The Danish textile group Bestseller A/S closed the 2022/23 financial year with a solid increase in sales despite the difficult market environment. However, as expected, the profit of the parent company of brands such as Vero Moda, Jack & Jones and Only fell short of the previous year’s level. This emerges from current key figures that the clothing provider published on Friday.
In the financial year that ended at the end of July, group sales amounted to the equivalent of 4.97 billion euros, which corresponded to an increase of 5.0 percent compared to the previous year. The stationary stores made a positive contribution to this, while e-commerce revenues fell for the first time, the company explained. Due to higher costs, net profit fell by 23.9 percent to 526 million euros.
Owner and CEO Anders Holch Povlsen explained the reasons for the significant decline in profits: “We are far from immune to turbulent times, but I am pleased that we have managed to cope with the increased costs and our business partners and to offer advantages to customers. We have decided to bear a significant part of the costs ourselves, which is reflected in the overall result,” he emphasized in a statement.