- Prachi Singh |
Kappahl has said in a media release that it estimates to report operating profit for the first quarter of approximately 100 million Swedish krona (11.9 million dollars), compared to 145 million Swedish krona (17.3 million dollars) for the first quarter of 2016/2017.
Commenting on the first quarter trading, Kappahl’s President and CEO Danny Feltmann said: “Sales during the quarter has not lived up to the company’s expectations so far. A lower consumption in general during the warm fall has resulted in reduced traffic. With these insights we see that we did not adapt our price- and campaign strategy, aiming to increase full price sales, quickly enough.”
“Going forward we will adjust our price- and campaign strategy at a pace more adapted to the market as well as keeping a continued good cost control,” Feltmann added.
Image credit: Kappahl