Musti reports strong quarter, keeps yearly targets

Helsinki-based pet retailer Musti Group hit €‎103.3 million ($113.9M) in sales from April to June 2023, marking an increase of 8.2% from €95.5 million ($105.3M) in the same period last year.

The stores grew to 341, opening 12 new stores by the end of Q3 2022. Its loyal customer base grew to 1.52 million from 1.40 million last year.

CEO David Rönnberg welcomed the “solid” quarter and highlighted that consumable – that represented 7 out of 10 purchases – remained “strong sales pillars” throughout the quarter.

“Our ability to combine a growing portfolio of products, services and advice into convenient propositions for pet parents is a key enabler of how we consistently outgrow the markets in which we operate,” he says.

The bigger picture

From October 2022 to June 2023, Musti generated net sales worth €315.4 million ($347.7M). This marked a 9% change in net sales growth compared to €289.3 million ($318.9M) the year before.

Operating profit increased to €27.1 million ($29.8M), rising 21.5% from €22.3 million ($24.5M).

The Nordic retailer aims for its net sales to reach at least €500 million ($551M) by the end of FY 2024 through the “continuation of strong customer acquisition momentum and increasing share of wallet.”

David Rönnberg also commented on the progress since its acquisition of Finnish Premium Pet Food Suomi Oy’s factory in Lieto, Finland, saying that integration work has been progressing “very well.”

According to Rönnberg, the factory has allowed them to “deepen” their commitment to sustainably produced products.