BESTSELLER ACHIEVES BEST-EVER RESULT AFTER REMARKABLE YEAR
With a result before tax of DKK 4.6 billion in FY 2020/21, BESTSELLER has secured its best result in the company’s history and thereby overcome the COVID-19 pandemic, which more than halved the company’s result the previous year. In recognition of the collective effort, all employees will receive an extra month’s pay from a total bonus allocation of DKK 300 million, while BESTSELLER will also invest and significantly accelerate strategic focus areas.
BESTSELLER’s turnover rose by nine percent from August 2020 to July 2021 and, together with a result before tax of DKK 4.6 billion, the financial year 2020/21 is the best in the company’s history.
Anders Holch Povlsen, BESTSELLER’s CEO and owner, says:
“It is a result we can be happy with. It is also a result that is better than we had expected or had dared hope for. It has been a remarkable year, which has surprised many, including us. We are truly thankful that we’re standing where we are now.”
Accelerating strategic focus areas
Last year, BESTSELLER’s surplus fell by 72 percent as a result of COVID-19 and lockdowns across the globe. The considerable improvement and final result of FY 2020/21 shows that BESTSELLER has managed to resume the growth journey the company was on prior to COVID-19.
“We can see that we have been able to adapt to the challenges we have met and we have managed to make the most of the right decisions we have made along the way. I am impressed by my colleagues’ efforts and the way everyone has brought our values to life. And that we have delivered throughout an extraordinary year where we have been talented, strategic and humble, but we have also had a pinch of luck, which we don’t want to downplay,” explains Anders Holch Povlsen.
In recent years, BESTSELLER has invested in various strategic initiatives due to the rapid digital development of the fashion industry including e-commerce. Throughout the pandemic, BESTSELLER has continued to prioritise innovation and has, amongst other things, developed new sales channels through virtual showrooms and social selling, while many other digital solutions have also been incorporated and commenced. BESTSELLER will further accelerate this development.
“We have tried to be the best customer to our suppliers and the best supplier to our customers, which is and must be a defining priority for us. With our investments, we have succeeded in getting even closer to our customers and partners, and we will maintain and continue to increase that focus,” says Anders Holch Povlsen.
A big thank you to our colleagues
Due to the strong result, BESTSELLER will also distribute an extra month’s pay to the company’s employees – a special recognition of the great effort from everyone at BESTSELLER to help the company through these challenging times, and the team effort that contributed to FY 2020/21’s final result.
“We have been through some tough months but we can now see that we have fought back over the past year. Everyone has a stake in that result and it is a testament to the special team spirit we have – an unbelievable drive and incredible unity. We want to recognise this and everyone deserves the greatest thank you for playing their part,” says Anders Holch Povlsen.
BESTSELLER will distribute a total of DKK 300 million to its employees.
FY 2020/21 – KEY NUMBERS
Net turnover: DKK 26.4 billion
Result before tax: DKK 4.6 billion
No. of stores (own and partner-owned): 2,523
ECONOMIC CONTRIBUTION 2020/21
The contribution presented here is the sum of the direct and indirect taxes generated by BESTSELLER in the countries and regions where the company does business.
Total contribution: DKK 5.6 billion
(Includes VAT, employee taxes, corporate income taxes, custom duties and excise duties).
Contribution in Denmark: DKK 1.2 billion
(This corresponds to 22% of our total contribution. By comparison, Denmark accounts for 7% of our total turnover.)