Musti Group reports record-breaking quarter
The Nordic pet retailer highlighted the strong achievement despite current headwinds.
The Helsinki-based pet retailer said it registered the best quarter in its history, with a revenue increase of 10% to €101.8 million ($112.5M).
In the first half of its financial year, from October 2022 to March 2023, sales totaled €212.1 million ($234.3M). Operating profit grew by 10.1% to €17.2 million ($19M).
The company said more than half of sales account for pet food, mainly due to recurring purchasing habits. Consumables categories, including treats and hygiene, had “relatively steady growth” in the period, while the accessories trajectory remains positive.
Strong achievement
CEO David Rönnberg highlighted that the company’s performance is “a very strong achievement given the macro-economic environment.”
All 3 of Musti’s operating regions experienced a revenue increase. Norway registered the sharpest climb with 15.5% compared to the previous year, totaling €15.2 million ($16.7M). Finland (+10.9%) and Sweden (+7.2%) followed.
The Nordic retailer has opened 18 new stores since January 2023, and loyal customers increased by 10.1% to 1.5 million. Online sales account for 23.8% in the first 3 months of the year. In the same period of 2022, they accounted for 23.6%.
Rönnberg also highlighted the recent acquisition of the pet food factory Suomi Oy earlier in April will allow the company to respond to increasing demands. Musti expects to reach minimum net sales worth €500 million ($552.6M) by 2024.
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