BoConcept, the global furniture brand, has announced its fiscal year 2023-2024 financial results. Despite a challenging retail environment, the company has maintained its market position and demonstrated resilience amid global uncertainties.
In FY 2023/24, BoConcept reported a revenue of 1,273 million DKK, reflecting a 12% decrease compared to the previous year. Despite this, improved product profitability and a stable cost base kept EBITDA strong at 16.2%, totalling 205 million DKK, compared to 16.5% (238 million DKK) the previous year. This performance highlights the brand's robustness in a volatile economic environment.
The fiscal year was marked by post-COVID normalization, reduced consumer spending, high inflation, and global uncertainties, including conflicts in Europe. In response, BoConcept implemented strategic initiatives to enhance operational efficiency and invested in future growth. Cost-reduction measures in production and freight, along with an improved product offering, helped maintain margins and outperform competitors.
CEO Mikael Kruse Jensen states, 'Our performance in 2023/24 demonstrates our resilience and agility. Our strong reputation, loyal consumer base, and dedicated franchise network ensure we continue to grow and deliver value.'
Key Highlights included a revenue of 1,273 million DKK, a 12% decrease. EBITDA margins remained strong at 16.2%. The company also launched the Nawabari collection in collaboration with BIG, achieving Greenguard certification. It also embarked on significant digital infrastructure investment, including a complete re-platforming of marketing technology; and expansion in key markets, including Europe, the Middle East, and Asia.
Looking ahead
BoConcept expects low single-digit revenue growth next year, driven by innovation, digitalization, consumer satisfaction, and operational excellence. The company plans to continue investing in its digital infrastructure and market presence, positioning itself for sustained success.
More information:
BoConcept
www.boconcept.com