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Another record year for ECCO

Oct 30, 2015 Denmark
Another record year for ECCO
ECCO announced record sales and profits in 2014, despite challenging conditions in some markets, most notably in Russia and the Ukraine, which suffered serious economic problems
"2014 was a year of many challenges, but by responding quickly, and thanks to a strong performance throughout the ECCO Group, we succeeded in pulling off a good result – our best ever, as a matter of fact", commented CEO Dieter Kasprzak.

The pretax profit increased from 165 million euros to 176 million euros, an 6.6% increase, with pretax profit being equivalent to more than 15% of ECCO’s net revenue. Profit after tax also increased, by 7.6%, from 106 million euros to 114 million euros.

Net revenue rose from 1.1 billion euros to 1.2 billion euros.

According to ECCO their leather division achieved, for the first time, a turnover of more than 100 million euros. The leather division supplies ECCO as well as external brands.

"Another important reason for the satisfactory result is the controlled growth strategy that we have followed over the last 3 years. The strategy has enabled us to streamline our business, reduce costs and improve the overall quality of our products”, explained ECCO CFO, Steen Borgholm.

Looking ahead to 2015, Mr. Borgholm says that despite the expectation about the market challenges to be faced in the Ukraine and Russia, “overall in 2015, we expect a result on par with 2014, with the aim of growing our profits in the following years."

Image: Courtesy of the brand


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