Ekornes Posts 2010 Results

February 15, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on February 16, 2011 Norwegian-based upholstery producer Ekornes reported annual revenue for 2010 of 2.87 billion NOK (about $494.9 million), a 10.8 percent increase compared with 2009.

Operating profit for the company totaled 534 million NOK (about $92.1 million), a 6.9 percent increase compared to the previous year.

In a release, the company said the 2010 figures were the best in its history.

Orders in 2010 were 50 million NOK (about $8.6 million), higher than in 2009. Ekornes officials said they were very pleased with sales in the U.S. and Canada where orders grew by 16 percent in the year. For the quarter, orders for the two countries climbed 25 percent.

CEO Øyvind Tørlen said he is proud and delighted that Ekornes can deliver records in both revenues and earnings in a year when much of the furniture sector was badly affected by the uncertain economic climate. The company announced a bonus of 75 percent of monthly salary to all employees in 2010. €œThere are few payments of NOK 37 million (about $6.4 million) that I make with greater pleasure,€ Tørlen said.

Tørlen said there are still a few markets that are challenging.

€œWe have a job to do to start growing again in Norway and Denmark," he said. "These were the two weakest markets for us in 2010."