The Danish clothing group Beststeller A/S was able to set new records for sales and earnings in the 2021/22 financial year, which ended at the end of July. At 35.2 billion Danish kroner (4.7 billion euros), sales exceeded the previous year’s level by 33.5 percent, said the parent company of brands such as Vero Moda, Jack & Jones, Vila, Selected and Only on Friday .
Earnings also went up sharply: Profit before tax rose by 32.2 percent year-on-year to 6.1 billion Danish kroner, and net income for the year even grew by 42.5 percent to 5.1 billion Danish kroner (691 million euros). . The company was thus able to further improve on the previous record results of 2020/21.
Group CEO Anders Holch Povlsen acknowledged the results of the past year, but also warned of the already foreseeable negative effects of the deteriorating market conditions: “We achieved great results in the past financial year, for which all colleagues deserve great credit. These are results that have exceeded our expectations and we are very pleased with them,” he said in a statement. “But we also have to admit that we had more tailwind than expected. That has now changed. It will undoubtedly become more difficult from now on, and we can see that the global challenges are also reflected in our numbers According to Holch Povlsen, the latest upheavals in the global economy had already become apparent months ago.