Ekornes reports solid quarterly profit

PostedOn Ekornes reports solid quarterly profit

This year marks the 40th anniversary of Stressless, which is why Ekornes is particularly pleased to report another solid quarterly profit.

 At the end of the 1st quarter, Ekornes can report an operating profit of NOK 134 million from a total turnover of NOK 784 million. This represents an operating margin of 17.1 per cent. The group characterises the result as very solid, although it is slightly lower than its record, which was achieved in the same quarter last year.

"A general increase in raw material costs around the world is squeezing margins, and the market is still characterised by great uncertainty. The sales trend in the UK is particularly demanding for the group. On the other hand, we are pleased to say that sales in the USA are good," says CEO Øyvind Tørlen.

Ekornes intends to continue its bonus scheme tradition. Based on the 1st quarter's operating margin, the employees could be in line for a bonus of 64 per cent of one month's pay.

Ekornes is currently in the process of bringing online the new building and a lot of new equipment in its Ikornnes factory.  The major investment programmes were completed on time and within budget. This was possible thanks to good planning and execution, both by our own employees and external contractors.

"We are particularly pleased that Stressless Magic, which we launched this anniversary year, has been very well received by dealers the world over," says Øyvind Tørlen.