Toi & Moi managed to narrow its losses, but not to ease the pressure on its balance sheet.
The Greek women’s clothing chain, which has already closed underperforming stores, is facing falling equity, negative working capital and a significant observation from its auditor over €1.46m in receivables for which the necessary provisions have not been made.
Toi & Moi’s turnover edged down 0.73% to €11.81m. Net losses narrowed to €383,374 from €502,336, while pre-tax losses fell to €402,535 from €642,697.
The most significant finding, however, is in the auditor’s report, in which he issued a qualified opinion. He notes that the company has not made adequate provisions for doubtful receivables of €1.46m. In his view, trade receivables and equity are overstated by the same amount, with a related impact of €321,775 on deferred tax.
The observation carries weight because Toi & Moi’s reported equity fell to €823,522 from €1.21m in 2024. Indeed, the impact of the adjustment, after the related tax effect, would leave equity negative. Equity has already fallen below half the share capital, triggering the provisions of Article 119 of Law 4548/2018 on the adoption of appropriate measures, according to the auditor.
On the commercial front, the company had 20 stores at the end of 2025. It had previously decided to close three underperforming outlets, at Mega Outlet Thessaloniki, Golden Hall and Mediterranean Cosmos, as part of a restructuring of its network.
Management expects to reduce operating costs while also seeking to boost sales.