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“Stay at home” effect contributes to Byggmax’s 23 per cent growth

In the first quarter 2020, Buyggmax's ike-for-like sales increased by 20.7 per cent.

In the first quarter 2020, Buyggmax's ike-for-like sales increased by 20.7 per cent.

Net sales at Swedish home improvement group Byggmax rose by 22.9 per cent in the first quarter to SEK 879 mio (EUR 81 mio). Like-for-like sales increased by 20.7 per cent calculated in local currency. The coronavirus crisis has also contributed to these unusually high growth rates. According to a press release from the company, "the Covid -19 virus has tragic and challenging effects on our society, however the financial impact on Byggmax Group in the first quarter has been positive".

In a detailed commentary, president Mattias Ankarberg writes: "The quarterly sales growth of 23 per cent was driven by three factors with largely equal impact: good market growth throughout the quarter, own initiatives to drive organic sales, and an additional 'stay at home effect' that further boosted demand during the second half of March. E-commerce continues to be a strength for our Group, and the online share of sales amounted to 18 percent."

The company believes that the Nordic consumer market for building materials increased strongly in the first quarter, probably by around 10 to 15 per cent, with a larger increase for outdoor products.

|21 April 2020 | 16:38


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