WeSC posts increase in Q2 net sales
WeSC, the Swedish premium streetwear brand that recently named Gant's Tony Wester its new CEO, has released its financial results for Q2 and H1 2016.
Net sales in the second quarter rose from SEK 16.6m to SEK 23.1m, and the gross margin increased from 28% to 56% in the same period. WeSC's Q2 operating profit was up to SEK -10.6m from SEK -14.8m the previous year, and profit after tax rose to SEK -13.1 from SEK -16.
In the first half of the year, from January 1 to June 30, net sales fell to SEK 61.8m from SEK 63m, and the gross margin increased to 48% from 39%. The operating profit fell from SEK -12.7 to SEK -19.3. Profit after tax was SEK -23.5m, down from SEK -15.4m.
Current CEO Johan Heijbel, who is leaving the role on September 1, is optimistic about the new CEO and said he is convinced that "the future is bright for the company. "
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