DENMARK: Shocking Losses For In Wear

As anticipated, the final results for In Wear, the Danish fashion group, in 1999/2000 were horrific. The company made a loss of 224m Danish kroner ($26m, £18m)- as compared with a profit of 101m ($12m, £8.1m) the previous year. There will be no dividend. In Wear has been forced to take a close, hard look at itself. This has led to the closure of unprofitable shops, which cost 99m kroner ($11.5m, £8m). Now 25 more shops will have to go, which will also adversely affect turnover. In addition there were extraordinarily large stock write downs. Turnover in 1999/200 was 1798m kroner ($210.5m ,£145m), against 1687m ($197m ,£136m) the previous year. The company still expects a small profit in the new financial year.