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Flying Tiger Copenhagen has demonstrated a significant increase in both its bottom and top line, as shown in its 2021 results just released. A strong financial result with EBITDA increasing to DKK +950 m underlines that the strategy is working for the Danish international retailer.
The Danish retailer Flying Tiger Copenhagen is once again back on a solid growth trajectory and is ready to fully stretch its wings and push its strategy even further. The annual results for 2021 presented today show that the retailer’s strategy is delivering strong financial results.
Turnover has increased to more than DKK 3.8 bn, with EBITDA amounting to DKK 952 m, an increase of 750% compared to 2020. The annual profit stands at around DKK 108 m, the best result since 2015.
“Our financial results speak for themselves. Our position is strong and the results are rooted in a very successful strategy. An EBITDA of more than DKK 950 m and the best bottom line since 2015, show us that we have pulled the right levers in the business and that we have created a solid foundation for future growth,” says Martin Jermiin, CEO at Flying Tiger Copenhagen.
Last year, Flying Tiger Copenhagen presented its strategy that will drive ambitious growth plans while consolidating the business. The annual results for 2021 prove that the strategy works and that the company is moving into the future at pace.
“I am very proud of the results we have presented, particularly in the light of the challenges we faced in 2021 with global lockdowns and complications in the supply chain. Our company has proved its strength and we have a very strong foundation for building on our business with our ambitions for global expansion, ecommerce and a continued focus on sustainability,” says Martin Jermiin.
During the pandemic and lockdowns in 2020, the retailer opened its first online store to Danish and Swedish customers. This was followed by a full-European roll-out during 2021 and Flying Tiger Copenhagen now operates its webshop in 22 markets, with ecommerce showing huge potential. Furthermore, the retailer has launched a franchise expansion model and, during the first months of 2022, new stores have opened in the Middle East and additional important franchise agreements are underway as part of the retailer’s expansion plans.
At the end of 2021, Flying Tiger Copenhagen had 858 stores in 27 countries. At the start of 2022, the retailer opened several very high-performing franchise stores, which confirms the announced strategy of opening 500 stores within the franchise model.
“Our ambitions are high. We have entered and are about to enter exciting new growth markets with strong local and regional franchise partners. Our ecommerce platform is growing rapidly and now covers 22 markets. We have worked purposefully with developing our business towards a more sustainable future and we can see that our customers actively choose our green products. So, I don’t doubt that our plans for the future are on the right track,” says Martin Jermiin.
About Flying Tiger Copenhagen
For more information, please contact:
+45 42 75 88 66
When you choose FSC®-certified goods, you support the responsible use of the world's forests, and you help to take care of the animals and people who live in them. Look for the FSC mark on our products and read more at flyingtiger.com/fsc
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