ECCO will continue to cut costs
24/03/2009
Danish footwear brand ECCO has said it is pleased with its full-year results for 2008.
Commenting on the results, the company’s chief executive, Dieter Kasprzak, said that new collections had done well last year. But he also made the point that ECCO reacted quickly when, at the start of 2008, it realised that the global economy was slowing down. “We realised that times would become difficult and therefore we adapted to the situation. We have continuously reduced our capacity and costs. The efforts made by the management and the employees have been amazing.”
Earnings for the year were only slightly down on 2007 at around $135 million before tax.
Mr Kasprzak said he thought the results represented a good foundation for ECCO to build on over the next couple of years, but he said 2009 results would be considerably lower than those of 2008 and insisted the company would continue to cut costs.
He added: “But times of crisis also offer opportunities. As an example, we are looking at expanding the number of stores and in this way targeting sales activities in order to win market share and generally creating an even stronger brand for ECCO.”
Shortly after announcing the 2008 results, the company said a shoe incorporate the breathable and water-resistant ion-mask technology from P2i, the ECCO Biom would ship to retailers before the end of March. The company launched the shoe at the ispo Winter exhibition in Munich in February.
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