SkiStar revenues down to SEK 486 mn in Q3 FY20

22 Jun '20

2 min read

Pic: SkiStar

SkiStar AB, a Swedish retail company, reported 48 per cent revenues decline to SEK 486 million in third quarter (Q3) FY20 ended in May 31, 2020 compared to SEK 939 million in same period last year. Operating income for the quarter were down to SEK 487 million (Q3 FY19: SEK 943 million). Company incurred a loss after tax of SEK 10 million in Q3 FY20.

“March 2020 was the month that shook not only the world, but SkiStar too, as the spread of the new coronavirus left no-one unaffected. Announcements that our operations in both Norway and Austria had been forced to close were followed by Sweden’s Public Health Agency advising us to also close the Swedish resorts as of 6 April, due to increasing pressure on local healthcare services at that time,” Stefan Sjöstrand, CEO of SkiStar, said in a press release.

Year over Year revenues for the nine months period were down 15 per cent to SEK 2,211 million compared to SEK 2,566 million in same period last year.

Sporting goods outlets revenue for the reported quarter were SEK 40 million (SEK 55 million). Revenue of SkiPass fell to SEK 263 million (SEK 511 million). Revenue from Accommodation were SEK 54 million (SEK 119 million).

SkiStar in its outlook for Q4 FY20 reported that as in previous years, company’s operations are conducted on a smaller scale in the fourth quarter and are primarily focused on cycling and active leisure.

Fibre2Fashion News Desk (JL)

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