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Bestseller avoids first-ever deficit

Sep '20
Pic: Bestseller
Pic: Bestseller
Bestseller, a Denmark-based family-owned fashion company, has announced that a financial result showing an unexpected profit is on its way and the company has therefore happily refunded the support package it received from the Danish government earlier this year. Bestseller’s final accounts will not be formally closed until annual general meeting in October. 
“The books are closed and we are now awaiting our final closing of the accounts. We can already see that we have managed to avoid the first deficit in the history of our company, which we had previously expected. Our financial results will not look pretty, however, we will make a profit," Anders Holch Povlsen, CEO at Bestseller, said in a press release.
"This would not have been possible without all our partners, our landlords and our suppliers and, in particular our colleagues. They have all played a crucial role in helping us accomplish this unexpected result."
“We have seen a will to succeed and a fighting spirit throughout the entire company. It has been a great collective effort, where we as a partner of many retail companies have offered our financial support, including discounts and marketing contributions to help our customers and partners through the crisis.” 
“The pandemic is still creating an unstable situation, both in Denmark and internationally, and we must continue to actively adapt to this. Back in March, we reacted swiftly and tried to diligently plan for the worst, while fighting for the best. In light of this, I am pleased to confirm that Bestseller has managed to avoid its first deficit. This also means that we are gradually looking into recruitment both in terms of re-hiring colleagues and identifying new candidates. It is also on the basis of this that we have paid the Danish government back for the support package we received,” Povlsen said.
Bestseller A/S has received and refunded compensation for salary costs corresponding to approx DKK 81,000,000 as part of Support Package 1. Bestseller has not received compensation for fixed costs.

Fibre2Fashion News Desk (JL)

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