Siba has returned to profit after many years of negative results.
The consumer electronics chain improved its results during the last financial year by 91.3 million. The result has turned from -62.7 m to + 28.6 million.
Siba, which is one of Scandinavia’s oldest retailer of consumer electronics, has after several years of negative results returned to profit. The company writes that it has evolved from being a traditional store retailer to become an efficient omnichannel concept.
”This year we have been able to show increased growth at an almost unchanged Swedish consumer electronics market, despite fewer stores in the group than last year. We have also improved our operating margin and our continued efficiency work of our cost base. Simply put, we have managed to sell more to more efficiently,” says Susanne Ehnbåge, CEO of Siba.
Recently, Siba also came first in a Norwegian price comparison.
”In our efforts to improve customer satisfaction, we made a series of important decisions a few years ago. By offering the same low price regardless of whether the customer is in a store or online, and with a higher level of service, we managed to reinvent Siba towards the future. Today, I’m pleased together with our approximately 600 employees that we dared to make these decisions,” says Susanne Ehnbåge.
Siba defines themselves as a financially stable, secure and innovative family business that for three generations has worked to deliver lower prices and better service to both existing and new customers.
”You have to be good at both e-commerce and physical commerce and to combine them with customer requirements. We will shortly launch a new dynamic website for both private and corporate customers, and will initiate a series of actions to strengthen our omnichannel-position. We have a clear strategy and ability to reach all our goals,” says Susanne Ehnbåge.
SIBA AB’s earnings performance, 12 months, Sept Aug 2013/2014:
Net sales: 2645 m
Profit after financial items: +28.6 million (-62.7 million)
SIBA AB’s earnings performance, 12 months, Sept Aug 2012/2013:
Net sales: 2582 m
Profit after financial items: SEK -62.7 (-98.6) million