IC Group posts 4.8 percent revenue reduction in Q1

IC Group has announced that consolidated revenue for the first quarter of 2017/18 amounted to 810 million Danish krone (127 million dollars), a reduction of 4.8 percent or 4.4 percent in local currency. The company said, revenue decreased in the wholesale channel whereas the retail channel reported increased revenue driven by higher same-store revenue as well as the full-year effect from new stores. The gross margin amounted to 58.3 percent compared to 56.1 percent reported last financial year.