ELKJØP EXCEEDS NOK 50 BILLION

That is according to Elkjøp Nordic chief executive Fredrik Tønnesen, in a press release issued on 2 July. He points out that the result has been achieved in an industry with cut-throat competition.

– What I am most proud of is the way we achieved it, says Tønnesen.

Elkjøp Nordic has a non-standard financial year, and the figures apply from May 2025 up to and including April 2026. Revenue of NOK 50,902 million is up 6.8 per cent from the previous year (6.2 per cent currency-neutral). Adjusted operating profit was NOK 1,300 million, an increase of 27.6 per cent from NOK 1,019 million the year before, and the operating margin strengthened from 2.1 to 2.6 per cent.

– Passing 50 billion is a milestone we are proud of, and one we have celebrated properly. It was a target we were aiming for as early as the pandemic years, but which we did not reach at that time. Now we have managed it, and the credit goes to our more than 10,000 fantastic colleagues in Norway, Sweden, Denmark, Finland, Iceland, the Faroe Islands and Greenland. They are the ones who have brought us here, says Tønnesen in the press release.

One third online

It goes on to say that the chief executive’s greatest satisfaction is that the growth came together with improved profitability.

– Recent years have been demanding for the entire industry, with high interest rates and tight household budgets. We have kept our focus on what we can control ourselves, keeping costs in check and becoming even better at what we do for customers, and this is now delivering clear results, says Tønnesen.

Operating costs fell as a share of turnover, and online sales grew faster than the rest of the business and now account for around one third of turnover.

Satisfied customers and employees

It is pointed out that both customer satisfaction and employee satisfaction reached record levels during the year, with progress in all four major markets.

– The results are so strong that the company has had to set itself even higher long-term targets, it says.

– The recipe is simple, but demanding: satisfied employees create satisfied customers, which in turn deliver good results. The fact that both employees and customers are more satisfied than ever shows that good figures and a good workplace are closely linked, says Tønnesen.

Growth in three out of four countries

Three of the four major markets grew in local currency: Elgiganten Sweden (+8.4 per cent), Elkjøp Norway (+7.6 per cent) and Elgiganten Denmark (+6.2 per cent). Gigantti in Finland ended down 2.1 per cent in a still weak Finnish market, it says.

– Elkjøp Nordic remains the clear market leader in the Nordics, with a total market share of around 28 per cent, the press release states.

– Being the market leader in the Nordics is not something we take for granted. It is a position we must earn again every single day, says Tønnesen.

Strong growth in kitchens

Elkjøp’s own kitchen brand, Epoq, has delivered double-digit growth for two years in a row in a Nordic kitchen market that has declined overall. The Nordic kitchen brand is strengthening its position in all the Nordic markets.

– It appears that people across the Nordics have become really fond of Epoq. Nordic customers want superb quality at a good price, and that is exactly what our own kitchen brand delivers. That we are growing strongly and taking share in a market that is otherwise declining is a strong achievement by our colleagues, says Tønnesen in the press release.

Pleased with the start

It is further stated that Elkjøp Nordic is very pleased with the start of the new financial year, in which the Football World Cup has created a championship atmosphere in the Nordics and contributed positively to demand, not least for new TVs.

– We are pleased with the start of the new year, helped considerably by World Cup fever. When a major championship is under way, many people choose to experience the matches on a new and larger screen, and we are noticing that. There is still much to do, but we are looking forward to what comes next, says Tønnesen.

Elkjøp Nordic is one of the Nordic region’s largest retail companies in consumer electronics and white goods, with operations in Norway, Sweden, Denmark, Finland, Iceland, the Faroe Islands and Greenland. The company is part of Currys plc, where Fredrik Tønnesen on 3 August will take over as chief executive.