December 3, 2021

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Stein Erik Hagen's Komplett results increased by more than 30 percent

Stein Erik Hagen’s Komplett results increased by more than 30 percent

On Wednesday, online store Komplett released new quarterly numbers.

The company’s operating revenue in the third quarter was NOK 2.7 billion. This represents an increase of 15 percent compared to the same period last year when operating revenue was 2.4 billion.

Adjusted operating profit ended at NOK 83 million, compared to NOK 63 million in the same period last year. This is a 33 percent increase.

Profit before tax ended at NOK 74 million, compared to NOK 58 million last year.

The progress came as a result of a strong market base backed by a growing share of online shopping combined with Komplett’s good commercial craftsmanship, CEO Lars Olaf Olussen says in a stock exchange announcement.

Increase profit despite challenges in the supply chain

Over the past year, raw material prices and shipping costs have risen sharply. A number of companies, including many electronics companies, have reported significant supply chain challenges.

In today’s stock exchange announcement, Olaussen said the company is satisfied with the improved result, despite challenges in the supply chain.

– In light of ongoing supply chain constraints, we are particularly pleased that we have been able to increase the top streak by 15 percent from year to year. This is the result of targeted efforts to ensure product supply and timely delivery, and shows that we are an attractive partner for our most important suppliers, says Olaussen.

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The company’s operating costs rose to NOK 264 million from NOK 251 million in the same period last year. Olaussen asserts, however, that the percentage of company turnover has declined.

– Good cost control and strong growth in sales volume continued to improve cost share. In the third quarter, operating costs fell at 9.7 percent of sales, down 0.9 percentage points from the same period in 2020, further strengthening our cost-leading position, Olusen says.

Listed in June

Ten years ago, Hagen and Canica Komplett took off the stock exchange, but in June of this year, the company made a comeback.

In an interview with DN in February Canica General Manager Nils Selte explained why they chose to list Komplett on the stock exchange:

– If you look at the Canica portfolio, we have a senior position in Orkla and Arcus where we own through a listed structure that gives us the speed of management. Celty said at the time that we can now bring in other owners who can contribute to an ongoing exciting journey, and the company can have better access to the capital market.

Hagens sold Canica on the stock exchange to about 60 percent of the shares in Komplett. This means that Hagen still has complete control of the company.

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Before the exchange opened on Wednesday, Komplett was priced at around NOK 59 per share. The market capitalization of the company is 4.3 billion Norwegian kroner.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.