Innovation increases sales of AB “Utenos trikotažas“

The company’s total sales in the third quarter of 2014 increased by 14.7% when compared to the same period in 2013, and amounted to LTL 17.5 million (EUR 5.1 million).

In the third quarter of 2014, AB “Utenos trikotažas“ group generated consolidated sales of LTL 20.4 million (EUR 5.9 million) and accounted for 12.2% increase when compared to the corresponding period last year.

“Production of wool, initiation of the material production using wool and silk, and merino wool products of fine microns are a new and growing market segment of AB “Utenos trikotažas“ which allows to boost sales especially towards the cold season, while ensuring a greater corporate profitability. The idea of online trade in the company’s products has surpassed expectations, i.e. online sales at www.utenostrikotazas.lt and www.aboutwear.com are getting a considerable momentum in both the Lithuanian and the European markets,” says Gintautas Bareika, Director General of “Utenos trikotažas“.

During the nine-month period of 2014 the company sales surged to LTL 41.2 million (EUR 11.9 million) representing a 5.3% decrease when compared to the same period in 2013. AB “Utenos trikotažas“ reports consolidated sales of LTL 51.1 million (EUR 14.8 million)  for the third quarter of 2014 showing a 1.8% slump when compared to the corresponding period of the previous year.

Having updated its strategy the company turned from less profitable orders to the higher value-added production. Investment in innovations and development of new materials has allowed the largest Lithuanian textile company AB “Utenos trikotažas“ to enter the new market segments and gradually increase its sales.

“More and more clients find us as a factory producing materials of a wide-range profile. Depending on their needs, AB “Utenos trikotažas“ annually produces about 130 materials of different modifications,” says Gintautas Bareika.

Approximately 50 brand new materials are developed by the company on a yearly basis by using the most recent fibre or special knitting technique. “When creating new materials, we first think about the clients and those, who buy their production. By offering innovations and new high-quality products we help our clients to compete thus strengthening our partnership and attracting new clients,” says Inga Prievelienė, Head of the Technology and Innovation Department of AB “Utenos trikotažas“.

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