BESTSELLER’S ANNUAL REPORT 2016/2017
The past financial year, BESTSELLER has experienced a lower than expected turnover growth of 3%. At the same time, a 23% increase on the bottom line shows overall positive trends in the company.
BESTSELLER's annual report* shows a net turnover of EUR 3.15 billion and a result before tax of EUR 337 million.
"The key figures show a 23% increase in our result before tax, and we are seeing positive trends throughout our business – especially in our largest market, Germany, and in our e-commerce business," says Anders Holch Povlsen, and continues:
"At the same time, a 3% increase in net turnover leaves room for improvement. To a large extent, the moderate growth is a result of our focus on closing down loss-making stores."
Focus on growth
After a strong effort in recent years, BESTSELLER’s profitability is in line with expectations. Now it is time to deliver increased growth.
"We need to be persistent in our efforts and dare to set the bar higher if we want to keep up and prepare our company for the future. Our ambition is to boost our revenue over the next few years – it is essential," says Anders, and continues:
"One of the key aspects to growth is a sharp focus on our retail business. We must create a simple, solid and efficient operation. We need to continue our retail turnaround and change our company from often being more of a wholesale company also doing retail to being a retail company also running a successful wholesale business."
"E-commerce has become a natural part of our business and will continue to be one of the primary sources of growth. In addition, the digitalisation of our wholesale activities and the linking of platforms will be a key factor for our growth ambitions. It will strengthen our market position and provide the basis for new ways to interact with our customers," Anders explains.
The bottom line growth and the positive trends can be attributed to the loyalty and passion of people close to and within the company:
“Our colleagues and business partners have done a great job this past year. It’s imperative that we continue the good work, focus more on product development and join forces to have an even stronger approach to doing business. We must surprise our customers and exceed their expectations when it comes to quality, speed and trends,” Anders finishes.
KEY FIGURES FOR THE ANNUAL REPORT 2016/17*
Net turnover: EUR 3.15 billion
Result before tax: EUR 337 million
BESTSELLER’s 2017 Sustainability Report will be available on about.bestseller.com in the spring of 2018. To better correspond with the collection of data, the report will prospectively reflect the calendar year rather than the financial year.
Also, in the spring of 2018, we will for the first time publish information about BESTSELLER’s economic and fiscal contributions to the wider society.
Read the press release in Danish here.