After the company’s profit warning in March due to supply chain problems and decreased demand, the Swedish Footway Group has now published its Q1 financial report. The Ebit result landed at -71.2 million Swedish kronor (€-6.8m), compared to a loss of SEK -12.8 million in the first quarter of the previous year and significantly worse than the March profit warning, which projected SEK -25 million (€-2.4m). CEO Daniel Mühlbach told ehandel.se that despite the difficult times, he is optimistic because he sees how store owners of Sportamore, Caliroots, Racketnow, Solestory and others have strengthened their brands and, together with suppliers, taken their stores to the next level. First-quarter sales were SEK 243.4 million (€23.1m), down from SEK 341 million a year earlier. Delayed deliveries due to global logistics problems are expected to continue to cause problems, but the group nevertheless sees a brighter future, not least thanks to its diversification, especially following the acquisition of Netlens.com, an e-commerce store for contact lenses and pharmacy products, earlier this year.

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