The pet healthcare company earned SEK 377.7M (€35.9M / $37.3M) in the first quarter of 2022, 182% more than in 2021.
The Swedish-based company believes that the quarter was “very hectic” and “productive” despite the challenges from the pandemic and the war in Ukraine.
“To grow significantly faster than the market, in general, is our explicit goal,” said CEO Håkan Lagerberg.
He added: “The quarter had a very strong January followed by a more hesitant February, especially for our larger customers due to the uncertain macroeconomic environment. We could clearly see that our products were sold to consumers at a higher level than those of our customers, who hesitated in filling up stock at the same rate.”
Swedencare increased the price of its products for some customers earlier in the year and it expects to do so on the online platforms in the second quarter.
“The demand from pet owners has not been affected by the increased prices, as predicted by market experts, since we can see that the demand is the same or even stronger.”
The company acquired, in February, the US pet supplement company NaturVet. A month later, it completed the takeover of Italian veterinarian company Innovet.
Swedencare expects that these acquisitions will help in having an “even stronger” continuation of 2022. In 2021, it reached a revenue of SEK770.4 million (€72.8M / $82.7M).
