Big losses for V&D

Big losses for V&D

Department store chain V&D has suffered a 42 million euro net loss in 2013, which it blames on the restructuring plans it is currently undergoing.

Restructuring

V&D took a 19.2 million euro loss in 2012 and that loss more than doubled in 2013, with 26 million euro according to a one-time charge the company took for the current restructuring. It has already closed the Aduard logistics center and is currently remodeling 27 stores. If that one-time charge is ignored, the loss would have been slightly smaller than last year's. 

 

Its turnover also dropped 4 % to 619 million euro. "All in all, it is an excellent performance to keep the turnover loss at - 4 % while the average in the sector is at - 7%", marketing expert Paul Moers said in Algemeen Dagblad. "That is mostly thanks to its affiliate branch La Place, so these numbers are skewed and one of those gems won't cut it."

 

The very first remodeled V&D opened last week in Leiden, in the presence of CEO Jacob de Jonge who gained control in January 2013. Next to its improved interior, De Jonge chooses to limit the number of private labels, which benefits premium brands. That is a 180° turn compared to the private label strategy put forth by his predecessor in 2012.

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