Byggmax sales remain at high level in 2nd quarter

Byggmax, the DIY and building materials retailer active in Scandinavia, suffered heavy losses in the second quarter of 2022. According to the company's interim report, net sales between April and June 2022 were SEK 2,546 mio (approximately EUR 240.4 mio). This was 10.1 per cent lower than in the previous year 2021, when net sales in the same period were SEK 2,833 mio. Compared with the same period in 2019, however, net sales in the second quarter of 2022 were still 42 per cent higher.

As reported in a statement by Mattias Ankarberg, president and CEO of Byggmax: "Byggmax Group continued to develop well during the second quarter of the year. Sales and profitability were at a historically very high level, only beaten by the exceptional second quarters during the covid pandemic. In the current market situation, with a more hesitant and particularly more price-conscious consumer, we benefit strongly from our discount position. During the second quarter we set new sales records for both several prioritised product categories and e-commerce, while we continued to take market share."

The first quarter of 2022 already indicated a slight year-on-year decline in net sales. While these were SEK 3,944 mio in 2021 (approximately EUR 372.4 mio), the 2022 figure was SEK 3,817 mio, a decrease of approximately 3.2 per cent. Four new stores were opened in the second quarter of 2022.

"In all we estimate that the Nordic consumer market decreased by approx. 15-20 per cent compared with last year, to a level roughly 6-8 per cent above the pre-pandemic market," writes Ankarberg.