Today TOP-TOY releases the annual Performance Report for 2013/2014, focusing on our efforts to build a competitive company in a European market still marked by weakened customer demand
Financial results of the year:
In 2013/14 TOP-TOY’s financial performance was below target, though it is still an improvement compared to previous years. We have experienced a slight drop in same-store sales which can be ascribed mainly to a weakening of last year’s Christmas sales. As we have opened new stores, the total revenue in our retail business does, however, remain largely unchanged. In our wholesale business, however, we have seen a decrease in revenue.
|Revenue all TOP-TOY||4.100||3.972|
|Net Profit all TOP-TOY||57||122|
We acknowledge that the European market is still challenged and that we need to counter these challenges to realise our goal of an improved financial performance in 2014/15. We have therefore put into effect a line of initiatives to reduce operational costs and to enhance our customers’ experience of our products and service.
Simplifying the organisation
We have carried out a reorganisation and simplification of the team structure at our office locations. Departments and teams are being consolidated for a quicker and more efficient decision and approval process, in which fewer teams work with clearer roles and responsibilities to heighten the efficiency with which we bring products to market. Moreover, we have improved our forecasting in purchasing planning resulting in a reduced but optimised inventory.
Enhancing customer experience
Offering our customers a good shopping experience by means of great service and safe and appealing products of high quality remains at the very top of our priorities.
In 2014 we revitalised our BR brand and introduced our very own BR product line made out of wood sourced from responsible forestry in a crisp and contemporary design to display in our newly renovated BR stores.
We continuously work to ensure product quality and safety for our customers through our thorough and systematic testing procedures– in 2012/13 alone we conducted 5,156 inspections of final products.
We have boosted our online presence through a BR facebook page in Denmark and Sweden, a revitalised BR webshop and a customer self-service platform for our NORSTAR wholesale division. Moreover, a lot of work has gone into ensuring our customers a seamless and hassle-free shopping experience between off- and online stores.
Our goals for 2014/15
We intend to:
- Establish a freight-free click-and-collect service during 2014/15, enabling our retail customers to buy items online and collect them later in one of our stores
- Continue to open new stores in the Nordics
- Upgrade those of our BR stores that have not yet been renovated
- Conduct our human rights impact assessment and develop a human rights policy by 2014/15
- Develop and implement an environmental policy by 2014 and establish a baseline for energy consumption