Net sales at the EDRA/GHIN member & Swedish home improvement group Byggmax rose by 22.9% in the first quarter to SEK 879m (EUR 81m). Like-for-like sales increased by 20.7% calculated in local currency. The coronavirus crisis contributed to these unusually high growth rates but was not the sole reason. 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% 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.” He continued “E-commerce continues to be a strength for our Group, and the online share of sales amounted to 18%.”
The company believes that the Nordic consumer market for building materials increased strongly in the first quarter, probably by around 10-15%, with a larger increase for outdoor products.