Boost for Ekornes in second quarter

Posted On Stressless Legend and Stressless Magic

Ekornes’s report for the second quarter shows a rise in both revenues and results. Pre-tax profit totalled NOK 101 million, compared with NOK 60 million in the same period last year.

Gross operating revenues totalled NOK 666 million in the quarter, compared with NOK 650 million in the same period last year. Operating profit rose by 37 per cent to NOK 96 million, compared with NOK 70 million last year.

“The improvement in profitability is very pleasing. It is the result of both higher sales revenues and lower costs compared with the second quarter 2011,” said Ekornes CEO Øyvind Tørlen.

Growth in order receipts

Order receipts also increased during the second quarter. Excluding the impact of exchange rate fluctuations, Ekornes’s order receipts were six per cent higher than in the same quarter last year. For the first half year as a whole the corresponding increase in order receipts was four per cent.

“It is extremely positive that Ekornes can point to a growth in order receipts during a period of such global economic turbulence. This confirms once again our solid foundations,” said Tørlen.

During the first six months of the year Ekornes recorded higher order receipts in Norway, Central Europe, the UK, USA and Japan. The other Nordic countries as well as Southern Europe and Asia saw a fall in order receipts during the first half.

“Furniture markets around the world are generally extremely demanding. Ekornes is therefore maintaining a strong focus on its marketing and sales efforts in order to tackle these challenges in the best possible way,” Tørlen concluded.