Ecco profit in 2022 was lower than before the pandemic
Despite a 30% increase in sales of Ecco shoes in 2022, the Danish manufacturer remains dissatisfied with the results of the year, as profits were “well below pre-pandemic levels,” writes Worldfootwear.com.
As of December 31, 2022, Ecco's net revenue was €1,59 billion, representing a 30% increase from the previous year.
Thus, during these twelve months, the company's wholesale net revenue grew by 4,5% year on year to 601,5 million euros, while retail sales (including online sales) grew by 63,5% year on year to 880,4 .XNUMX million euros.
Sales growth of 64,4% to 694,3 million euros was recorded by Ecco in Europe, the Middle East and Africa. In North America, the Danish company's net sales increased by 180% to 248,6 million euros. Ecco also reported net revenue of €392,7 million in Greater China, where it increased by 9%, and net revenue of €141 million in Asia Pacific, up 30,7% compared to with results for 2021.
The footwear segment, which accounts for the majority of the company's sales, posted a net revenue of €1,42 billion in 2022, up 32,7%, while accessories sales rose 80,1% to €57,5 million. compared to 2021. Ecco's leather business recorded a 0,6% decline in sales, with net revenue of €2022 million in 103,8.
Despite sales growth, Ecco views 2022 results as unsatisfactory as full-year profits were “significantly below pre-COVID 2017-2019 results. Ecco posted a profit of €2022m in 48,6, a significant increase from the €13,5m profit recorded a year earlier, but far from the €147,6m and €148,9m generated in 2019 and 2018 years respectively.
As explained by the company, in addition to the negative impact of rising freight rates and the COVID-19 pandemic, which primarily affected business in Asia, further persistent disruptions in the global supply chain during 2022 affected production and led to a lack of stability in the supply of finished products. products to customers. Thus, "in order to ensure timely deliveries in 2023, it was decided to increase inventory and production volume", which negatively affected "net working capital and operating cash flow".
Despite a 30% increase in sales of Ecco shoes in 2022, the Danish manufacturer remains dissatisfied with the results of the year, as profits were "well below pre-pandemic ...
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