The pet healthcare business Swedencare reached 377.7M (€35.9M / $37.3M) in the first three months of 2022. This marks an increase of 182% compared to the previous year.
According to their own statement, the quarter was “very hectic” and “productive” although there had been severe issues of the pandemic and the war in Ukraine.
“To grow significantly faster than the market, in general, is our explicit goal,” said CEO Håkan Lagerberg.
He added: “The quarter had a very strong January followed by a more hesitant February, especially for our larger customers due to the uncertain macroeconomic environment. We could clearly see that our products were sold to consumers at a higher level than those of our customers, who hesitated in filling up stock at the same rate.”
The company had already increased prices for some customers and intends to do so on the online platform too.
“The demand from pet owners has not been affected by the increased prices, as predicted by market experts, since we can see that the demand is the same or even stronger.”
With the acquisition of NaturVet and the takeover of Innovet, Swedencare had a successful start of the year already expecting to have an “even stronger” follow-up. The company has already reached half of its total sales of 2021 (SEK770.4 million (€72.8M / $82.7M).