A Danish kitchen specialist headquartered in Vildbjerg and owned by Sweden's Ballingslöv Group, has reported a decline in both revenue and profits for the second consecutive year. The results follow a leadership change, with Claus Flyger Pejstrup taking over as CEO on 1 February 2025.
In newly shared financial data for 2024, Kvik reported a net revenue of DKK 1,363.7 million, down from DKK 1,507.1 million in 2023 and DKK 1,789.5 million in 2022. Profits also fell to DKK 103.4 million in 2024 from DKK 142.5 million the previous year, marking a continued decline from 2022's DKK 217.3 million. The company, however, grew its equity from DKK 265.9 million in 2023 to DKK 319.3 million in 2024.
Despite the downturn, the new CEO stated that Kvik had come "sensibly through a challenging year" and cited "low consumer confidence in 2024" as a key factor behind the decline, with customers postponing large purchases. Pejstrup also emphasised a shift in focus towards innovation and enhancing the customer journey rather than investing in production.
Kvik, which operates over 180 franchise stores across 13 countries and employs around 1,200 people, experienced better performance abroad, particularly in Germany and Spain. Pejstrup expressed confidence that growth will continue in 2025, especially in international markets such as the Netherlands, Spain and Germany.
Looking ahead, Kvik aims to maintain its 2024 revenue level despite ongoing market challenges, leveraging previous investments in digital and physical customer experience to remain competitive.
Source: www.wood-supply.dk