Musti Group, the Finnish retail giant, disclosed its Q4 2023 financials, unveiling a robust 8.4% surge in net revenue to 110.4 million euros compared to Q3. The annual report for fiscal 2023 showcased a substantial net sales figure of 425.8 million euros.
Analyzing the regional breakdown, Finland experienced a noteworthy 12.7% increase in net revenue, reaching 50 million euros in Q4 and contributing to a yearly total of 190.0 million euros in 2023, with no alterations to the store network during the quarter.
Across the border in Sweden, earnings grew by 2.2% in Q4, totaling 43.4 million euros, while the fiscal year concluded with revenue hitting 170.9 million euros. Notably, a new directly operated store opened, while a franchise store exited the chain.
Meanwhile, Norway reported a robust 13.1% earnings growth in Q4, reaching 17 million euros, and a yearly total of 65 million euros. Noteworthy changes in Norway included the opening of two directly operated stores and the closure of one directly operated store.
With optimism, the company affirmed its trajectory towards achieving long-term financial targets, stating, “We are on track to reach the long-term financial targets.”
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