High hopes for 2002

21 May 2002

The Elmo Leather Group have reported a 12% increase in group sales during 2001 to reach SEK985 million (US$95 million). Operating losses were SEK108 million (US$10 million). The main reasons for the decline are the restructuring costs incurred in shutting down production in the US, escalating raw hide prices and lower sales volumes in north America. Elmo hope that the fall in demand for furniture leather both in the US and Europe will improve in 2002, although demand remains weak at present. Orders for automotive leather are unchanged and remain stable. Elmo believe that production restructuring and a concentrated product suited to one global Elmo range will mean annual cost savings that will have a positive impact on profits during the current year. Part of the groups sales volume in north America this year will be lost following the US plant closure.

Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.