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Norwegian sports retailer XXL brings back staff as sales rebound

By
Reuters
Published
May 27, 2020
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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.


XXL


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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