North America continues leading Swedencare’s sales

In the first 9 months of 2024, the Swedish pet care firm recorded SEK 1.8 billion ($175.4M/€162.2M) in revenue, up from SEK 1.69 billion ($159.3M/€147.3M) during the same period last year.

Organic growth reached 10% from January to September this year, slightly down from last year’s 12% rate.

Similar to last year, the North American market led sales, making up 77% of total revenue at SEK 1.4 billion ($132.1M/€122M) – a 7% year-on-year (YoY) increase.

Sales in Europe increased by 32% to SEK 394.4 million ($37M/€34.2M), representing 20% of the business between January and September. Sales in other international markets declined by 17% to SEK 39.1 million ($3.7M/€3.4M).

Swedencare’s portfolio was bolstered this year by the strategic acquisitions of Canadian veterinary distributor MedVant and American pet treat company Riley’s Organics.

Quarterly financials

In Q3 2024, Swedencare’s revenue increased by 6% YoY to SEK 641 million ($60.2M/€55.6M), up from SEK 602 million ($56.5M/€52.3M) in the same quarter of 2023.

Profits fell to SEK 24 million ($2.3M/€2.1M), down from SEK 38.1 million ($3.6M/€3.3M) during the same period last year.

The North American market, which made up 75% of Q3 revenue, rose 2% to SEK 480.8 million ($45.1M/€41.7M), driven largely by e-commerce and manufacturing. Europe had the strongest growth at 30% YoY, contributing SEK 145.5 million ($13.7M/€12.6M) or 23% of total revenue, led by sales on Amazon UK.

Challenges in the Chinese manufacturing sector impacted the company’s performance across the rest of the globe, which decreased 28% to SEK 14.7 million ($1.4M/€1.3M).

NaturVet

Swedencare’s largest pet supplement brand, NaturVet, saw a slight decline between January and March 2024.

The company’s decision to manage Amazon sales directly from 2026 brought all revenue and marketing control in-house from its current partner. According to Swedencare, this impacted sales to the current Amazon partner but left end-consumer sales unaffected, as Amazon sales saw 13% growth.

The company says that NaturVet’s sales were also impacted by a “significant” retail client discontinuing a large private-label concept previously supplied by NaturVet, which has yet to be replaced.