February 4, 2023

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Stein Trigg-Höger, CEO of XXL Norway, is stepping down from his position

Stein Trigg-Höger, CEO of XXL Norway, is stepping down from his position

XXL Director of Communications Andreas Nyheim has confirmed to DN that Trygg-Hauger will be stepping down as director of XXL Norway next year. You have agreed to become a chain manager at Vinmonopolet. The specialized newspaper Campaign Report departure first.

The transition will take place in May 2023, at the same time that newly appointed CEO Freddy Sobin takes over. Soobin stayed He was introduced as the new CEO last weekhalf a year after Pål Wibe resigned as a result of disagreements with the board of directors.

Trygg-Hauger started as a manager for XXL Norway two years ago. Then it came from a similar location in Klaas Olsson, Norway.

“I’ve been in the position of having to choose between two very interesting retail jobs, and now I’m looking forward to contributing to Vinmonopolet ordering for another 100 years,” says Trygg-Hauger in a comment to DN via XXL’s communications division.

Falling market shares

XXL also relays commentary from acting CEO Stein Eriksen, who thanks Trygg-Hauger for his efforts at a turbulent and challenging time for the sports industry.

– I would like to thank Stine for the outstanding effort you put in for XXL and our business in Norway. Stine has been a strong ambassador for XXL and truly lived by the company’s values. Together with the rest of the management team, XXL Norway has steadfastly led through turbulent times and challenging markets, says Eriksen.

After two eventful years of pandemic events, the year 2022 was even more challenging for the sports industry as a result of a saturated market, high inflation, increased interest rates, and high inventories. XXL also made it weaker than other sports chains and it lost market share in all countries over time.

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- Stein Eriksen, interim CEO of XXL, said it was very rewarding to work with such a good fellow, Stein's will to fight, good contributions will be greatly missed.

– Stein Eriksen, interim CEO of XXL, said it was very rewarding to work with such a good fellow, Stein’s will to fight, good contributions will be greatly missed. (Photo: Per Thrana)

In Norway, XXL saw turnover drop by 11.4 percent in the third quarter, while sports chains fell an average of 7.8 percent, according to figures from the Norwegian Sports Industry Association. Nyheim denies that the departure has anything to do with declining market shares.

Stine simply received an exciting job offer which she accepted. He says it is a shame for us to lose a highly valued colleague.

half in Norway

XXL is present in Norway, Sweden, Denmark, Finland and Austria. At a group level, XXL’s turnover reached ten billion crowns last year, of which Norway accounted for about half. Over a long period of time, Norway has also been more profitable than other countries.

In the third quarter, Group turnover was NOK 2.3 billion, down from NOK 2.7 billion in a historically strong third quarter last year. Operating profit ended at NOK 38 million, down from NOK 132 million in the previous year.

As of the third quarter, the total operating loss for 2022 was NOK 108 million.

The market is challenging and will remain so for some time. Higher energy and food prices and higher interest rates mean customers have less money left over for everything else, said CEO Stein Eriksen.

XXL stock was the worst on the stock market this year, down nearly 70 percent. The company’s market capitalization is NOK 1.1 billion. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For additional terms look here.