E-commerce is highlighted as a central driving segment for sales. Online sales grew faster than the rest of the business and now account for approximately one-third of the group's total turnover. Growth in e-commerce occurred in parallel with a decrease in the proportion of operating costs to turnover.
Passing 50 billion is a milestone we are proud of, and we have celebrated it properly. It was a goal we aimed for during the pandemic years, but we did not reach it then. Now we have succeeded – and the credit for that goes to our over 10,000 fantastic colleagues in Norway, Sweden, Denmark, Finland, Iceland, the Faroe Islands and Greenland, says CEO Fredrik Tønnesen.
The group reports growth in three of its four main markets. Elgiganten in Sweden increased by 8.4 percent in local currency. Elkjøp Norway and Elgiganten Denmark grew by 7.6 and 6.2 percent respectively. In Finland, a decline of 2.1 percent was noted for the Gigantti brand.
Over 17 Billion in Sweden
Turnover was highest for Elgiganten in Sweden, landing at approximately 17.5 billion Swedish krona (17,894 MNOK).
We have delivered growth and better profitability at the same time, in an industry with fierce competition. What I am most proud of is the way we have achieved it, says Tønnesen.
The last few years have been demanding for the entire industry, with high interest rates and tight household budgets. We have kept the focus on what we can control – keeping costs in check and becoming even better at what we do for customers – and that is now yielding clear results.
Within the kitchen segment, the group's own brand Epoq has reported double-digit growth in the last two years. The company also announces that the start of the new financial year has been marked by increased demand for televisions, which is attributed to the recently played football World Cup.