Adler Modemärkte, one of the leading textile retail chains in Germany, posted 2.3 per cent decrease in its revenue to €495.4 million in fiscal 2019 ended on December 31, 2019 compared to €507.1 million in prior year. Gross profit decreased marginally by 0.5 per cent to €275.9 million. Net income in FY19 rose to €7.9 million from €2.6 million prior year.
Adler Modemärkte, one of the leading textile retail chains in Germany, posted 2.3 per cent decrease in its revenue to €495.4 million in fiscal 2019 ended on December 31, 2019 compared to €507.1 million in prior year. Gross profit decreased marginally by 0.5 per cent to €275.9 million. Net income in FY19 rose to €7.9 million from €2.6 million prior year.#
The group reported that in last fiscal it was unable to buck the trend of a weak industry environment which saw declining sales across the board in the clothing retail industry.
Adler Modemärkte, one of the leading textile retail chains in Germany, posted 2.3 per cent decrease in its revenue to €495.4 million in fiscal 2019 ended on December 31, 2019 compared to €507.1 million in prior year. Gross profit decreased marginally by 0.5 per cent to €275.9 million. Net income in FY19 rose to €7.9 million from €2.6 million prior year.#
At the end of FY19, the group operated a total of 172 stores (FY18: 178 stores). Sales in Germany decreased from €417.8 million in FY18 to €406.6 million in FY19. Sales in Austria was €67.8 million (FY18: €68.2 million). Sales in Luxembourgb fell slightly to €17.1 million (FY18: 17.8 million).
Adler Modemärkte, one of the leading textile retail chains in Germany, posted 2.3 per cent decrease in its revenue to €495.4 million in fiscal 2019 ended on December 31, 2019 compared to €507.1 million in prior year. Gross profit decreased marginally by 0.5 per cent to €275.9 million. Net income in FY19 rose to €7.9 million from €2.6 million prior year.#
Brick and mortar fashion retailers continued to shrink in 2019, Adler Modemärkte reported. In the first half of the year, poor weather and a muted consumer sentiment affected the group's earning. Moreover, the Christmas business diminished in importance, group stated.
Adler Modemärkte, one of the leading textile retail chains in Germany, posted 2.3 per cent decrease in its revenue to €495.4 million in fiscal 2019 ended on December 31, 2019 compared to €507.1 million in prior year. Gross profit decreased marginally by 0.5 per cent to €275.9 million. Net income in FY19 rose to €7.9 million from €2.6 million prior year.#
"Our marketing will become increasingly digital, more individualised and tailored to customers. Where purchasing and products are concerned, there is further potential thanks to efficiently managed purchasing volumes and stock-keeping, as well as logical costs," Thomas Freude, CEO at Adler Modemärkte, said in an interview while talking about further improvements.
Adler Modemärkte, one of the leading textile retail chains in Germany, posted 2.3 per cent decrease in its revenue to €495.4 million in fiscal 2019 ended on December 31, 2019 compared to €507.1 million in prior year. Gross profit decreased marginally by 0.5 per cent to €275.9 million. Net income in FY19 rose to €7.9 million from €2.6 million prior year.#
"In the future, our value chain and our partners will be interwoven in a completely digital network. Our own brands make up for about 85 per cent of the revenue, and we intend to continue to implement the store optimisation programme, which we pursued over the past two years, in 2020 and beyond," Freude said.
ALCHEMPro News Desk (JL)
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