Musti maintains growth in both offline and online channels
Sales of the Nordic pet retailer group accounted for €95.5 million in the first half of 2022, an increase of 15.5%.
Musti Group opened 21 new stores in this period, reaching 329 in total. The number of loyal customers also grew to 1.4 million, compared with 1.2 million in the same period for 2020.
Sales of the Helsinki-based company showed “convincing development” with purchases in physical stores accounting for €73.2 million (+22.3%) and e-commerce reaching €1.6 million (+8.6%).
CEO David Rönnberg noted to investors that the group is performing “extremely well.”
“We expect to benefit from the strength and breadth of our footprint in our markets with our unique multibrand omnichannel network. I am confident with the strong future performance when the new stores are running with all cylinders,” he added.
Long-term targets
The Nordic pet care retailer also updated its growth forecast and is now expecting to reach at least €500 million in net sales in 2024, betting on “customer acquisition momentum and increasing share of wallet.”
“We are progressing as planned in executing our long-term financial targets for the financial year 2024 and are well placed to withstand continuing challenges in economic environment to support our customers. That is the Musti way forward – to be the trusted partner for pets and their parents. In both favorable and challenging times,” commented Rönnberg.
The pet care company recently appointed new managers for the Norwegian, Swedish and Finnish markets and for its online business to enhance its customer strategy.