PRESS RELEASE – BESTSELLER – ANNUAL REPORT 1/8/2008 – 31/7/2009
In the financial year 2008/09, Bestseller had a turnover of €1.7 billion (+10.5%)*. Profit before tax was €155 million (-34%). The equity amounts to €884 million**.
“2008/09 did not live up to our expectations”, says Anders Holch Povlsen, CEO of Bestseller. “The turnover growth has stagnated, and we only reached an actual growth of 4%. Our cost control has been insufficient, and we have not been good enough to react quickly on the situation. At the same time, the development of sales and buying currencies has been disadvantageous for Bestseller.”
“Nonetheless a joined Board of Directors and Management have a solid belief in Bestseller’s ability to grow in the present financial year. The results for the first four months show that the optimisations made on our operations and organisation have strengthened our core business. We will use our cash flow amongst others to expand on the retail part, and this will happen especially on the large markets”, finishes Anders Holch Povlsen.
The Board of Directors would like to thank employees, partners, and customers who are the base of this company.
Anders Holch Povlsen
CEO
*The turnover is influenced by changes in ownership shares in some of the companies partly owned by Bestseller
**All figures include Aktieselskabet af 1.8.2000, Bestseller A/S, and VILA A/S. The figures do not include activities in the Middle East, Africa, and China.
Please direct enquiries to CEO Anders Holch Povlsen (+45 99 42 32 00)
Key figures:
Number of stores: 2,178 (280 in Denmark)
Number of stores opened in 08/09: 291
Number of own employees: 9,521, of which 2,956 in Denmark
Number of markets: 43
See more key figures here