Norwegian sports retailer XXL brings back staff as sales rebound
May 27, 2020
Nordic sporting goods retailer XXL is bringing back its furloughed employees in Norway and Finland as demand rebounds after the coronavirus downturn that began in March, the Oslo-listed company said on Tuesday.
About 1,000 staff are returning in Norway and 450 in Finland in an early example of a company bringing back staff as virus restrictions ease.
The company’s shares rose 22% after the announcement and have achieved a fivefold increase from a record low on March 25.
“XXL has seen a positive sales trend since the initial phase of the outbreak in mid-March 2020,” Chief Executive Paal Wibe said.
Even before the pandemic, XXL had struggled to meet profit expectations and in February announced a massive clearance sale to rid itself of unsold goods after a mild winter dampened demand for skiing equipment.
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