Flügger increases sales by three per cent in 2018/2019
The Danish paint manufacturer and distributor Flügger increased its sales in its financial year 2018/2019 (1 May 2018 to 30 April 2019) by 3 per cent in local currencies. Revenue totalled DKK 1.824 bn. Regarding sales to the group's Scandinavian market, Flügger has seen a growth in revenue in local currencies of 2 per cent in Denmark, 0 per cent in Sweden, 2 per cent in Norway and 16 per cent in Poland. Revenue in Sweden has been impacted by the negative development in the Swedish currency combined with a reduction in the number of stores, the company says. Sales to China and other export destinations increased by 5 per cent in local currencies. "Again this year, we have closed about five per cent of our own stores across our main markets," Jimmi Mortensen, CEO of Flügger group A/S, says. "At the same time, we have expanded and improved selected existing stores, while opening other stores in new and better locations, and this development will continue in the coming years. The market for building paint in the Nordic region has been stagnant for several years, and there is a tough battle for market share."