Increase of market share and strong growth for Elkjøp Nordic

December 16, 2020

Elkjøp Nordic increased total sales revenues in the Nordic markets by incredible 26 % to NOK 23.5 billion in the first half of the 2020/2021 financial year. Operating profit increased by NOK 299 million and ended at NOK 876 million, which is an increase of 52 % from last year's record.

Elkjøp Nordic has experienced very strong progress throughout the Nordic region in the first half of the 2020/2021 financial year, with double-digit growth in all markets. The strong growth has continued, and for the period 1st Nov – 12th Dec the company boasts an incredible sales growth of 47 %, mainly driven by Black Week sales. So far in the financial year, Elkjøp Nordic has grown by a total of more than NOK 6 billion.

- It has been a very special year, where our customers and society have become far more dependent on technology. Both to maintain personal and professional contact, but also to entertain and amuse ourselves in a difficult time. This clearly gives us tailwind and the entire market increases, but at the same time we take market shares in all markets and increase our Nordic market share from 25.7 to 27.2 %. We are incredibly proud of the fantastic efforts of all our 12,000 employees, across all functions throughout the Nordic region, who have managed to handle such tremendous growth under extraordinary circumstances in an impressive way. Our products, knowledge and services have clearly helped to keep the wheels in motion despite extensive restrictions in people's everyday lives, says Erik G. Sønsterud, Elkjøp Nordic CEO.

Elkjøp Nordic 1HY 2020/21

MNOK 1HY 20/21 1HY 19/20 vs. 1HY 19/20
Revenue 23 507 18 680 26 %*
EBIT ** 876** 577 ** 52 %
EBIT % 3.7 % 3.1 % 0.6 %

*FX neutral growth at 17 %.
** Exclusive IFRS16, EBIT HY2021 is 805 MNOK and HY1920 518

1HY 2020/21

MNOK Elkjøp NO Elgiganten SE Elgiganten DK Gigantti FI
TY 7 115 7 723 4 860 3 531
Vs LY* 20 % 22 % 13 % 14 %
*Growth in local currency

Period 1st Nov. - 12th Dec.

Elkjøp NO Elgiganten SE Elgiganten DK Gigantti FI Total Nordic
Vs LY* 45 % 37 % 36 % 41 % 47 %**
*Growth in local currency

*FX neutral growth at 40 %


Camilla Skjelsbæk Gramstad

Head of Sustainability

Kristian Willanger

Senior Communications Advisor, Elkjøp Nordic

Jan Christian Thommesen

Nordic Head of PR and Communications, Elkjøp Nordic