Dutch warehouse chain Hema has had another abysmal first quarter of its fiscal year, as it has lost another 22 million euro in that period.
Lower turnover per sqm
Hema's total turnover has remained relatively stable at 257 million euro, but 25 new store openings compared to last year's first quarter has lowered the turnover per sqm. That resulted in a 22 million euro loss, a 50 % increase.
High interests and restructuring costs have had their effect on the Dutch chain. One one-time write-off was an 11.1 million euro restructuring cost. Dutch turnover, its main market, dropped several % to a total of 204.4 million euro in sales.
It is the first time that Hema has revealed its quarterly results. It has been forced to as several of its loans are being traded on the Luxembourgian stock exchange.
It is not the first time Hema has revealed disappointing results and it has been trying to cut costs. For example, it wanted to cease payments for the breaks its Dutch employees take, while it has also opened new stores abroad to grow once again.