Saturday June 12th 2021
Online trading generates profits
Mymuesli closes almost all stores
A very individual muesli mix – three students turned it into a business idea in 2007. The stock market aspirant Mymuesli is benefiting from the Corona crisis, but almost all branches in the retail sector are being crushed – for strategic reasons.
Customers of the breakfast cereal retailer Mymuesli will soon be standing in front of closed business doors almost everywhere. The company will close 20 of its 23 stores. The shops in Passau, Geisslingen and Munich will remain. The “Handelsblatt” reports. “The Corona crisis was not the main reason for the closure. We are pursuing an online first strategy and are following the trend away from stationary stores,” said co-founder Hubertus Bessau of the newspaper.
According to Bessau, Corona has only accelerated the change in strategy – and that has paid off. The Passau-based company was able to increase its operating profit (adjusted Ebitda) to five million euros in 2020 – more than four and a half times that of 2019. Sales increased by 15.7 percent to 80.3 million euros.
The company, which is considered a candidate on the stock exchange, offers individually compiled muesli products for dispatch on the Internet and sells ready-made mixtures via supermarkets. In between, the company, founded in 2007 by three students at the time, had opened 23 of its own stores, but at the beginning of 2021 decided to close all but three again.
Already on the stock exchange in autumn?
Due to the effects of the pandemic, according to the company, sales from the store business in 2020 fell by almost 34 percent to 6.2 million euros compared to the previous year. In contrast, online sales rose by a good 33 percent to 58.4 million euros. Revenues in business with retailers and corporate customers dropped 3.2 percent to 15.7 million euros, as the company said when asked.
“The online penetration of the grocery market is at an early stage, there are still great opportunities for us here,” said Bessau. The 2020 results showed that Mymuesli is on the right track.
Mymuesli aims to go public by autumn at the latest, as the Reuters news agency learned in May. The company makes a good 92 percent of its sales in Germany, Austria and Switzerland. It is also active in the Netherlands, Belgium, Luxembourg, France, Sweden and Poland.
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