Sunday, April 14, 2024

Adolfo Domínguez Lost 15 Million Between March And November

Adolfo Domínguez lost 15 million between March and November after reducing sales by 47%. Online billing grew by 28.2% with a sales penetration of 19.3%, but it did not neutralize the effect of store closings.

Adolfo Domínguez’s sales stood between March and November 2020 at 40.5 million euros, 47.1% less than in the same period of the previous year. The billing ‘on line’ grows 28.2% with penetration in sales of 19.3%, but did not neutralize the effect of the fall in business activity in physical stores.

39% of the company’s stores suffered some kind of opening or hours restriction during the second global wave of covid-19 (September-November 2020). Restrictions on trade and lower consumption forced the company to keep 43% of the workforce on file for temporary employment regulation (erte).

The coronavirus crisis causes an accumulated operating result in the third quarter of the year of -5.6 million euros and an attributed net result of -14.9 million, compared to the +5.5 million and -2.1 million generated past year.

The Adolfo Domínguez group continues to contract its operating expenses with a reduction of 11 million euros in its personnel expenses and 3.4 million in its current expenses.

“The coronavirus crisis continues to be decisive day by day, and more so for those companies that have an important social component with an activity marked by the evolution of consumption.

Given the restrictions on trade and mobility, we are taking all the necessary measures to guarantee the liquidity and solvency of our company until business conditions can be reestablished “, explained Antonio Puente, CEO of Adolfo Domínguez. Adolfo Domínguez’s sales contracted in all the markets in which it operates.

In Spain, the behavior of the textile set shows an average drop of 40.5%, according to data from the Textile Trade Association (Acotex). Adolfo Domínguez has an annual turnover of 115 million euros and employs 1,209 professionals (2019/20 financial year). The firm markets its garments at 348 points of sale in 18 countries

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