Despite Dutch Macintosh Retail Group's strong first quarter financial results, with an improvement for cross-channel, the group will close a lot of stores. The Belgian branch of Scapino will be shut down entirely.
'Fashion' saves turnover
2014's first quarter turnover rose 3.8 % to 184.4 million euro, mostly thanks to the 'Fashion' branch which experienced a 7.6 % turnover increase to 139.3 million euro. The 'Living' division dropped quite strongly, with - 6.6 %, to 45.1 million euro.
Macintosh's online turnover reached 11 million euro, 10.3 of which were through 'Fashion', a 41 % increase compared to 2013's first quarter. The company hopes to reach 15 % of its total turnover through cross-channel activities by 2017.
Scapino Belgium closes
Macintosh Retail Group also announced it will close all 25 Belgian Scapino stores, to increase the group's profitability. In total, some 51 stores will be shut down in 2014 and 2015, on top of the earlier announcement of 110 store closures.
The group also intends to focus entirely on the 'Fashion' division, which means that its 'Living' branch (consisting of the Kwantum chain) will be cut loose. However, it will only come to a sale if Macintosh Retail Group receives a decent offer.