Musti Group Oyj
F:49U
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Musti Group Oyj
Musti Group Oyj engages in the business of retail sales of pet products. The company is headquartered in Helsinki, Etela-Suomen and currently employs 1,446 full-time employees. The company went IPO on 2020-02-13. The firm offers a wide range of foods, accessories, services and supplies for pets. Its product portfolio includes dry and wet foods, collars, harnesses and leads, toys, bowls, beds and blankets, brushes and slickers, clothing, care products for cats and dogs, and treats, feed, and toys for birds, as well as fish food and aquarium supplies, among others. The firm also provides pet spa and wellness services, including haircut, bath and grooming services for dogs. The firm serves its customers through store chains Musti ja Mirri, Musti, Arken Zoo and Djurmagazinet, and through pureplay online retail brands, such as Peten Koiratarvike, Vetzoo and Animail. The firm operates in Finland, Sweden and Norway.
Musti Group Oyj engages in the business of retail sales of pet products. The company is headquartered in Helsinki, Etela-Suomen and currently employs 1,446 full-time employees. The company went IPO on 2020-02-13. The firm offers a wide range of foods, accessories, services and supplies for pets. Its product portfolio includes dry and wet foods, collars, harnesses and leads, toys, bowls, beds and blankets, brushes and slickers, clothing, care products for cats and dogs, and treats, feed, and toys for birds, as well as fish food and aquarium supplies, among others. The firm also provides pet spa and wellness services, including haircut, bath and grooming services for dogs. The firm serves its customers through store chains Musti ja Mirri, Musti, Arken Zoo and Djurmagazinet, and through pureplay online retail brands, such as Peten Koiratarvike, Vetzoo and Animail. The firm operates in Finland, Sweden and Norway.
Sales Growth: Musti Group delivered close to 9% year-over-year growth in local currency despite softer December sales and a product recall.
Product Recall Impact: The Smaak product recall had a direct impact of EUR 800,000 on results and sales impact of about EUR 2.5 million per year.
Gross Margin: Gross margin held steady at 45.9%, and would have improved to 46.3% excluding the recall.
Profitability: EBITDA margin increased from 17.3% to 17.7% and adjusted EBITDA grew 6.1% to EUR 12.4 million.
Online & Market Share: Online sales grew 13% like-for-like and Musti continued to take market share and expand its customer base by 4.5%.
Expansion Plans: The company is preparing to enter new markets outside the Nordics with a "light" and gradual approach.
Tender Offer: Portuguese Sonae Holdings-led consortium raised its tender offer to EUR 26.1 per share during the quarter.
Guidance & Targets: Management reaffirmed its medium-term sales target of EUR 500 million and a 13% EBITDA margin.
