Ekornes generated revenues of NOK 2.87 billion in 2010, an increase of 10.8 per cent or NOK 280 million compared with 2009. Operating profit totalled NOK 534 million, an increase of 6.9 per cent or NOK 34 million compared with the year before. Profitability is very good, with an operating margin of 18.6 per cent.
Order receipts in 2010 were NOK 50 million higher than in 2009, measured in local currencies. Particularly pleasing is the situation in the United States and Canada. Order receipts in this market grew by 16 per cent in the year as a whole, but climbed as high as 25 per cent in the last quarter. The Board proposes a dividend of NOK 9 per share for 2010, a total of NOK 331.5 million.
CEO Øyvind Tørlen is proud and delighted that Ekornes can deliver records in both revenues and earnings in a year when much of the furniture sector was badly affected by the uncertain economic climate. He believes a key reason for this growth is the substantial efforts that have been made both by the Group and its partners in the various markets. A bonus of 75 per cent of monthly salary to all employees in 2010 is well deserved. “There are few payments of NOK 37 million that I make with greater pleasure,” he said.
Despite the record figures, it cannot be denied that several markets are posing a challenge for Ekornes. “We have a job to do to start growing again in Norway and Denmark. These were the two weakest markets for us in 2010,” said Mr Tørlen.
This year, Stressless® can celebrate its first 40 years at a time when the brand is stronger and more powerful than ever. Market research shows that more than 70 million people worldwide know the Stressless® brand, and this is a good starting point for further growth. “We see a clear connection between the number of people who know our brand and development in sales,” says Ekornes CEO Øyvind Tørlen.