Musti posts growth in Q3 but profits remain under pressure

Nordic pet retailer Musti Group reported a 14.2% year-over-year (YoY) increase in net sales, reaching €127.3 million ($140M) in Q3 2025.

This was driven by strong growth in Norway and Finland as well as the acquisition of Pet City in the Baltics, which contributed €8.7 million ($9.6M) to net sales. 

The company registered a small profit of €200 thousand ($230K), representing a 93.7% decrease YoY. 

“We are not satisfied with the current profitability; however, we are confident that all the actions underway will continue to improve efficiency and support the scalability of the business, and we are seeing signs of improvement in our financial performance,” says David Rönnberg, CEO of Musti Group.

Store and online sales 

Store sales rose 17.2% to €96.6 million ($106M) after the group opened 5 new stores in Q3, bringing the total to 135. Like-for-like store sales growth rebounded to 2.8% during the period, from negative 3.9% last year.

On the other hand, online like-for-like sales growth was 1% in Q3, down from 9.4% during the same period last year.

“Musti’s positive trend continued in Q3. Strong sales growth underpinned further market share gains, extending our leadership in a rebounding market,” says Rönnberg.

9M 2025

For the first 9 months of 2025, total net sales grew 14.3% to €368.9 million ($406M), with growth recorded across all markets, particularly in the second and third quarters. The Pet City acquisition in the Baltics increased net sales by €26 million ($28.6M).

Musti Group posts a €4.2 million ($4.9M) loss from January to September 2025, almost double the figure for the same period in 2024.

Store sales reached €276.6 million ($304M), a 17% growth supported by the opening of 12 directly operated stores and the acquisition of 2 third-party stores. Like-for-like store sales growth was 3.2%, rebounding from a negative 3.1% last year.

Meanwhile, online sales reached €85.5 million ($94M), rising 6.4% YoY and accounting for 23.2% of the total net sales. Like-for-like growth in online sales was 4.1%.

Performance by region

Musti’s Finnish operations posted a 3.8% increase in net sales to €144.9 million ($159M) in the first 9 months of FY2025. 

Of this, €49.8 million ($55M) came from Q3 sales, which also rose 3.8% YoY.

In Sweden, net sales rose 4.8% to €137.5 million ($151M), driven by new store openings and acquisitions over the last 12 months. During the period, Musti Sweden opened 3 directly operated stores and acquired 2 third-party stores, one of which was acquired in Q3. 

Net sales in Q3 were €47.3 million ($52M), reflecting a 3.9% increase.

Net sales in Norway for 9M FY2025 grew 16.2% to €60.5 million ($66.5M). This growth was driven by new store openings over the past year and a 10.6% like-for-like sales increase. 

In Q3 2025, 2 stores opened and net sales rose by 19.6% to €21.6 million ($23.8M).

Sales in Musti’s Baltic business were weighed down by the activities to fully integrate the Baltics into Musti’s concept and platforms. However, in Q3, the financial performance improved due to the continuous integration process but was negatively affected by the weak consumer climate in the Baltic markets.

Guidance

For FY2025, Musti expects a gradual return to long-term market growth levels of approximately 4%.

“The underlying trend of pet parenting that drives long-term structural market growth remains robust,” says Rönnberg. “[The] number of puppies and kittens that has been a drag on growth after covid-related peak levels are stabilizing and returning to long-term average levels.”

In addition, macroeconomic forecasts indicate improving spending power across the Nordics gradually towards 2026, due to improving gross domestic product (GDP) outlook, lower interest rates and wage increases, the company concludes.