Ecco enjoys record year despite Russian woes

Profits increased by over 6 percent compared to 2013

The Danish shoe company Ecco is celebrating another record year after posting a 2014 profit of 1.3 billion kroner before tax – a 6.6 percent increase from the year before.

The record result came in spite of a turbulent second half during which the company was hampered by the troublesome issues taking place in Russia and Ukraine.

”The situation in Russia and Ukraine has been problematic and difficult for us and our partners in those markets,” Steen Borgholm, the chief financial officer of Ecco, told JydskeVestkysten newspaper. ”But we reacted in time and have accelerated in the other markets.”

READ MORE: Growth for Ecco: continued but slowing

Other markets
Despite the uncertainty in Russia – which is no longer Ecco's biggest market – the shoe company expects a similar financial result in 2015 ahead of returning to growth over the following years.

”We are very focused on creating growth in other markets, and we are working towards that,” Borgholm said.

Turnover increased slightly from 8.2 billion kroner in 2013 to 8.95 billion kroner last year.




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