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Ekornes adjusts sails to weather economic storms

Ekornes, one of the largest producers of furniture in Norway with the brands Ekornes, Stressless, Svane and IMG, concluded the first quarter of 2024 with a turnover of approximately €83.5 million (973 million NOK). Compared to the same period last year, this marks a decrease of 14 percent.

In the first quarter, Stressless (€62.6 million / 729.9 million NOK) and Svane (€5.2 million / 61.1 million NOK) saw decreases of 19 percent and 16 percent respectively, IMG recorded a 10 percent increase with €15.6 million (182.3 million NOK) due to improved operational performance in Asia.

Photo: Ekornes.

The downturn is attributed to subdued consumer demand, with variations observed between markets. Europe, in particular, presents challenges, affecting Stressless sales more significantly as this segment has a stronger presence in the region compared to IMG and Svane. Ekornes noted declines across all segments and products, with sofa and dining offerings showing more stable performance.

In response to weaker markets, Ekornes adjusted production to match demand and announced temporary lay-offs at its facilities in Norway. Additionally, capacities in Asia were reduced.


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