Calida's shares jumped 6.5% to CHF 13.66 on Monday, outpacing the Swiss Performance Index, which rose 0.7%. The stock has gained just over 20% since the start of the year.
The textile group said it will raise its dividend payout ratio to 40‑60% of adjusted net profit, up from the previous 20‑30% range. In addition, the board approved a share‑buyback programme covering up to 2% of issued share capital, scheduled to start on 2 October 2026 and run until the end of June 2027.
Zurich Cantonal Bank analysts welcomed the higher payouts but cautioned that the new capital‑allocation plan does not send a strong strategic signal. They would prefer the available cash to be deployed more quickly into revitalising the core Calida and Aubade brands. ZKB values the shares at CHF 16 and rates them "Market weight".
Vontobel kept its rating at "Hold" with an unchanged target price of CHF 14. The bank estimates the combined effect of the dividend increase and buyback to deliver a total shareholder return of about 6.3% at current prices. Vontobel argues that cash returns alone will not address the underlying issue: the group needs sustainable revenue growth and margin improvement. It sees limited upside until the commercial impact of recent brand‑store investments becomes evident.
Financially, Calida posted a 7.9% decline in first‑half‑2026 revenue to CHF 93.7 million and a loss of CHF 0.6 million. The Calida brand generated CHF 62.7 million (‑5.0%) and Aubade CHF 26.7 million (‑7.8%). The company recently divested the US lingerie brand Cosabella to New York‑based Crown Brands Group. It also faces a potential €6.4 million damages claim from a French court over the sale of its former garden‑furniture unit Lafuma Mobilier, a ruling that is not yet final.
Calida reaffirmed its guidance for an adjusted EBIT margin above 6% for 2026, excluding any possible damage‑payment impact.
