Fashion chain The Sting generated a profit once more in 2016, after it had to deal with a more than 5 million euro loss in the year before. Affiliate brand Costes also generated a profit in its fiscal year 2016.
The Sting’s turnover reached 170 million euro in 2016, down from the 185 million euro turnover in the year before. Thanks to cost-cutting measures, the Dutch fashion chain managed to return to profitability. It suffered a 5.8 million euro loss in 2015, but turned that into a 17.4 million euro profit in 2016. The chain mainly lowered its wage bill, from 40 to 22 million euro. Its rental fees also dropped, from 38 to 33 million euro, RetailTrends writes.
Costes also had a positive 2016, with a 32 million euro turnover, up three million compared to the year before. The fashion chain also generated a nearly 1.8 million euro profit.
The company also launched two new chains in 2017, called Cotton Club and Distrikt Nørrebro, but it remains to be seen how these two have fared.