The Swedish group Husqvarna announced record profits on Thursday. Amid lockdowns and pandemic, gardening equipment firm makes unbelievable money.
Commenting on the good news, CEO Henric Andersson said in a statement that the locked down consumers spent big on domestic projects. However, there is a certain difficulty because the supply bottlenecks that weighed during 2021 would remain an issue this year.
In 2021, full-year operating profit at the world’s biggest manufacturer of gardening power tools such as trimmers and lawn mowers jumped 57% to 5.75 billion crowns (USD624 million) on organic sales growth of 15%. According to the financial experts, an average forecast is a 5.66 billion crown (SEK) profit.
“The stay-at-home trend has contributed positively while we strengthened our market positions in prioritised strategic segments such as battery-powered products, robotic mowers and handheld products,” Andersson added in statement.
Husqvarna works continuously to overcome challenges in our supply chain, including increasing our inventories in preparation for the upcoming season.
The company does the bulk of its business towards the end of the first quarter and in the second, ahead of and during the peak gardening season in the northern hemisphere. In its seasonally weak fourth quarter, losses narrowed sharply by a bigger-than-expected 86%, to 132 million crowns, TRT World says.