Turnover of the First Nine Month of the 2020/2021 Financial year
Acceleration of the Growth Momentum to +20.4% for the 3rd quarter
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Damartex closes the third quarter with +20.4% growth at actual exchange rates (+20.8% at like for like rates) with a turnover of €195.2 Mn. This increase confirms the good business momentum observed in the first two quarters of the financial year, which were up +1.3% and +6.2% respectively at actual exchange rates. Although the Group benefited from a favourable base effect, this good performance was achieved in an economic context that remained deteriorated (with health measures, or closed stores in several markets). These good results reflect Damartex’s willingness to continue to invest in order to increase its turnover. This is particularly the case in the e-commerce channel, where the digital acceleration is reflected in a +75.6% growth in business over the third quarter and +60.9% for the first nine months of the year at actual exchange rates.
Over the first nine months of the year, Damartex has recorded a clear improvement in sales of +9.0% at actual exchange rates (+9.5% at like for like exchange rates) to € 597.5 Mn. This increase is significant in all divisions and all distribution channels.
Sales for the “Fashion” division came to €436.0 million for the first nine months, up by +5.6% at actual exchange rates (+6.0% at like for like exchange rates). In the third quarter, sales improved by +18.4% at actual rates (+18.7% at like for like exchange rates).
Over the quarter, growth was driven mainly by Damart, with growth of +29.5% at actual exchange rates (+29.9% at like for like exchange rates). This momentum demonstrates the positive impact of the modernization strategy and the marketing investments made. In France, sales rebounded by nearly +25% at actual exchange rates across all distribution channels (stores, mail order and web). In Belgium and the United Kingdom, business remained solid with increases of +20.1% and +50.2% respectively at actual exchange rates.
Afibel’s business, down -8.5% at actual rates over the last three months, continues to be impacted by its transformation. At the end of the period, the brand unveiled its new positioning accompanied by a media campaign whose first effects are expected in the next financial year.
Sales for the “Home & Lifestyle” division came to € 137.9 Mn, up +16.5% at actual exchange rates (+17.2% at like for like exchange rates) over the first nine months. Sales for the second quarter amounted to € 48.8 Mn, a sharp increase of +25.2% at actual exchange rates (+25.8% at like for like exchange rates).
This rebound can be explained in particular by digital and marketing investments aimed at highlighting the renewal of the offer and increasing the share of the Web in the sales mix. Thus, over the quarter, while Coopers of Stortford recorded growth of +75.3% at actual rates, the 3Pagen-Vitrine Magique brand increased its activity by +15.4% at actual rates.
The “Healthcare” division, which includes the Sedagyl and Santéol brands, posted sales of €23.6 Mn, up by a significant +40.1% at actual exchange rates (+40.7% at like for like exchange rates over the first nine months). For the quarter, sales rose by +28.4% at actual exchange rates (28.7% at like for like exchange rates) to € 8.2 Mn. This momentum is being driven by both brands, including Santéol, which has benefited from the effective integration of Eden Médical since 1 January 2021.
Outlook
The latest publications for the current financial year demonstrate the Group’s strong ambition, through the implementation of its strategic plan: “Transform to Accelerate 2.0” to return to growth thanks to a strong positioning in the silver economy segment.
The Group is continuing its efforts to implement its strategy to generate profitable growth. However, it remains cautious in view of the health situation which is still tense.
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Continued Transformation and Development
ACTIVITY
Sales for the first half of the year came to €402.3 million, up +4.2% at actual rates compared with the same period last year (+4.7% at like for like exchange rate).
Sales for the “Fashion” business came to €297.8 million, a slight increase of +.6% at actual rates. (+1% at a constant exchange rate). After a decline in activity in the first quarter of 2020-2021, due to the impact of the health crisis and restrictive measures, the division recorded a sharp rebound in the second quarter (+2.6% at actual rates). This momentum observed in the first half of the year, was driven in particular by the Damart brand (+1.5% at actual rates) mainly due to the excellent performance of mail order. The “Home & Lifestyle” business continued to grow at a dynamic rate of +12.2% at actual rates (+13.0% at like for like exchange rate) for €89.1 Mn of turnover. The division also returned to excellent momentum in the second quarter (+14.4% at actual rates) driven by the favourable reception given to the renewed Coopers of Stortford range, as well as strong growth in the 3Pagen and Vitrine Magique brands.
Finally, the recently created “Healthcare” division, dedicated to healthcare activities, confirmed its objectives with an increase of +47.3% at actual rates (+48.1% at like for like exchange rate) with a turnover of €15.4 million. This growth is supported by the two brands that make up the division: Santéol (integrated in 2020) and Sedagyl.
RESULTS
The operating EBITDA closed with a significant increase to €26.6 Mn (compared with €11.5 million in the previous financial year). This performance is explained by the rebound in activity recorded mainly in the second quarter of 2020, combined with a careful policy of cost control, particularly in marketing, in order to prudently address a deteriorated market environment.
The current operating income (so-called ROC) therefore shows strong growth at €15.3 million (compared with €2.4 million in the previous financial year). This performance applies to all the “Fashion”, “Home & Lifestyle” and “Healthcare” divisions, with a ROC of €8.5 Mn, €5.4 Mn and €1.4 Mn respectively. Net earnings stand at €11.1 Mn (compared with €1.9 Mn for the previous financial year).
Damartex thus returned to a good level of profitability in the first half of the year, confirming the trend initiated in the 2019 financial year.
FINANCIAL POSITION
The net financial position stands at €+17.9 Mn (against €-42.5 million in the previous financial year). This increase is the result of the growth in activity and is mainly based on two levers:
- the taking into account of the exceptional capital increase of €33.9 million; and
- the excellent management of working capital requirements (€-9.9 Mn compared to €31.8 Mn in 2019) despite an extremely volatile environment due to the health crisis. This performance is the direct consequence of the efforts undertaken in axis 4 of the transformation plan (priority to agility).
The Group’s financial strength enables it to accelerate its transformation plan and pursue an opportunistic external growth policy in line with its development ambitions in the Silver Economy market.
OUTLOOK
This commercial performance, despite the health crisis context, combined with a reinforced financial soundness, are solid assets to address the future. Damartex is thus proactively pursuing the deployment of its TTA 2.0 transformation plan, particularly on the digitalization aspects, enabling it to address the challenges of the Silver Economy market. However, the Group remains cautious in view of the remaining uncertainties related to the novel coronavirus epidemic
Performance in line with the transformation plan
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Damartex ended the first half of the 2020/2021 financial year with sales of € 402.3 million, up +4.2% at actual exchange rates (+4.7% at like for like exchange rate). Second-quarter sales rose sharply by 6.2% at actual exchange rates to € 247.2 million. (+7.0% at like for like exchange rate).
The Group experienced sustained growth, the first visible effects of the
implementation of the “Transform to Accelerate 2.0” (TTA 2.0) plan. This growth was driven in particular by the strong increase in e-commerce (+54.2% at actual exchange rates over the half year) and the increase in mail order sales. Both channels benefited from a circumstantial “Covid” effect, but this change in consumption patterns is more of an acceleration than a transitory effect.
The retail channel, on the other hand, experienced a slowdown in sales during periods of lockdown. Following the relaxation of these measures in its main markets, Damartex benefited from a strong recovery inconsumption in December 2020.
Sales for the “Fashion” division came to € 297.8 million for the first half of the year, a slight increase of +.6% at actual exchange rates (+1% at like for like exchange rate), driven in particular by a +2.6% increase in sales at actual exchange rates in the second quarter (+3.3% at like for like exchange rate).
Over half year, Damart brand sales rose by +1.5% at actual exchange rates.
(+2.0% at like for like exchange rate) driven by the excellent performance of
mail, particularly in France and the United Kingdom. Sales in Belgium were
nevertheless significantly impacted by the closure of stores, which remain the main distribution channel.
Afibel’s activity was down -3.7% at actual rates. This downturn is in line with expectations and reflects the initial output of the strategic repositioning, the full effects of which is expected by the Group in the coming seasons.
The “Home & Lifestyle” division continued its solid growth with sales of € 89.1 million, up +12.2% at actual exchange rates (+13.0% at like for like exchange rate). Second-quarter sales came to € 53.2 million, up sharply by +14.4% at actual exchange rates. (+15.8% at like for like exchange rate).
Over the half year, Coopers of Stortford, a brand present exclusively in the
United Kingdom, recorded a +59.0% increase in sales. (+63.1% at like for like
exchange rate). This over-performance is the result of the continued renewal of its range, digital acceleration and a supply closer to its markets allowing for greater responsiveness.
The 3Pagen and Vitrine Magique brands, whose sales in the 1st quarter were hindered by a delay in the sales plan, rebounded strongly in the 2nd quarter and posted +5.0% growth at actual exchange rates in the first half.
The “Healthcare” division, posted first-half sales of € 15.4 million, up +47.3% at actual exchange rates. (+48.1% at like for like exchange rate). This increase is explained by the integration of Santéol, whose activity is in line with the Group’s objectives, as well as by the good performance of Sédagyl, which posted strong growth of +8.3% at real rates (+8.8% at like for like exchange rates).
Damartex announces the launch of a capital increase of its shareholders for a gross amount of approximately 29.5 million Euro, which can be increased to 33.9 million Euro if fully exercised.
L’Autorité des marchés financiers (AMF) approved the Prospectus relating to this operation on September 30, 2020.
Since its creation in 1953, Damartex has developed by focusing on the senior market (Silver Economy) in France and then in Europe around strong values: social responsibility, respect, empathy, team spirit, innovation and entrepreneurship !
Its business model is structured around three distinct and complementary activities – Fashion (ready-to-wear), Home & Lifestyle (home, decoration), Healthcare (health) – based on eight strong brands.
The seniors market: a market undergoing profound change and with strong growth potential
Damartex operates in a fast-growing market, driven by the aging of the population (population over 65 expected to reach 28.5% by 2050 against 20% in early 2018 in Europe – Eurostat), a trend heading for extend life at home as well as an increase in consumption.
The Covid-19 health crisis and the effects of containment have accelerated the digitalization of consumption habits and highlighted the ever-increasing need for health services, particularly at home.
Damartex has been committed since 2018 in a transformation plan, Transform to Accelerate, aiming to restructure its business model around 5 strategic axes :
– IMAGE REVOLUTION: modernization of the brands and customer experience to provide a more appropriate response to the new consumption behaviors of seniors.
– DIGITAL TRANSFORMATION: prioritizing investments in digital to capture the growth potential offered by e-commerce
– NEW BUSINESS DEVELOPMENT: accelerating the growth of Home & Life Style and Healthcare, high-growth market segments
– PRIORITY TO AGILITY: optimizing the multi-channel distribution strategy and strengthening operational synergies between the different divisions
– CHANGE OUR WORLD: placing responsibility at the heart of the Group’s development policy.
In order to regulate its economic situation, Damartex has strategically refocused its brand portfolio to provide a response adapted to the expectations of seniors and thus conquer the Silver Economy.
Today, the proceeds of the Capital Increase will be used to provide the Company with additional resources to accelerate the deployment of its strategic plan Transform To Accelerate 2.0 for :
- Capture the immense growth potential of the Siver Economy
- to ensure ROCE and financial independence based on a sustainable and profitable business model
- to create careers while offering a respectful, motivating and creative work environment
Half of the net proceeds of the Capital Increase will be used to finance the external growth of the Healthcare division and the balance will be used to finance the acceleration of the implementation of the five strategic axes.
In the event that the Capital Increase is limited to 75% of the expected amount, the Group will reduce its external growth ambitions as a priority.
Are you interested? Find the main terms and conditions of the operation in the official document (french version) :
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The Company’s shareholders are informed that an Extraordinary General Meeting will be held on Thursday 16 July 2020 at 2:30 pm.
Against the backdrop of the Covid-19 epidemic and in compliance with health measures to contain the epidemic, the Management Board decided at its meeting of 28 May 2020 to hold its General Meeting in camera without the physical presence of shareholders at the Company’s headquarters.
No admission card will be issued. Shareholders are invited to participate in the General Meeting by voting by mail, by giving a Power of Attorney to the Chairman of the General Meeting or by giving a proxy to a third party (in accordance with statutory provisions) by using the form provided for this purpose, which can be downloaded from the company’s website (www.damartex.com).
The precise procedures for voting by mail or by proxy will be described in the prior notice and the notice of meeting.
The notice prior to the General Meeting, including the agenda and the draft resolutions to be submitted to the shareholders’ vote, will be published in the Bulletin des Annonces Légales et Obligatoires (BALO) on 10 June 2020. The notice of meeting will be published in the BALO on 1 July and in a legal gazette.
On this occasion, the shareholders will be invited to vote on the completion of a proposed capital increase with preferential subscription rights as part of the “Transform To Accelerate 2.0 ” strategic plan communicated today. Preparatory documents and information for the Meeting will be available for viewing and downloading from the Company’s website: https://damartex.com/informations-reglementees/
PROFILE
The Damartex Group, one of the leading European distributors for seniors, aims to become the European leader in the silver economy. It includes three divisions:
• “Fashion” – Damart, Afibel, La Maison du Jersey, Xandres
• “Home & Lifestyle”, 3 Pagen, Vitrine Magique, Coopers of Stortford, Jours Heureux, Delaby
• “Healthcare”, Sedagyl and Santéol
The Group mainly operates in Europe, including in France, Great Britain, Belgium and Germany.
www.damartex.com
CONTACTS
Damartex: Bruno Defache
Tel: +33 3 20 11 45 30
bdefache@damartex.com
Shan: Alexandre Daudin
Tel: +33 1 44 50 51 76
alexandre.daudin@shan.fr
![](https://damartex.com/assets/uploads/2020/06/Bienvenue-chez-DSB-10-1024x170.png)
Damartex was strongly impacted by the Covid 19 crisis, which forced the closure of 170 stores for two months and led to a significant slowdown in its activity (-23.9% from March to May). The Group confirms that it expects heavy losses for the financial year.
This exceptional situation, which follows two years marked by social unrest in France, has encouraged Damartex to accelerate its transformation initiated with the “Transform to Accelerate” plan.
This strategic plan focuses on 5 strategic axes:
- Image modernization
- Digital transformation
- New business development
- Focus on agility
- Change our world: Implementation of the CSR ambition.
This plan has begun to produce its first effects in the first half of the 2019-2020 financial year with a return to growth in business and a significant improvement in current operating income.
On the strength of this encouraging observation before the health crisis, and in order to revive this positive dynamic, despite the current crisis, Damartex has taken the following decisions
1.ACCELERATING THE TRANSFORMATION BY REFOCUSING THE ACTIVITY
Damartex has announced its intention to refocus its business portfolio on a limited number of brands to be able to ensure the necessary investments for their modernization and digital transformation.
As they required too much investment to ensure their repositioning, the brands La Maison du Jersey, Delaby and Jours Heureux, will see their activity cease by June 2021.
Damartex will then rely on three balanced and robust divisions: the Fashion division made up of Damart, Afibel and Xandres, the Home & Lifestyle division with 3 Pagen, Coopers of Stortford and Vitrine Magique, and finally the recently created Healthcare division including Santéol and Sedagyl.
2.STRENGTHENING GROUP EFFICIENCY
To support the strategic plan and accelerate the agility and efficiency of the
different brands, Damartex has initiated today an information-consultation
process with the different SECs (Social & Economic Committees) of the group. It is considering the pooling of several services at Group level (design, marketing of the product offer, and the publishing and production of catalogues) and closer collaboration between the various brands. Catalogue logistics, whose activity has been significantly reduced over the last 5 years, would be outsourced. Finally, after a review of its portfolio, the Group is considering closing 3 Damart stores in France.
At the end of the consultation, these refocusing, and cost-cutting projects would lead to the loss of 195 jobs, 159 of which would be in France (where 25 new posts will also be created). True to its culture of dialogue and social responsibility, Damartex will do its utmost to minimize the impact on employment and provide quality support to all its employees.
3.STRENGTHENING THE FINANCIAL STRUCTURE
Beyond these strategic ambitions to return to profitable and sustainable growth, the Group must also face the immediate difficulties caused by the Coronavirus. The Group is therefore in discussions with its banking partners for the renegotiation of its covenants and the implementation of a State-guaranteed loan (so-called PGE) of 80M€. These discussions should be finalized before the end of june 2020. Obtaining the PGE should enable the Group to meet its shortterm cash requirements and is part of a scenario of a new pandemic at the end of 2020.
In order to finance its strategic plan, the Group proposes to carry out a capital increase of approximately €30 million with shareholders’ preferential subscription rights by the end of the year, subject to market conditions. This operation has received the support of the reference shareholder and the Executive Committee will also participate.
In addition, the Group is also working to improve its balance sheet by disposing of non-strategic assets for €15 million.
“Transform to Accelerate 2.0 is an ambitious and necessary plan to position Damartex as one of the European leaders in the silver economy. The encouraging results preceding the Covid-19 crisis validated the relevance of Damartex’s diversified model, and encourage us to go further in this transformation. I would like to thank our employees for their extraordinary commitment to our customers and partners during this period. The various measures envisaged today should enable the Group to regain a solid base to face a complicated economic environment during the year 2020.” said Patrick Seghin, Chairman of the Management Board of Damartex.
“The year 2020 will be in many ways a special year for Damartex. Whereas the Group saw the first positive effects of its transformation plan by initiating a return to growth, it found itself facing an unprecedented health crisis, bringing many uncertainties. Today, sustaining the business requires taking difficult decisions. However, thanks to its ambition – On Seniors Side -, its values and the dynamism of its teams, Damartex has many assets to recover, and address the future.” added Jean Guillaume Despature, Chairman of the Supervisory Board of Damartex
PROFILE
The Damartex Group, one of the leading European distributors for seniors, aims to become the European leader in the silver economy. It includes three divisions:
• “Fashion” – Damart, Afibel, La Maison du Jersey, Xandres
• “Home & Lifestyle”, 3 Pagen, Vitrine Magique, Coopers of Stortford, Jours Heureux, Delaby
• “Healthcare”, Sedagyl and Santéol
The Group mainly operates in Europe, including in France, Great Britain, Belgium and Germany.
www.damartex.com
CONTACTS
Damartex: Bruno Defache
Tel: +33 3 20 11 45 30
bdefache@damartex.com
Shan: Alexandre Daudin
Tel: +33 1 44 50 51 76
alexandre.daudin@shan.fr
The situation that the world is experiencing is unprecedented and has led us to rethink our business. While a large proportion of colleagues are currently working from home or on short-time working, voices were raised to implement actions to support our customers.
The On Seniors’ Side Foundation has committed to regularly call our most fragile customers. This is possible thanks to the collaboration of the Alma Nord-Pas-de-Calais association, which has guided us to check up on them and, if necessary, direct them to the health or social services adapted to their needs. Fourteen colleagues have volunteered to set up this system before extending it to all those who wanted to join the movement. There are now about a hundred Damart and Afibel colleagues on the phone and nearly 400 customers have been contacted !
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For Guillaume Galasso who works in the IT department and volunteered: “Picking up the phone is already out of my comfort zone. It’s not easy but it’s a rewarding exercise”. In exchange for a little time, some listening and some chatting on various subjects, we have received a lot of recognition and thanks from our customers who are delighted with this initiative, and that is heart-warming!
The Foundation also supports another initiative: writing to the elders locked down in long-term care facilities to fight against isolation. In collaboration with Le Comptoir de L’Hirondelle (The Swallow’s Trading Post) association, weekly emails are sent to medical facilities in the Lille metropolitan area. The Les Blouses Roses (The Pink Coats) association, for its part, sends it on to its entire national network. Residents regularly receive mail, drawings, paintings, photos or even children’s songs to help them ease their daily lives. About 50 letters have already been sent.
Do you want to get involved with senior citizens too? Here are some ideas: Helping seniors during lockdown.
DAMART IS COMMITTED
“We are, originally, a brand that puts textiles at the service of health: in this unprecedented context of health crisis, it was natural for us to do our part, and to commit ourselves to the collective effort against the Coronavirus epidemic. Playing as a team is no longer an option. Congratulations to our teams who, on the one hand, have maintained the business in order to preserve the company’s continuity and, on the other hand, initiated actions for the community. We will all come out of this crisis transformed, with stronger values and an unprecedented will to build the future together.” Christophe Gaigneux – Damart Managing Director
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All of the brand’s employees are working hard to play a part in the collective effort to fight the Covid-19 epidemic. Damart has joined the “Des Masques En Nord” operation initiated by the Lille University Hospital, the Lemahieu company and supported by Le Souffle du Nord, in order to provide 60,000 washable and reusable face masks to health professionals in the Lille Metropolitan area. In mid-April, our fifteen volunteer seamstresses sent a first batch of 1,000 so-called “Garridou” masks!
In collaboration with the city of Roubaix, Thermolactyl Kits have been distributed to law enforcement agencies and household waste collection staff working outdoors. Clothing perfectly adapted to their activities allows them to work in the best conditions.
Overnight kits for people in lockdown in Roubaix’s Hospital Centre and long-term care facilities were also distributed. With the current sanitary conditions, families are not allowed to bring clothes from home or to go home to get changed. These kits include underwear, socks and pyjamas for the elderly and parents whose children are hospitalized.
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Xandres’ Sewing Machines Are Smoking
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Xandres also started making washable and reusable fabric masks. They are intended for anyone who has to continue working outside the home: medical, catering, retail, schools, post office, etc. Many Damart and Afibel colleagues have actually received some!
LOTS OF DONATIONS
The Sedagyl and Delaby teams have donated small equipment to residential care facilities so that seniors could continue exercising in their rooms; despite the lockdown: pedal exercisers, mini-steppers and exercisers.
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Afibel has donated clothes, T-shirts and fleeces for the medical staff so that they can protect patients in the best conditions.
Finally, Jours Heureux warmed hearts in hospitals by offering 960 boxes of chocolates and cookies.
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DAMART x EDHEC | Make Thermolactyl a more responsible experience
In September 2019, Damart challenged Edhec Design Thinking students to make Thermolactyl a more responsible experience. They rose to the challenge with flying colors! Five projects participated in the final which took place on January 31 and two won!
• “From Bottle To Thermolactyl”, won the jury’s prize. The project is as follows : collector of plastic bottles in store, organizer of coffee repair in store and create a community of customers around the seam, manufacture thermolactyle compounds with 30% of recycled plastic.
• “Damart warms you up” won the audience award! Students offered, among other things, a pack that is planted and a partnership with associations to plant trees.
Discover more about the winners and their experience with Damart thanks to the video below:
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Damartex Confirms its Ambitions in the Silver Economy by Expanding in Healthcare Services.
In line with its transformation plan, Damartex announces the acquisition of 95% of the shares of Santéol holding SAS, a home healthcare service provider specializing in respiratory assistance.
A company founded in 2005 in Strasbourg, France, Santéol employs 46 people. Santéol is specialized in the management of patients with chronic or acute breathing disorders. Santéol offers high-quality personalised support, dedicated to the treatment of nocturnal sleep-related breathing disorders (Sleep apnoea) but also chronic pathologies requiring the implementation of oxygen therapy or even non-invasive ventilation at home.
TO BECOME A REFERENCE PLAYER OF THE RESPIRATORY ASSISTANCE AT HOME
The population affected by sleep apnoea syndrome in France is estimated at 3 million people, the vast majority of whom are seniors. This number is expected to increase as a result of demographic evolution. In addition, only one third of patients are currently being treated.
To meet this growing demand, Damartex intends to support Santéol in its development, mainly by opening new branches, and also remains open to other acquisition opportunities.
In line with Damartex’s integration strategy, the management team in place at Santéol, led by Didier Schmitt, will retain the company’s independent management in order to ensure its development, while benefiting from the skills and support of Damartex’s team.
CREATION OF A NEW HEALTHCARE DIVISION
The acquisition of Santéol represents the creation of a new “Healthcare” division, reflecting the group’s desire to become even more firmly established in the Silver economy, a fast-growing sector.
“The creation of the new Healthcare division is the result of a profound reflection on the Group’s development opportunities. We have found among home care providers the same values of well-being and comfort that characterize Damartex. Strongly committed to supporting seniors, we welcome Santéol with enthusiasm and great humility. Santéol’s team has an excellent knowledge of its business and we will be able to contribute Damartex’s Digital expertise” said Patrick Seghin, Chairman of the Management Board of Damartex.
Discover Santéol > https://santeol.com/