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Bestseller expects challenging year ahead

By Prachi Singh

10 Oct 2022

Business

Image: Jack & Jones, Facebook

Following record growth in 2021-22, Bestseller expects more challenging market conditions in the coming year.

The company said in a statement that while Bestseller achieved remarkable results in the past two financial years, recent months – and the global economic and geopolitical situation indicate the current year will be more challenging.

“There’s no doubt it’ll be more difficult from here, and we can see the global challenges also reflected in our numbers,” said Anders Holch Povlsen, CEO of Bestseller.

Bestseller's revenue increased by 33 percent during the year under review with a pre-tax profit of 6 billion Danish krona.

“The result was largely driven by strong performances in the first three quarters, while the last months of the financial year indicate the changes taking place in the global economy as a whole,” added Povlsen.

Povlsen further said: “Even though the last few months and the next several seem to be difficult, we will not stop investing in what’s most important to us. Namely our people, who make all the difference for our company, and the necessary sustainability improvements we and everyone else must contribute to.”

In connection with the publication of the annual result, Bestseller will also pay an extra month’s salary to colleagues. The company will pay out 300 million Danish krona in an extraordinary bonus.

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