In the first quarter of the 2022/2023 financial year, the fashion discounter Takko Fashion generated net sales of over 242 million euros. This corresponds to an increase of 79 percent compared to the same period last year.
"The start of the first quarter proved to be challenging due to tense consumer sentiment combined with prolonged cold weather. Nevertheless, with a difference of only 4 percentage points compared to the first quarter of 2019/2020, we were almost able to achieve sales at the pre-pandemic level again," said Kurt Rosen, CFO of Takko Fashion.
The company said in a statement, while the number of visits to the fashion retailer's stores fell slightly due to the timid consumer sentiment, sales per customer in the store increased.
“Our fashion range and value for money convince our customers. This is evidenced by the increased average number of items per receipt and the increase in orders in our online shop,” added Tjeerd Jegen, CEO of Takko Fashion.
The fashion company's cash position was stable at 132 million euros at the end of the first quarter, corresponding to an increase of 75 percent compared to the same period of the previous year.
In the first quarter of the financial year, the company launched its Germany-wide digital customer loyalty program Takko Friends, which witnessed over one million downloads in just three months.