Press Release - 31.10.2024 - 09:00
ILVA delivers growth in revenue and invests in the future
In the financial year 2023/24, ILVA increases revenue to DKK 1.42bn and launches a new two-pronged strategy to ensure continued expansion of the home furnishing chain.
Today, Denmark's largest chain of home furnishing stores, ILVA, presents a turnover of DKK 1.42bn for the financial year 2023/24 in Denmark. This represents a 3 percent increase. Revenue also grew in the Swedish market with an increase of 8 percent, and on ILVA's web shop revenue growth exceeded 17 percent.
The bottom line result is impacted by market challenges, and ILVA ends the financial year 2023/24 with an EBIT result of DKK -45m. In comparison, ILVA’s revenue for the previous financial year was DKK 1.38bn with an EBIT result of -27.6m.
“Like all other players in the industry, we have been affected by the significant uncertainty and inflation which has influenced the market and customers’ purchasing power. This has impacted earnings, but we are already seeing a more stable market and a shift for the better,” says CEO of ILVA, Kim Møller Mønster.
Investment in future growth
It is the first time for Kim Møller Mønster to present the financial result on behalf of ILVA, having taken on the position of CEO in April this year. One of his first tasks is, together with his management team, to launch the new strategy for ILVA, aimed at making the customer journey smoother and more inspiring.
“Our strategy focuses on two key parameters: Increased digitalisation and strengthening the physical home furnishing store concept. We are working on both parameters simultaneously, as the goal is to create a streamlined and cohesive experience for the customer, regardless of where they choose to interact with us,” says Kim Møller Mønster.
The strategy involves several investments, which currently impact the bottom line but are intended to secure ILVA’s strong market position in the long term. This includes acquiring new data management systems (PIM and CDP) and a digital warehouse solution, as well as working to further integrate AI solutions into the business and making the entire product range available online.
“We are investing in the future. If we are to continue growing - which we intend to - it requires us to allocate resources to strengthen the business, both online and in the physical stores. In terms of the latter, we have redefined our concept and will reduce square footage in several stores, allowing us to focus more on the depth of our collections and series rather than breadth, presenting customers with a more curated selection,” Kim Møller Mønster explains.
Alongside the two-pronged strategy, ILVA continues to expand the chain. Recently, a new store opened in Jönköping, Sweden. On 1 November, ILVA will open in Skive, and in March, a new store will open in Thisted. In the financial year 2024/25, ILVA will continue rolling out the strategy, to be ready to take the next step in the process and implement its new brand strategy next year.
“We want to ensure that ILVA’s value proposition is communicated clearly, both internally and externally, so that we continue to create value for both our customers and employees. I am convinced that we are well on our way to realising this vision and that ILVA has a strong foundation for the future,” Kim Møller Mønster concludes.
About ILVA
ILVA is Denmark’s largest chain of home furnishing stores, with 40 stores in Denmark and five in Sweden, offering a large selection of furniture, home accessories, and interior solutions for the home. ILVA is owned by Lars Larsen Group.
