Kik makes a profit in the Netherlands for the first time
Textile discounter Kik manages to write black figures for the first time in the Netherlands. It is a profit of “several tons,” director David Philipoom told RetailTrends.
Kik opened its first Dutch store in 2013, but has suffered an annual loss until now. According to Philipoom, profitability had been coming for a while. “We already had black figures last year at most stores, but including overhead costs, we were still in the red.” Because the overhead costs can now be spread over more stores and many openings are planned in the coming years, he expects the profitability to be structural.
Kik’s Dutch turnover is also on the rise. Compared to last year, the retailer recorded a growth of 57.3 percent over the period from January to July. Like-for-like is 44.5 percent. Compared to the last pre-corona year 2019, those growth percentages are based on 45.6 and 19.3 percent.
Kik currently has 46 stores in the Netherlands. An opening is planned every two weeks until October. The years must be added at least twenty a year.
David Philipoom spoke extensively with RetailTrends about the underlying causes of the turnover growth and the expansion plans. The article can be read here. Not a member yet, look here for the possibilities.