April 29, 2024

Flying Tiger Copenhagen delivers record result as expansion continues into seven new countries

2023 was a record year for Zebra A/S, the company behind Flying Tiger Copenhagen. In addition to revenues of almost DKK 5 billion, the company’s EBITDA printed at DKK 1.1 billion – the highest operating profit in the company’s history. Seven new markets are being added in 2024 as part of the Danish retail chain’s expansion in Asia and the Middle East.

Flying Tiger Copenhagen recorded revenues of DKK 4.97 billion in 2023, a year-on-year growth rate of 4.5%, and 3.2% in like-for-like sales. Free cash flow improved by DKK 500+ million to DKK 811 million, an all-time high – according to the company’s annual report published today. 

We experienced fantastic growth across our markets and closed out 2023 with our best quarter ever in terms of sales. Our Halloween campaign and not least the Christmas trade provided a stellar finale to an already very solid performance. Despite high inflation and interest rates, we can therefore look back on 2023 as a very satisfying year,” says Martin Jermiin, CEO at Flying Tiger Copenhagen.   

With 926 stores spread across 35 markets, Flying Tiger Copenhagen is widely represented across Europe, the Middle East and Asia. Close to 100 stores are run by franchise partners, and the franchise model will be further rolled out in the year ahead. As the next phase of a major expansion drive, stores will open across seven new markets in 2024: Bahrain, Oman, Turkey, Malaysia, Vietnam, Singapore and Thailand. First to open was Bahrain in February 2024. 

In 2023, Kuwait, Indonesia, the Philippines and Qatar were added to the Flying Tiger Copenhagen fold. Expectations are particularly high for the Philippines, where 25 new stores will be added in 2024, putting the country on track to be one of the retailer’s largest markets in the coming years. 

However, even as the number of stores continues to grow, the company is determined to reduce its carbon footprint. One new initiative in this direction for 2024 is Flying Tiger Copenhagen’s decision that all sea freight will be transported using green fuel, enabling an up to 85% decrease in CO2 emissions compared to conventional fuels. 

Since 2019, we have been working intensively with our entire value chain and have successfully reduced our overall carbon footprint by 24%. Our strategy shows that a retail chain can, in fact, sell more while simultaneously lowering its environmental impact. Our annual report for 2023 is therefore also an important testimony to the notable results we have achieved together in our green transition, says Martin Jermiin, CEO at Flying Tiger Copenhagen.  

Last year, the ESG efforts resulted in a silver classification, which Flying Tiger Copenhagen received from the international certification company EcoVadis in autumn 2023, after being ranked among the top 3% of retailers measured by sustainability performance. 

Flying Tiger Copenhagen is ahead of all the reduction targets the company committed to via the Science Based Targets initiative (SBTi), while the use of plastics in its product assortment and single-use items has been reduced by 50% since 2019.  

For further information, please contact:  

Louise Müller Bækgaard 
Head of Communications 
+45 22788586 
E-mail: loumll@flyingtiger.com 

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