Spanish textile group Adolfo Dominguez has managed to cut down its losses 75 % in its first quarter of the current fiscal year compared to a year ago.
Online is biggest force
In its first quarter (which ended on 31 May), it suffered a 0.64 million euro loss, 74.8 % less than the year before, which the company attributes to fewer write-offs and better financial results elsewhere.
Turnover also dropped 3.9 % to 24.5 million euro as several less profitable stores in Spain and Portugal were closed, 44 in total on the Iberian Peninsula. It now still has 391 stores, as it has only closed 4 stores elsewhere.
Adolfo Dominguez' online sales were its biggest force, just like it is for several other companies. Its web shop managed a 23.2 % turnover increase compared to the year before, reaching 1.1 million euro.