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Annual financial statements 2022: CALIDA GROUP again achieves record results

CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR
Sursee (Switzerland), 3rd of March 2023 


Annual financial statements 2022:

  • Substantial sales growth of 14.4% to CHF 323.9 million – particularly organic brands with significant sales growth
  • Further increase in online sales by 11.9% – share of online sales increased again to 27.7%
  • Increase in operating profit by 14% to record level of CHF 27.7 million – CALIDA with highest profit contribution ahead of AUBADE and LAFUMA MOBILIER
  • 15% higher dividend of CHF 1.15 per share underlines attractive dividend policy and solid financial foundation
  • Financial stability continues to allow strategic leeway for the further growth of the Group
  • Accomplished integration of the new acquisitions COSABELLA and ERLICH TEXTIL enables increasing use of synergies – US market entry of AUBADE

“In the 2022 financial year we succeeded in achieving a new record result in the history of the CALIDA GROUP. In an extremely challenging environment that significantly affected consumer sentiment, we were able to generate 14.4% higher sales and increase operating profit by 14% to a new record level of CHF 27.7 million. This allowed us to gain further market share in a declining market. This success was driven first and foremost by our established strong brands CALIDA, AUBADE and LAFUMA MOBILIER and their extremely loyal customer base. The newly acquired brands ERLICH TEXTIL and COSABELLA offer promising growth prospects, as does the market entry of AUBADE in the USA. Our omni-channel business model has consistently proven its worth and forms the solid foundation for the future development of the CALIDA GROUP”, comments Timo Schmidt-Eisenhart, CEO of the CALIDA GROUP, on the 2022 financial statements. 

New record result with EBIT of CHF 27.7 million thanks to solid brands
Despite all-time low consumer sentiment in some markets, Group sales were CHF 323.9 million, up 14.4% when adjusted for currency effects, with organic growth of 7.7%. The first six months saw faster sales growth than the second, when purchasing power declined sharply as inflation began to bite. At CHF 155.5 million, CALIDA's share of Group sales expanded by nearly 5.5%, adjusted for currency effects. Sales grew at currency-adjusted double-digit rates for AUBADE, to CHF 74.2 million (+10.7%), and for LAFUMA MOBILIER, to CHF 64.2 million (+16.8%). ERLICH TEXTIL generated CHF 5.5 in sales in 2022 and COSABELLA CHF 24.4 million. Reflecting the acquisition during the year under review, acquisitions contributed 6.7% of Group sales.

In line with the ACCELERATE 2026 strategy, CALIDA GROUP own online sales again registered strong growth, increasing 11.9%. Group-wide, the e-commerce share of total sales was 27.7% (prior year: 26.9%) or CHF 89.7 million. On a further bright note, the other sales channels also saw continued growth. Notably, segments like space management (+11.9%) and outlets (+8.5%) expanded at a brisk pace. Traditional retail (+5.3%) and wholesale (+6.7%) channels, too, maintained strong growth. This once again confirms the soundness and potential of the finely balanced omni-channel business model, which has consistently proven its worth in recent years and provides a solid basis for future Group business performance.

In 2022, the CALIDA GROUP generated an operating profit of CHF 27.7 million. This is an increase of 14% from a year earlier. At the same time, the EBIT margin increased to 8.6% (prior year: 8.1%). CALIDA's operating profit contribution was CHF 47 million (-1.0%). AUBADE and LAFUMA MOBILIER in particular contributed CHF 22.3 million (+9.3%) and CHF 19.7 million (+14.9%) respectively to the Group's record result. The profit contribution of COSABELLA was CHF 3.4 million.

Acquisitions integration in progress – stronger focus on unlocking synergies and driving digital transformation
By acquiring the sustainable underwear brand ERLICH TEXTIL and the US premium lingerie brand COSABELLA in the first half of 2022, the focus on the core business of underwear and lingerie was successfully sharpened further, in line with the growth strategy, ACCELERATE 2026. While COSABELLA's online sales grew in double digits last year, the wholesale business showed a decline. This is due to the pandemic-related high inventories, which slowed down additional merchant purchases. ERLICH TEXTIL in 2022 was affected by sharply lower consumer spending among its disconcerted young clientele, due in particular to the war in Ukraine and record inflation in Germany.

Integrating the new brands was a smooth process, allowing the exclusive concentration on the business and on unlocking available synergies now that the necessary organisational restructuring has been completed. In the US, for example, the COSABELLA platform was used to recruit a local sales team to drive the market launch of AUBADE. 

Strategic scope and attractive dividend thanks to financial strength
The proceeds from the disposal of the non-strategic business of the MILLET MOUNTAIN GROUP in the first half of 2022 were used to further strengthen the core business of underwear and lingerie in a focused and effective manner. Combined with the targeted strategic increase of net working capital by CHF 33.8 million, this resulted in free cash flow of CHF -29.0 million (prior year: CHF 25.6 million) for the CALIDA GROUP. Investments were CHF 13.8 million, exceeding the prior-year figure (CHF 11.6 million). The equity ratio was a very sound 67.2% (excl. IFRS 16; prior year: 58.6%) with net liquidity of CHF 20 million. These financial foundations continue to provide an extremely sound basis for targeted strategic opportunities to drive the future growth of the Group.

The attractive dividend policy will be continued. The Board of Directors will propose a dividend of CHF 1.15 per share, a 15% increase, for shareholder approval at the Annual General Meeting on 19th of April 2023. Thus, the dividend policy presented with the ACCELERATE 2026 strategy will be continued and more than 50% of the normalized free cash flow will be distributed. 

Well positioned for a persistently challenging environment
The CALIDA GROUP is well positioned to continue pursuing and delivering on its growth strategy, even as market and geopolitical uncertainties, as well as inflation and the resulting loss of purchasing power, are likely to be increasingly felt. The loyal customer base of the CALIDA GROUP as well as the potential of the acquired brands combined with the tried and tested omni-channel business model give cause for confidence. In 2023, an organic growth of 4-6% is again targeted, as defined in the ACCELERATE 2026 strategy.

For further information, please contact: 
Calida Holding AG 
Sacha Gerber, CFO

Financial calendar 2023
Annual General Meeting 2023    19th of April 2023
Half-year results 2023                 27th of July 2023

CALIDA GROUP financial statements 2022 – Results and media conference

Conference at the SIX ConventionPoint and as a live webcast


Date:        Friday, 3rd of March 2023

Time:        10.00 a.m. (CET)

Location:  Auditorium SIX ConventionPoint, Pfingstweidstrasse 110, 8005 Zurich


The presentation of the financial statements conference is also available as a conference call and live webcast.


Please register for a personal or virtual participation using the following link: REGISTRATION


All documents can be found on the investor page at


From 10.00 a.m. you will also find the presentation on the full-year results on the investor page.   




monetary values in MCHF (IFRS)





± %

± %3

Net sales 1




+ 8.5%

+ 14.4%





+ 1.8%

+ 5.5%





+ 2.8%

+ 10.7%











+ 9.2%

+ 16.8%

Adjusted EBITDA 1, 2




+ 6.6%


Adjusted EBITDA margin (%)






Adjusted Operating result (EBIT) 1, 2




+ 14.1%


Adjusted EBIT margin (%)






Net income 1




+ 43.4%


Free Cash Flow 2

- 29.0


- 54.6

- 213.3%


Normalized Free Cash Flow 2




+ 12.2%


Net liquidity



- 26.5

 - 56.9%


Equity ratio (%) adjusted 2






Headcount 1




+ 5.9%


1 from continuing operations

2 according to the definition in alternative performance measures see annual report page 21 onwards

3 after adjusting for currency effects


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 2022, the Group generated sales of almost CHF 324 million with over 2,500 employees. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.