Press Release - 03.11.2022 - 09:50
ILVA sustains ten figure turnover in a difficult market
Despite general uncertainty in the market, the interior and furniture chain ILVA sustains its high turnover level and once again exits the financial year in the black.
For the second consecutive year, ILVA delivers a strong result for the fiscal year with a turnover of a little over DKK 1.7bn and 91m in earnings before interests and taxes. This despite an all-time low consumer confidence and pronounced uncertainty in the market caused by the aftermath from covid and the war in Ukraine. Similarly, last year’s result reached DKK 1.7bn in revenues and DKK 100m in earnings before interests and taxes.
”In the light of a year with increasing uncertainty amongst consumers, we are very satisfied with our result,” says CEO of ILVA, Martin Hallund.
Especially during the final quarter of the staggered fiscal year, ILVA has been able to detect the uncertainty of the customers. It was manifested in the number of customers visiting the stores during the summer, where many Danes made it a priority to travel after a couple of years with covid-restrictions.
”The fact that we still manage to sustain our turnover level is highly due to our dedicated employees who have excelled at executing our strategy,” Martin Hallund states.
Expansion still on the agenda
Despite the continued uncertainty in the market, ILVA maintains its growth strategy and in addition to two new stores in Denmark, focus is on expanding the chain in Sweden as well:
”We are sticking to our planned expansion in Sweden and in the latest financial year we have opened three new Swedish stores in Kristianstad, Halmstad, and Helsingborg respectively,” says Martin Hallund. Counting the existing store in Malmø, there are now four ILVA stores in Sweden and the goal is to double that number during the coming fiscal year.
Digitally, ILVA is also pursuing growth. Online sales made up 14 percent of revenues in the latest fiscal year. In comparison, online sales made up eight percent of revenues prior to the pandemic.
New man at the helm
It is the first time that ILVA announces its results with Martin Hallund at the helm. He took over as CEO after Rami Jensen on 1 September 2022 but has been part of ILVA and the former Idémøbler for more than 25 years. In his latest position as Retail Director, he was involved in forming the strategy, which has turned significant deficits into profits over the last couple of years at ILVA. However, it is difficult to predict what the future holds, Martin Hallund says.
”If you had asked me last year about my expectations for the latest financial year, I do not think many of us could have imagined the reality we are all facing now,” he says.
”But we are maintaining our strategic direction for the long-term and with another strong financial year to lean on, ILVA is well equipped for the future,” Martin Hallund concludes.