Swedish fashion brand Odd Molly's Q4 FY20 revenue falls 16%

Odd Molly International, a designer and seller of fashion and other lifestyle products, reported 16 per cent revenue decline to SEK 37.1 million in its fourth quarter (Q4) FY20 ended on December 31, 2020, compared to SEK 43.9 million in the same period previous fiscal. The company’s operating loss reduced to SEK 19.1 million (Q4 FY19: SEK 26.9 million).

 

“2020 has been a very special year, but with special conditions comes also unique opportunities. We realised this spring that our fashion business in different ways would be affected by the pandemic and quickly took action to mitigate the negative effects and take advantage of the opportunities. At the same time we have in furious momentum built up a whole new business area by acquiring a total of 13 warehouse and logistics properties during the year,” Jennie Högstedt Björk, CEO at Odd Molly, said in a press release.

 

Gross profit margin for the nine months period increased to 61.8 per cent (32.7 per cent). Profit after tax for the period was SEK 13.3 million (loss: SEK 28.5 million).

 

“If I were to summarise the fashion business during the year in one word, it would become relocation. In the wake of the pandemic, the already ongoing transition to digital channels accelerated. In concrete terms, this means that we continue to close stores and at the end of the year there were four stores left, and in February they were further closed a store,” Björk said.