2 March 2022
The firm went from profits of Ch$ 4,719 million in 2020 to Ch$ 39,349 million in the last fiscal year.
Forus reported a positive year-end. The company reported earnings attributable to owners of controlling interest in 2021 of Ch$ 39,349 million, strong growth compared to the Ch$ 4,719 million obtained in 2020.
“In 2021, which was a profoundly transformative year for Forus, in which we consolidated our omnichannel model, advanced in the digitalization of our operations, incorporated new international brands, automated our distribution center and optimized our store footprint, Forus achieved the best results in our history, measured not only in revenues, but also in gross profit, EBITDA and net income, demonstrating our renewed commitment to always be Consumer Fanatic and, also, to pursue growth that is also always profitable and sustainable” said the company.
As reported to the Financial Market Commission (CMF), Forus generated 2021 revenues of Ch$ 294,690 million, an increase of 59.8% over the Ch$ 184,449 million obtained in the previous period. In the fourth quarter of last year (October-December), sales grew 43.5%.
At the consolidated level, revenue from the direct-to-consumer (DTC) segment, represented by its omnichannel platform comprising stores, its own e-commerce websites as well as sales from third-party marketplaces, grew 32.5% (and represented 78% of the total), while sales from the wholesale segment (22% of the total) grew 103.3%.
“The DTC segment’s revenue growth this quarter was mainly driven by the return of our customers to our stores, thanks to the relaxation of mobility restrictions, especially in Chile, and also by the optimization of our store footprint, which we have been implementing over the last two years and in which we closed 121 underperforming stores (with lower sales per square meter and lower profitability) and selectively added stores for our new brands, specifically Under Armour and VANS in Chile.”
“With this store optimization strategy, we are becoming a more efficient, leaner company (with fewer fixed expenses indexed to inflation), more agile (to adapt to an ever-changing industry) and more flexible (in the way we manage our stores)”, said Forus. During the fourth quarter of last year, the company closed 26 stores and opened two shops.
Consolidated digital revenues grew 25.7% and represented 33% of DTC revenues and 26% of Forus' total revenues in the 2021 period.
Finally, the firm announced that on January 28th it acquired 51% of Lifestyle Brands of Colombia (LBC) and 49% of Forus Colombia, with which Forus obtained 100% ownership of these two companies, which previously were part of a joint venture formed in 2012 together with Wolverine Worldwide in Colombia.