In recent months, Adolfo Dominguez has opened its online store to more than twenty countries and has been resized and expanded traditional shops in different countries and in many cases operating through franchise. It's about changing the business model ultimately successful because maybe your answer, as noted for months to newspaper Cinco Dias the founder's daughter, Adriana, a consumer model that no longer prevails.
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