Habit.se reports that Swedish e-commerce company Footway Group posted an operating loss of SEK 13.5 million (€1.2m) in the third quarter, compared with SEK 0.8 million (€72,700) in the corresponding period last year. Overall, the company posted sales of SEK 261.6 million (€23.8m) in the third quarter – SEK 76.3 million (€6.9m) less than in the same period last year – due to a negative result in Scandinavia, where net sales fell by SEK 44 million (€4.0m) to SEK 129 million (€1.2m) in the quarter. However, Footway reported positive growth in non-Scandinavian European markets, particularly in Germany and the U.K., where sales increased by 90 and 200 percent, respectively, compared to the same period in 2021, mainly due to optimized shipping solutions.
To improve cost control, the company has launched a cost-cutting program that includes reducing costs for servers, licenses and IT development by SEK 10-15 million per year. “During the quarter, we continued to adapt to global challenges,” Footway CEO Daniel Muehlbach told habit.se. “One indicator of demand is Eurostat’s consumer confidence index, which is at a record low in September. Nevertheless, we see strong growth in key markets outside the Nordic countries, which means there is potential for growth despite the challenges.”
The quarter also saw the completion of the acquisitions of Netlens Scandinavia AB, a niche e-commerce company for contact lenses and pharmacy products, and Stayhard AB, a niche e-commerce company for street style fashion for men.
