French group Damartex has recorded a new revenue slump, after losing 9.5% in fiscal 2022-23. In the 12 months ending with June 2024, the group posted another negative result, with revenue down 9.9% to €529.2 million.

Q4, from April to June 2024, was especially difficult, with revenue falling by 10.4%. Damartex, a silver economy specialist, has said that this trend “reflects both the business impact of various headwinds – macroeconomic and political instability and weak consumption – but also more targeted commercial investments.”

In fiscal 2023-24, the group’s fashion division generated a revenue of €396.2 million, down 9% compared to the previous year. After selling Afibel in February 2024, Damartex was left with only two apparel brands in its portfolio: Damart, whose revenue dropped by 10.2% in fiscal 2023-24, and Xandres, currently on an upward track, posting a 6.8% revenue increase in the period.

Damart, which specialises in underwear made with thermal fibre Thermolactyl, “was penalised by weak consumption, especially due to adverse weather in the final quarter, which affected the entire apparel sector,” said Damartex.

Revenue for the home and lifestyle division (including brands like 3 Pagen and Coopers of Stortford) fell by 10.6%, to €99.2 million, while the healthcare division (Almadia and Santéol) lost heavily, falling by 17.9%, down to €33.7 million.

As usual, the group said it is cautious about the results for the coming months, indicating that its “net income for the fiscal year will be notably impacted by exceptional elements.” Damartex will publish its financial results on September 11. The group also said it is “carefully managing cash flow and prudently and painstakingly controlling its activities.”