Musti sales increase by 12% in first quarter
The Nordic pet care retailer, which opened more than 20 shops in the period, believes that it is on track to deliver yearly sales of half a billion euros by 2024.
The company posted net sales of €92.4M ($97.4M) against €82.4 ($86.9M) in the same period of 2021. In the period between October 2021 and March 2022, sales accounted for €193.8M ($204.3M), 16.2% more.
CEO David Rönnberg said that “a very strong first quarter” at the end of the year turned into a “turbulent” one during the first months of 2022, including the price inflation and the war in Ukraine.
“It has been reported that the economy is suffering from declining consumer confidence with consumers tightening their spending. In Musti’s case this impacted February and early March with the second half of March seeing a return to normal levels, continuing into April where we have seen strong sales growth of 18% over the comparison month in 2021,” he said.
The retailer said it increased the share of its own and exclusive products to 53.0% (+1.6%) during the first half of the financial year leading to a “very strong” gross margin development.
In the last quarter of 2021, Musti grew to € 101.3 million ($115.6M) in sales, a 20.2% increase.
A couple of months ago, Musti appointed new managers for the Norwegian, Swedish and Finnish markets and for its online business to enhance its customer strategy. According to Rönnberg, this gives the company possibilities “both to reach scale effects and improve efficiency and to further enhance the customer focus orientation in all the markets.”
The pet care specialist company expects to hit €500 million ($527.2M) in net sales by 2024 with the continuation of strong customer acquisition momentum and increasing share of wallet.
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