Despite general uncertainty in the market, the interior and furniture chain ILVA has sustained its high turnover level.
For the second consecutive year, ILVA has delivered a strong result for the fiscal year with a turnover of a little over DKK 1.7bn (£197.9m), up from DKK 1.7bn, and DKK 91m (£10.5m), slightly down from 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. “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.”
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.
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% of revenues in the latest fiscal year. In comparison, online sales made up 8% of revenues prior to the pandemic.
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 said: “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. 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.”