Bestseller posts 5 percent rise in annual turnover

Bestseller Group has reported a turnover of 3.07 billion euros (3.26 billion dollars) representing a rise of 5 percent and a result before tax of 273 million euros (290 million dollars) for the fiscal year 2015/16.

“In the past financial year we have experienced a 5 percent growth in our total turnover. Moreover, last year's result has doubled to 273 million euros, which was the ambition we set for ourselves last year,” said CEO, Anders Holch Povlsen, in the company statement.

Cost cutting measures support rise in revenues

Anders Holch Povlsen further said that the positive result reflects an increased effort in many parts of the company including growth in wholesale activities combined with an increased focus on costs – including the closing of a number of unprofitable stores and streamlining parts of the organisation.

“Especially in southern Europe and England, we have seen great progress, while we in our largest market, Germany, have experienced a small growth. The results in Scandinavia have not been satisfactory, which is also the case for India, Turkey and the Middle East,” he added.

The company, having presence in Europe, the Middle East, North America, Latin America, Australia and India, witnessed growth in its own as well as partners’ online activities. While the company plans to focus on the company’s digital growth, for now, wholesale and retail continue to represent 80 percent of the business.

Picture:Bestseller