Elkjøp continue to grow

September 23, 2020

Elkjøp Nordic increased its total sales revenues in the Nordic markets by 9.0% in the financial year 2019/2020. Operating profit increased by 9.4% and ended at NOK 1343 million.

- In a very different and demanding year, we are extra proud to be able to deliver good results, but at the same time very humble about the trust Nordic consumers have shown us and our products. Through strong growth in e-commerce, Click & Collect and an increased need for advice and help, we look back on a year in which we have tested and developed our organization. We believe the digital development and customers' need for help will continue to increase, but the combination with our physical presence through 414 stores and 10,000 skilled employees will still be our strongest card moving ahead, says CEO Erik G. Sønsterud in Elkjøp Nordic.

In the financial year 2019/2020, Elkjøp Nordic’s turnover increase by 9.0% to NOK 41.8 billion. At the same time, the operating profit increases by NOK 115 million to NOK 1343 million.

New ways of shopping

With 4% growth and an increase of NOK 39 million in profit, Elkjøp had a good starting point halfway through the year. Growth continued at a good pace through the important Christmas trade and the electronics giant was in a very good position when Norway and the Nordic countries were suddenly shut down in mid-March. Steady growth throughout the year, as well as a very good Christmas trade gave a total increase of 115 million in profit at the end of the year. Socially beneficial products and new ways of doing things were the salvation for both Elkjøp and the customers through the corona crisis.

- Our products and expertise quickly gave us a socially critical role in the crisis, as many worked from home, were isolated from each other, practiced home schooling, and invested in entertainment and renovation. In that sense, we have been among the lucky ones, but we have also had to be innovative and roll up our sleeves. From one day to the next there were many who did not dare to go out, but still needed our products and help. Our focus has been people's safety, and through that we developed several new ways of shopping in record time. The goal has been equally good accessibility for everyone, regardless of how and when they want to shop with us, says Sønsterud.

Services and customer club are increasing

The importance of technology in society and the facilitation of good customer experiences across channels is also at the heart of how Elkjøp sees the future. Customer club and service innovation shall ensure an ongoing relationship with the customer - before, during and after purchase.

- Last year we launched a customer club in all Nordic markets, and we have seen a very fast and strong increase in the number of members. By offering value through the customer club, we see both opportunities and needs to connect more closely with the customer, not only through visits and advice online or in store, but on an ongoing basis. With new services, we will make everything as simple and accessible as possible, whether it is about shopping, delivery, instalment, repairs, recycling, or anything else the customer needs or wants help with, says Sønsterud.

MNOK FY1920 FY1819 vs. FY1819
Turnover 41,792 38,341 9.0%*
EBIT excl. IFRS16 1,343** 1,228 9,4%
EBIT % 3.2% 3.2% -

*Like-for-like growth on 4,4%

** Incl. IFRS16 1459MNOK (IFRS16 effect on 116 MNOK)


Kristian Willanger

Senior Communications Advisor, Elkjøp Nordic

Jan Christian Thommesen

Nordic Head of PR and Communications, Elkjøp Nordic