Clothing chain Suitsupply’s turnover grew 19 % to 207 million euro in the past fiscal year. The holding company did suffer a 2.6 million euro loss, mainly because of high financing costs.
Online sales growth
The company generates the bulk of its turnover (nearly 71 million euro) in the United States, where turnover also grew 28 % compared to the year before. The Netherlands is also important, with its 47 million euro in turnover, although that is 3 million below last year’s result.
Suitsupply had 72 physical stores at the end of 2016, but it also performed well online, where sales grew 29 % to 37.4 million euro.
“We are opening new stores, but also focusing a lot on our online activities. We are slowly turning into a tech company, because our designers and programmers are working hand in hand to strengthen our online proposition”, CEO Fokke De Jong told Quote. He expects another 20 to 25 % online turnover growth for the current fiscal year.
Thanks to this turnover growth, its EBITDA also grew 45 % to 25.3 million euro and its net profit grew from 700,000 euro to 2.9 million euro. The company holding did suffer a 2.6 million euro loss because of high financing costs and its debt grew from 88.5 million euro to 110 million euro in 2016.
