Swedish Footway Group AB, the operator of specialized online stores, which has been undergoing restructuring since July 25 this year, has presented its latest figures for the third quarter of the current fiscal year. Sales amounted to 136 million Swedish kroner (€11.77m) compared to SEK 261.6 million (€22.63m) in the same period last year. Operating loss at Ebit level increased to SEK -31 million (€-2.68m) compared to SEK -13.5 million (€-1.17m) in the same period last year. At the same time, the e-commerce group significantly reduced its purchases during the quarter, from SEK 196 million (€116.96m) in Q3/2022 to SEK 36 million (€3.11m) in Q3/2023, to avoid further debt build-up.
Footway’s purchasing was previously automated and did not always work properly. As a result, Footway went back to a mostly manual model during the summer. According to the quarterly report, Footway has also begun using AI technology, both in its customer service department, which serves 18 languages, and in marketing, which the company claims has already resulted in significant savings.
