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Bestseller CEO bullish despite lower sales growth

By Prachi Singh

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Business

In the past financial year, Bestseller said that the company experienced a lower than expected turnover growth of 3 percent, while a 23 percent increase on the bottom line showed an overall positive trends in the company. The company posted a net turnover of 3.15 billion euros (3.76 billion dollars) and a result before tax of 337 million euros (401 million dollars).

"The key figures show a 23 percent increase in our result before tax, and we are seeing positive trends throughout our business – especially in our largest market, Germany, and in our e-commerce business," said the company’s CEO Anders Holch Povlsen, in a statement, adding, a moderate 3 percent increase in net turnover is a result of our focus on closing down loss-making stores."

Bestseller initiates measures to sustain growth momentum

After a strong effort in recent years, the company added that its profitability is in line with expectations and now it is time to deliver increased growth.

"We need to be persistent in our efforts and dare to set the bar higher if we want to keep up and prepare our company for the future. Our ambition is to boost our revenue over the next few years – it is essential. One of the key aspects to growth is a sharp focus on our retail business. We need to continue our retail turnaround and change our company from often being more of a wholesale company also doing retail to being a retail company also running a successful wholesale business," added Povlsen.

He further stated that ecommerce has become a natural part of the business and will continue to be one of the primary sources of growth. “In addition, the digitalisation of our wholesale activities and the linking of platforms will be a key factor for our growth ambitions. It will strengthen our market position and provide the basis for new ways to interact with our customers," Povlsen said.

Picture:Bestseller website

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