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Core business drives FY14 pretax profit 21% at Bestseller
01
Dec '14
Driven by its core business, European fashion retailer, Bestseller reported a 21 per cent year on year surge in pretax profits for the fiscal year 2013-14.

Pretax profits rose 21 per cent from the previous fiscal year to €228.2 million in fiscal year 2013-14 mainly from contributions from its core business.

However revenue rose much slower at 5 per cent as against the last fiscal year and climbed to €2.7 billion in the reporting period.

“A 21 per cent increase in the bottom line indicates positive signs of improvement and it’s our core business that contributed to the positive results,” said CEO, Anders Holch Povlsen.

“Through an increased focus and through an even closer collaboration with our partners and customers, we have managed to grow and deliver better results in a challenging market,” he added.

”Our goal is that available digital options become a larger part of Bestseller’s DNA, and that the link between physical stores and online activities become even more natural," he informed.

Bestseller plans to continuously develop and strengthen its skills in order to be among the best in a tough market.

The retailer said it will focus on its product development and live up to increasing expectations from its customers, when it comes to always delivering the latest trends.

Povlsen credited employees of Bestseller by saying, “Our employees and partners have performed very well in the past year and they deserve great credit for the results.

“Looking ahead, we have launched several initiatives and there are many opportunities yet to explore, so we look forward to our 40th anniversary with great confidence in the future,” he concludes. (AR)

Fibre2fashion News Desk - India

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