Van de Velde profit boost

Brussels - Luxury lingerie retailer Van de Velde has reported a rise in pre-tax profits for 2010, boosted by an increase in sales volume and a range of cost-cutting exercises.
However, after warning of slow sales of its 2011 autumn collection, the company has also said it expects a slightly lower gross margin in the second half of 2011 because of increased costs for production in China and new marketing initiatives.