Byggmax slows sales decline to -13.4 per cent

Swedish DIY group Byggmax reported sales of SEK 2.203 bn (EUR 192 mio) in the second quarter, down 13.4 per cent on the same period last year. Exchange rate fluctuations accounted for 0.5 percentage points of this. The group's like-for-like sales decreased by 14.3 per cent. In the second quarter, Byggmax opened four new stores, three in Sweden and a concept store in Finland for the first time in many years.

Compared to the first quarter, the decline has slowed down, but overall, the first half-year shows a 17.3 per cent drop in sales to SEK 3.188 bn (EUR 278 mio). According to new CEO Karl Sandlund, Byggmax has strengthened its position in a negatively developing market. The low-price concept is more relevant in times of high inflation, he writes in the half-year report. He also notes that customers are returning to pre-pandemic shopping patterns and shopping more in brick-and-mortar shops. Byggmax's concept, which combines e-commerce with many stores close to the customer, is a strength.