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BESTSELLER AVOIDS FIRST-EVER DEFICIT – HAS REPAID DKK 81 MILLION

A financial result showing an unexpected profit is on its way from BESTSELLER, and the company has therefore happily refunded the support package it received from the Danish government earlier this year.

“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," says Anders Holch Povlsen.

"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,” says Anders Holch Povlsen.

Facts

BESTSELLER’s final accounts will not be formally closed until the annual general meeting in October, and the final result will therefore not be published until then. 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. BESTSELLER employs approx. 17,000 colleagues globally, of which approx. 3,300 work in Denmark. In Denmark, BESTSELLER had to lay off 750 colleagues, while 2,400 were sent home.

 

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