What: The Belgian company is back to profitability after having lost more than €20m in the past two years.

Why it is important: The company is in a similar situation experienced by Magasin du Nord a few  years ago, by being profitable and growing but owned by a parent company deeply in trouble.

Belgian department store chain Inno is back to profitability after ending 2020 with a loss of €10,1m and 2021 in similar numbers. In 2022, the department store company expects to end the exercise with a positive EBITDA of €10m.

This is the result of 21 strategic projects, some of which were detailed in the IADS Exclusive article dedicated to Inno, including its own procurement strategy, dedicated ERP, and the company expects sales to rise to €350m in 5 years, up from €314m this year.

Since most of Inno’s operations are disconnected from its owner, Galeria Kardstadt Kaufhof, the difficulties experienced by the German parent company do not have any impact on Inno.

Inno is back to profitability after 2 years