The fact that Inno is on the right track has just been confirmed: the Belgian chain of department stores made a net profit of 2.8 million euros last year. It’s the first time that a profit has been made since the pre-Covid era.
A quarter more turnover
Yesterday, Inno proudly announced the reopening of its Brussels branches after a thorough transformation. The chain has opted for a more upmarket positioning, which also includes a greater emphasis on digitalization. It seems that this new strategy is bearing fruit. CEO Armin Devender had already revealed that Inno was no longer in the red.
As a matter of fact, the Belgian chain made a net profit of 2.78 million euros in the financial year 2021-2022, which ended at the end of September. The annual accounts also show that turnover rose by almost a quarter to 285 million euros. An excellent and above-average performance in a difficult macroeconomic context, the company says.
Deferral of loans
The annual accounts also show that Inno was able to renegotiate its loans. Both with its German parent company Galeria and with Belfius, the chain obtained a deferment of the repayment of outstanding loans. In the case of Belfius, an extension until November 2025 was granted for a loan of 14 million euros with a partial government guarantee.
In the meantime, however, uncertainty still surrounds the parent company Galeria and Inno’s future within it. Galeria Karstadt Kaufhof is heavily indebted and undergoing major restructuring. Galeria is reportedly interested in selling Inno as part of this process, although there is no official information on this yet. In any case, Inno continues to operate independently within the group.