Takko Fashion's Q1 sales improve by 2.9 percent

Takko Fashion has announced that despite fashion business development getting strongly affected by the Europe-wide lockdowns, the company generated net sales of more than 135.4 million euros in the first quarter. This is an increase of 2.9 percent compared to the same period last year.

Commenting on the first quarter trading, Karl-Heinz Holland, executive chairman of Takko Fashion, said: “We are registering a significant recovery in our business month after month, driven by the store openings. This becomes even clearer in the second quarter after all our branches were allowed to reopen in June.”

Since the end of June, Takko Fashion has been able to reopen all of its European branches without major restrictions. In parallel to the first broader opening steps in the first week of June, Takko Fashion recorded sales growth of over 84 percent in Germany alone compared to the pre-crisis year 2019.

The company added that the temporary store closings in the first quarter had a significant impact on the company’s liquidity. However, new financial aid from banks, investors and owners in March and positive sales development, have helped the fashion retailer end the quarter with around 150 million euros in liquid funds.