Bestseller reports 14.9 percent profit growth in FY17-18

Family-owned fashion company Bestseller having almost 20 brands such as Jack & Jones, Only, Vero Moda under its fold said in its annual report that net turnover for the year reached 3.3 billion euros, representing an increase of 3.3 percent and a result before tax of 387 million euros, a rise of 14.9 percent.

“We are happy with this year’s results,” said Anders Holch Povlsen, CEO of Bestseller, in a statement, adding, “Our female brands have formed the basis of our turnover growth, while our male brands’ gross profit development is the main reason for our positive bottom line. The overall results from our kidswear brands have proven disappointing, but we are paying close attention to the area and expect to see a positive change in the current financial year.”

“We need to improve our own online business, we must continue to invest proactively, and we need to focus on the further digitisation of our company. At the same time, we are planning to open 250 new stores in 2018-19. In the current financial year, we also expect to see modest gains from the recent divestment of our Middle East business, which has been running at a loss for some time. If we look more specifically at the first quarter of the new financial year, we have not managed to steer clear of the current challenges in the market,” Povlsen added.

Picture:Facebook/Jack & Jones