Norwegian marine clothing brand Helly Hansen has reported strong financial results for 2011 and is claiming to have had a record first quarter in 2012.
The company’s 2011 EBITDA jumped almost 50 per cent to $24.9 million, following a 17 per cent increase in revenues to $275 million. For the first quarter of 2012 revenue also grew by nearly 15 per cent. Helly Hansen claims its performance is driven by a combination of revenue gains and improvements in processes and reduced operating costs.
”The secret behind Helly Hansen’s success is better operating efficiency throughout the entire value chain, along with insightful design and marketing investments that fuel brand heat,” explains Peter Sjölander, CEO of the Helly Hansen Group.
Key markets for Helly Hansen in 2011 were the US and Canada as well as Norway, where sales rose 15 per cent despite the amicable split from the country’s largest retail partner.
According to the report, the outlook for 2012 continues to be positive for the company. Helly Hansen anticipates a 16 per cent increase in revenues for Spring 2012, “a growth driven primarily by Asia, North America and the Nordics,” a statement reads. The company foresees a third year of record results in its outlook for the whole of 2012.
”2010 was the turn-around year for Helly Hansen, reversing a pattern of negative numbers and beginning a trend of healthy growth and profits. While we were proud that 2010 set a new record and milestone for the brand, we’re even more pleased to conclude that 2011 eclipsed that mark to become our new 'best year ever'. Year-by-year we are still becoming better at what we do, and the positive Q1 2012 results are further evidence that consumers are increasingly investing in our brand and business. We see Helly Hansen continuing on this positive journey toward the billion dollar mark,” comments Sjölander.