Swedencare CEO: Q1 2023 was the ‘strongest’ ever

Swedish-based Swedencare released its earnings report covering the months of January to March 2023, a period that CEO Håkan Lagerberg hailed as “the strongest ever.”

The firm posted revenues of SEK 523.2 million (€‎46.14M/$50.94M), 39% more than the first 3 months of 2022. The organic growth increased by 10%.

According to the report, the positive trend is thanks to export sales, particularly in Asia and South America, which gained momentum during the quarter.

Swedencare’s profit after tax in Q1 2023 amounted to SEK 17.2 million (€‎1.52M/$1.68M) against SEK 14.7 million (€‎1.30M/$1.43M) in the first quarter of 2022.

European business on the rise

Lagerberg highlighted the stabilization of e-commerce and said Swedencare sees a trend as consumers continue to migrate online. “We see sales increases of over 30% in this channel on our major markets.”

The majority of revenue was distributed between North America, which contributes 81% of the company’s revenue, and Europe, which accounted for 16%. The business in the European region increased by 34% in a year.

Lagerberg also noted that 2022 inventory trimmings “heavily impacted” the company but clarified that they were diminishing and hoped that the next quarter of 2023 would be the last period to be impacted.