Online shopping giant VidaXL's profits fell sharply to €29.8 million in 2023, down sharply from €260 million in 2022. The exceptional profits in earlier years were largely the result of property deals, such as sale-and-lease-back constructions. Sales also fell slightly, from €760 million to €736 million, mainly due to decreased demand outside Europe for the home and garden products in which VidaXL specialises. Quote reported.
In response to the disappointing figures, the founders, Wouter Bakker and Gerjan den Hartog, have decided not to pay a dividend this year. Their focus is expected to be on stabilising sales and strengthening VidaXL's market position.
Source: Quote
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