"We are satisfied that we have managed to increase our turnover in a highly competitive market characterised by declining prices. However, this increase is not enough to bring our figures to the desired levels. We still have challenges with our earning capacity, and the result before tax of EUR 192.4 million is very unsatisfactory considering our expectations," says BESTSELLER’s CEO Anders Holch Povlsen.
Improvement of earning capacity
BESTSELLER’s wholesale business is characterised by positive developments. The running of own stores, on the other hand, has not resulted in satisfactory earnings.
"It is important that we invest more in developing our retail business. We need to be faster at delivering our products to the stores. This requires a sharp focus and a close cooperation with our store partners and suppliers to simplify and streamline our procedures. All in all, we must focus on reducing our costs throughout the entire value chain to ensure a healthier balance between revenue and expenses," Anders Holch Povlsen elaborates.
The result before tax is also affected by continuous investments in logistics, stores and the ongoing development of IT infrastructure. Moreover, the past year has been marked by significant challenges in the Middle East, Southern Europe and India.
Focus on products and design
The expectations for the results in 2013/14 are moderate growth in turnover and increase in earnings.
“In the financial year 2012/13 we have not quite performed at our best. In the management we must take on the responsibility to once again show results that we can all be proud of. At the same time, we need to focus on our core business – our products, that is. We need to be more business-minded and strengthen our design and product development.We must work passionately and determinedly to become even better at delivering the right products to our customers," Anders Holch Povlsen finishes.
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