Ecco 2011 Income Up

Ecco 2011 Income Up
A women’s style from Ecco's spring ‘12 Lite collection of training and casual wear shoes

Danish comfort brand Ecco reported double-digit growth in both top and bottom lines in 2011.

Net income for the full year surged 35.3 percent to 554.6 million kroner, or $97.9 million at current exchange, from 410 kroner, or $72.4 million, the previous year.

Revenue gained 16 percent to 7.09 billion kroner, or $1.25 billion.

The firm attributed the results to successful launches of new collections. Ecco’s COO, Michael Hauge Sørensen, said in a statement, “In terms of products, we were spot-on with our collections, which were well received all over the world.”

Ecco said that while its business in Europe was weak due to economic woes in the region, Asia and North America showed strong growth during the year. The firm expects 2012 sales to show further growth “based on confirmed new orders for the spring season and early indications for the [fall].”

Ecco ended fiscal 2011 with cash totaling 2.93 billion kroner, or $517.3 million, and debt of 1.96 billion kroner, or $346 million.

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