Beauty giant Lyko reports impressive growth with a near doubling of profits in the latest quarter. The company expands with new stores in Helsinki and a mobile popup concept in Norway, while planning further expansion in Stavanger this fall.
Lyko's Remarkable Growth: Expansion and Record Profits
Lyko's Remarkable Growth: Expansion and Record Profits
Beauty giant Lyko is thriving. The company continues to expand. "Customer response exceeded expectations," writes CEO Rickard Lyko following a stellar quarterly report.
In the latest quarter, Lyko opened a new store in Helsinki and launched a mobile popup concept in ten cities in Norway.
The success is reflected in the quarterly report released on Thursday. In the second quarter, the company reported an operating profit of 31.7 million SEK, nearly doubling compared to the previous year.
"Despite intense price pressure and a strained consumer climate, we believe we are gaining market share while maintaining healthy margin levels. This performance reflects our strong market position and the advantages of scale," comments CEO Rickard Lyko in the report.
In Europe, the company is also performing well:
"In Europe, profitability is developing according to plan. Sales remain somewhat volatile, but margins continue to improve, and all markets show positive development."
New Store in Stavanger
This fall, Lyko will expand further.
"Customer response exceeded expectations, which increased brand awareness and laid the foundation for opening a new store in Stavanger this fall," writes Rickard Lyko.
Lyko's revenue in the second quarter was 939 million SEK.