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According to Musti Group, the good growth is partly explained by the increase in the number of pets. LEHTIKUVA / ONNI OJALA
The adjusted ebita operating profit of the pet food company Musti Group more than doubled to EUR 6.4 million in April-June compared to the same period last year. Net sales increased by almost EUR 10 million to EUR 68.8 million, which means more than 16 percent.
According to the company, the increase is partly explained by the fact that the number of registered puppies in Sweden increased by 14% during the same period, compared to 5% a year earlier. Developments have been similar in Finland and Norway.
During the quarter, the company says it has continued to focus on increasing its market share in all markets and mainly in Sweden and Norway. For this reason, 20-25 new stores will be opened during the financial year 2020.
– We believe that trends that support the pet market, such as the megatrend of pet parenting and the increase in the number of pets, will continue to support strong growth. This increased demand will give us even better opportunities to increase our market share in the future using the omnichannel business model, says CEO David Rönnberg in the press release.
E-commerce sales grew by approximately 37 percent and accounted for a quarter of total revenue for the quarter. Its growth was fueled by the corona epidemic, which led people to switch to online shopping more than usual.
The number of stores increased by 16 compared to the end of June 2019, ie a total of 290 at the end of last June, of which 227 were their own.