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Annual financial statements 2023: Solid operational performance during strategic realignment – profitable core brands provide strong foundation

CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR
Sursee (Switzerland), 23 February 2024


Annual financial statements 2023:

  • Sales slightly lower at CHF 304.4 million, a 1.7% decline, adjusted for currency effects – CALIDA brand with further sales growth
  • Online sales increase once more, by 18.4% to CHF 97.2 million – online sales again grow to 31.9% 
  • Adjusted operating profit from continuing operations of CHF 12.2 million – net loss total (including discontinued operations) of CHF 66.5 million due to one-off valuation adjustments
  • Group maintains shareholder-friendly dividend policy, proposes CHF 0.60 dividend per share

"The CALIDA GROUP achieved a solid operating result in a very difficult environment, with sales slightly lower compared to the previous year. Our core brands CALIDA, AUBADE and LAFUMA MOBILIER are well positioned internationally and provide a solid foundation for our Group. Furthermore, the 2023 financial year was defined by extensive corrections and value adjustments on the most recent acquisitions as well as a strategic realignment with the focus on ‘operational excellence’. The strategic realignment focusing on our profitable core brands will support long-term growth for a thriving CALIDA GROUP," comments Felix Sulzberger, Executive Chairman of the CALIDA GROUP, on the 2023 full-year financial statements.

Strategic realignment with focus on operational excellence – sales slightly lower in 2023
As part of the strategy review, the divestment of ERLICH TEXTIL, the discontinuation of the multibrand shop Onmyskin as well as impairment losses and strategic adjustments at COSABELLA were decided. At the same time, the focus for the next three years was redefined with operational excellence. The focus will therefore be on optimizing the business with the existing profitable Group brands. The aim is to achieve solid organic growth and an increase in profitability and cash flow.

CALIDA GROUP sales from continuing operations in 2023 were CHF 304.4 million, down 4.6% from a year earlier, or down 1.7% when adjusted for currency effects. Even so, core brand sales sharply outperformed their prepandemic results. This highlights once again that all three core brands CALIDA, AUBADE and LAFUMA MOBILIER are strongly positioned in the market and that – thanks to a solid product, brand and sales strategy – they meet all the prerequisites to deliver further sustained growth in the future. 

CALIDA's share of Group sales was CHF 157.7 million. Compared to the previous year and adjusted for currency effects, this is a slight increase of 3.8% (in CHF +1.4%), while against the brand’s prepandemic performance, sales grew more than 22%. This positive performance was notably driven by continued growth in sales via the brand's online retail channels. AUBADE sales declined 4.0%, to EUR 70.9 million (in CHF, -7.1%), up more than 25% from 2019. 

LAFUMA MOBILIER sales declined 23.2% in 2023, to EUR 48.9 million (in CHF, -26.0%). The brand had benefited strongly from the lockdowns imposed during the pandemic: demand soared for outdoor furniture while order fulfilment issues hobbled the competition, which does virtually all its manufacturing in East Asia. On the downside, the same factors worked against LAFUMA MOBILIER in 2023, the first postpandemic year. Massive surplus inventories in retail led to sharply lower sales. Even so, 2023 sales outperformed 2019 by 18%.

Sales at US lingerie brand COSABELLA were 1.8% lower, at USD 25.1 million. This decline primarily reflects inventory reductions and, notably in the US, negative consumer sentiment. Following a more cautious reassessment of the business plan, COSABELLA used 2023 for operational and structural interventions to lay the groundwork for a profitable and attractive lingerie brand with potential for growth in the US market. This will likely require several more years of Group financial and human resources.

High-performing, stable e-commerce business – shareholder-friendly dividend policy to continue
Online sales in particular have once again grown strongly and proved to be exceptionally stable and profitable for the CALIDA GROUP in the year under review: After a currency-adjusted increase of 18.4% compared to the previous year, e-commerce sales were CHF 97.2 million. This means that 31.9% of sales from continuing operations of the CALIDA GROUP were generated via direct online sales (2022: 26.7%). 

Adjusted for currency effects, operating profit from continuing CALIDA GROUP operations (excluding one-off items and excluding ERLICH TEXTIL) was CHF 12.2 million in 2023 (2022: CHF 30.0 million). The EBIT margin was 4.0% (2022: 9.4%). Adjusted net profit from continuing CALIDA GROUP operations was CHF 7.0 million in 2023 (2022: CHF 23.9 million). As a result of the one-off costs of CHF 51.8 million for continuing operations (valuation adjustments at COSABELLA, processing cost of Onmyskin), which were communicated previously, the Group achieved an operating loss of CHF 44.8 million. However, only CHF 4.8 million of these one-off expenses were cash effective. The loss from discontinued operations (ERLICH TEXTIL) was CHF 21.7 million, while the total corporate loss amounted to CHF 66.5 million.

After free cash flow was negative in the first half (H1) of 2023 due to lower sales and high inventories, the position improved markedly in H2. As of year-end 2023, free cash flow was CHF -8.6 million (2022: CHF -29.0 million) and investments were CHF 9.7 million (2022: CHF 12.2 million). The IFRS 16-adjusted equity ratio was 58.4% (2022: 67.2%) with net liquidity of CHF 0.3 million (2022: CHF 19.9 million).

While 2023 was an extremely challenging year, the Group will nonetheless maintain its shareholder-friendly dividend policy. Despite the operating loss and negative free cash flow, the Board of Directors will propose a dividend of CHF 0.60 per share (2022: CHF 1.15) for shareholder approval at the Annual General Meeting (AGM) of 5 April 2024. In the future, the dividend payout will be based on the free cash flow actually generated.

Changes to the Board of Directors and the Executive Board
On the Board of Directors, Stefan Portmann, after eight years of service, and Laurence Bourdon-Tracol, after two years of service, will not be standing for re-election at the upcoming AGM. The Board of Directors wishes to thank Stefan Portmann and Laurence Bourdon-Tracol for their commitment and valuable contributions to the steady growth and development of the Group. The Board proposes Corinna Werkle for election as a new member. With over 35 years of management experience in international clothing companies in Europe, America and Asia, she brings new impulses to the CALIDA GROUP.

After 25 years with the CALIDA GROUP, most recently as COO, Daniel Gemperle will take his well-deserved retirement in April 2024. The Board of Directors thanks Daniel Gemperle for his many years of service and his major contribution to developing our Group. Dr. Hanna Huber, who joined the CALIDA GROUP as CIDO in 2023, has decided to pursue a new career opportunity outside our Group.

The challenging economic conditions, combined with strong consumer reticence and a stagnating retail market hampered by structural issues, demand superior operational flexibility and proactivity from the CALIDA GROUP and its brands. At the same time, present conditions also offer opportunities for our well-positioned brands with attractive products to assertively promote our offering and gain further market share.


For further information, please contact: 
Calida Holding AG
Dave Müller, CFO
Phone: +41 41 925 43 20

Juerg Staehelin, IRF
Phone: +41 43 244 81 51

Financial calendar 2024
Annual General Meeting 2024    5 April 2024
Half-year results 2024         Summer 2024

CALIDA GROUP financial statements 2023 – Results and media conference
Conference at the Park Hyatt and as a live webcast

Date:        Friday, 23rd of February 2024
Time:        10.00 a.m. (CET)
Location:  Park Hyatt Zurich, Beethoven-Strasse 21, 8002 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




 - 4.6%

 - 1.7%





+ 1.4%

+ 3.8%





 - 7.1%

 - 4.0%





+ 59.2%

+ 69.3%





 - 26.0%

 - 23.2%

Adjusted EBITDA 1, 2




 - 47.6%


Adjusted EBITDA margin (%)






Adjusted Operating result (EBIT) 1, 2




 - 59.3%


Adjusted EBIT margin (%)






Adjusted Net income 1, 2




 - 70.7%


Net income / loss 1




 - 295.6%


Net income / loss total




 - 279.7%


Free Cash Flow 2




 - 70.3%


Normalized Free Cash Flow 2




 - 34.3%


Net liquidity




 - 98.5%


Equity ratio (%) adjusted 2






Headcount 1




 - 0.9%


1from continuing operations

2 according to the definition in alternative performance measures see annual report page 19 onwards

3 after adjusting for currency effects

4 since June 2022


The CALIDA GROUP is a globally active company for premium underwear with its head office in Switzerland. It consists of the brands CALIDA, AUBADE 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 2023, the Group generated sales of over CHF 304 million with almost 2,500 employees. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.