Higher turnover, lower profit for Bestseller

Higher turnover, lower profit for Bestseller
Foto: Bestseller

Danish fashion group Bestseller (Jack & Jones, Vero Moda, Only) has increased its turnover by 7 % in its financial year 2018/19. However, due to major investments, the profit was lower than a year earlier.

 

"Substantial investments"

Bestseller A/S achieved a turnover increase of 7 % to 3.5 billion euros. However, profit before tax decreased by 3 % to 372 million euros. The Danish fashion company explained this profit drop by saying that it "has made substantial investments", but does not give any further details.

 

"The current financial year shows that we still have work to do. We have a strong belief in the future and it is important that we remain innovative - both in relation to our products and stores and how we run our entire business", CEO Anders Holch Povlsen stated in a press release. "The importance of digitalisation and sustainability is becoming increasingly clear in all parts of society. Now, more than ever, we need to accelerate our journey towards a sustainable reality and a truly digital future. This is key to the continued development of our company."