Verkkokauppa.com revenues declined for the first time in years

Verkkokauppa saw it’s revenues decline by -4% in Q4/2021. The company stated that this was due to strong growth in Q4/2020 and the pandemic. It is a worthwhile excuse, but Q4/2020 had also strong growth as the comparison from Q4/2019 (Q4/2018 -> Q4/2019: +25%).

Other companies like Musti Group and Kesko have been able to grow despite the strong growth during the pandemic.

Of the different business segments, B2C saw a decline of -10%, whereas B2B and Export businesses grew. B2C represents a lion share of the business with 72% of revenue.

Both of the sales channels saw declining sales, but stores were declining more. This is somewhat surprising given the fact that both Musti Group and Kesko (especially non-food segment) saw better performance in stores than for offline. For Verkkokauppa.com stores declined by -12,8% whereas online declined -2,8%.