April 29 22
Commerce

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ZEITREEL REACHED 345 MILLION EURO IN 2021

Owner of the Salsa, Mo, Zippy and Losan brands, the Portuguese company Zeitreel reached a total turnover of 345 million euros in 2021, slightly above 2020. These results had a particularly positive contribution from the international B2B businesses (wholesale and franchising).

In a statement, the Sonae group adds that the fashion business has shown “relevant progresses in all brands: Salsa has developed several corner stores with leading multi-brand partners; MO got a new international managing partner; and Zippy and Losan benefited from a joint wholesale approach of both brands”.

In terms of profitability, Zeitreel recorded an 27 million euros EBITDA, an increase of 14 million euros when compared to last year. “It is important to highlight that this improvement in profitability was achieved in a challenging context, namely relevant increases in cost such as energy and wages, and with serious disruptions in the supply chain”, says the statement.

At the end of 2021, the Sonae group as a whole obtained a net income of 268 million euros, almost quadrupling the results of 2020 (71 million), and registering a growth of more than 100% when compared to the 131 million reached in 2019.

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