Cost-saving program benefits Wulff
| 16 May, 2014
Scandinavian reseller Wulff has reported net sales totaling €19.8 million for the first quarter of 2014, down from €22.7 million, with an operating profit of €300k.
Employee benefit and other operating expenses were affected by the cost-saving program performed in the end of 2013. The cost-saving program is expected to achieve annual savings of €2.0 million which are estimated to impact the result mainly in 2014.
Wulff Group’s CEO Heikki Vienola said: “The market situation has remained difficult in the beginning of 2014. The cost-saving program performed in the end of 2013 had an expected effect in the first quarter. We are developing cost-efficient electronic order services which enable us to serve our clients in a modern and cost-efficient way. Wulff Entre’s establishment in the Swedish market has come off according to plan and I see great opportunities in growth there in the future.”