The pet supplement NaturVet’s European sales jumped in the first 9 months of 2023.
Malmö-based pet care firm Swedencare posted revenues of SEK1.69 billion ($151.8M/€143.5M) from January to September. This is a 27% increase from last year when the company hit SEK1.33 billion ($119.4M/€112.9M) during the same period.
CEO Håkan Lagerberg commented that the pet portfolio’s performance during the first half of 2023 was better than in 2022, but he acknowledged the decline in certain products.
“Products, such as beds and leashes, and some super-premium brands on the feed side have seen a decline in demand, but in the areas in which we operate, it is still a good market,” he said.
During the same period, profit after tax fell to SEK71.6 million ($6.42M/€6M), down from SEK78.9 million ($7M/€6.7M). This follows the profit decline that GlobalPETS highlighted during the company’s half-year results.
Swedencare says it experienced its highest revenue ever during the quarter ending 30 September 2023. Revenue reached SEK602 million ($54M/€51.1M), increasing by 25%.
Net income in this quarter reached SEK38.1 million ($3.4M/€3.2M), an increase from SEK3.8 million ($334,700/€321,300) in Q3 2022.
Sales in North America during the quarter increased by 16% to SEK470 million ($39.5M/€42M) due to strong sales and the launch of new products. In 2022, North America accounted for 84% of the company’s revenue, whereas this year, it stood at 78%.
Swedencare says that NaturVet, a brand it acquired earlier in 2022, posted a record quarter both online and offline.
In Europe, global performance increased by 64% thanks to the “exceptional growth figures” of NutraVet in Spain, Greece and the Nordics.
“Just as in the US, I expect this product category to already be the largest for dog supplements in Europe in 2–3 years,” forecasts Lagerberg
The company says that their European trademark application for NaturVet by Swedencare® was approved and that they are planning to launch in the first half of 2024.
Swedencare also appointed ex-Petco Business Unit Leader Geoff Granger as the new CEO for NaturVet/Garmon. Lagerberg believes that Granger “is the right person to continue to develop both the brand and the company to new heights of success.”
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