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Bestseller records lower than expected growth this fiscal

The last financial year, Bestseller experienced lower than expected growth in turnover at 3 per cent. At the same time, a 23 per cent increase in bottomline revealed overall positive trends for the company. Bestseller's annual report reveals a net turnover of €3.15 billion and a result before tax of €337 million.

Anders Holch Povlsen notes, the key figures show a 23 per cent increase in result before tax, and we are seeing positive trends throughout our business – especially in our largest market, Germany, and in our e-commerce business. At the same time, a 3 per cent increase in net turnover leaves room for improvement. To a large extent, the moderate growth is a result of our focus on closing down loss-making stores. He says they need to be persistent in their efforts and dare to set the bar higher if they want to keep up and prepare the company for future. Their ambition is to boost revenue over the next few years.

One of the key aspects to growth is a sharp focus in retail business. He believes they must create a simple, solid and efficient operation. And continue retail turnaround and change the company from often being more of a wholesale one also doing retail to being a retail company also running a successful wholesale business.