Ecco’s Revenues Flat In 2016

Ecco’s Revenues Flat In 2016

Ecco’s sales reached €1.25 billion in 2016, on par with Ecco’s sales in 2015.

The profit before tax was reduced from €183.5 million to €170.2 million a year ago, primarily because of currency fluctuations. Net profit rose to €141.2 million from €132.9 million.

The company also announced that at Ecco’s upcoming supervisory board meeting, Dieter Kasprzak will step down as CEO. Steen Borgholm, deputy managing director, will replace him.

”I am grateful for the significant contribution my husband has made to the increasingly successful operation of the company over the past 13 years,” says Ecco’s chairman, Hanni Toosbuy Kasprzak. ”Dieter is handing over a healthy and financially strong company, whose products and reputation we are proud of. Furthermore, I am pleased to confirm Steen Borgholm as Ecco’s new CEO”.

Steen Borgholm says: ”Despite generally slow growth in the global shoe industry, increased production costs, and fierce competition in 2016, Ecco has delivered a reasonable financial result and has even gained market shares”.

”2016 was a challenging year, but taking significant changes in currency rates into consideration, we delivered an acceptable result, which reflects the fine work of our organisation worldwide,” added Borgholm.

Other highlights from 2016:

  • Number of pairs of shoes sold: +5 percent
  • Currency-adjusted sales development: Sales through own shops: +10 percent; sales through Ecco online: +46 percent
  • New concept shops (Ecco and partners): 100
  • Equity: €596 milllion

Looking ahead, Borgholm expects 2017 to be another challenging year.

“But, as we have undertaken many initiatives, increased investments, and strengthened the organisation, a result at least on par with 2016 is expected,” Borgholm concludes.