Belgian shoe store chain Torfs achieved a turnover increase in 2019, but higher costs meant that profit dropped to almost zero - and that was before the Covid-lockdown that cost the chain 22 million euros in sales.
Profits keep on dropping
Schoenen Torfs saw its turnover rise by 3 % to 150 million euros last year. A disappointment was that the share of online sales did not rise above the 17 % of 2018.
While the company's EBITDA dropped slightly (from 8.6 to 8 million euros), net profits were almost completely wiped out - dropping from 2.3 million to just 136.000 euros. Torfs spent 12 million euros on the renovation of nineteen stores, of which 1,8 million was immediately taken into account for the 2019 results.
2020 is a "very challenging" year, the company says: the coronavirus crisis forced the stores to close for almost two months, costing Torfs 22 million euros in sales.