As reported by ehandel.se, the Swedish e-commerce company Footway posted net sales of SEK 240 million (€20.9m) in Q2 of this year, down 15 percent from SEK 283 million (€24.7m) in the same period last year. Just like in the previous quarter, the loss was owed to negative performance in the Nordic market, while sales outside Scandinavia rose 14 percent to net sales of SEK 61.7 million (€5.4m). At the same time, a positive operating result (Evita) of SEK 1.6 million (€140,000) was achieved in the quarter (SEK -26.6 million in Q2 2022).
The market situation and full inventories in 2022 have resulted in tighter liquidity in the first half of 2023. As a consequence, supplier credits were reduced. “Footway’s Board of Directors has therefore decided to strengthen the balance sheet and liquidity,” the company said in its report. As part of the solution, the company has reduced inventories by SEK 128 million (€11.2m) in the first half of the year, a process that needs to continue for the rest of 2023. To strengthen the company’s financial position, a new share issue of approximately SEK 100 million (€8.7m) is also advised, which is likely to be completed in the third quarter.
“Despite the market challenges, we remain optimistic and proactive. Our focus is on strengthening the company,” commented Daniel Mühlbach, CEO of Footway.
