Trygg-Hauger will step down as manager of XXL Norway next year, XXL communications director Andreas Nyheim confirmed to DN. He agreed to become director of the Vinmonopolet chain. The niche newspaper Campaigns signaled departure first.
The transition will take place in May 2023, at the same time as new CEO Freddy Sobin takes office. Sobin remained unveiled as the new CEO last weeksix months after Pål Wibe resigned due to disagreements with the board.
Trygg-Hauger started as manager of XXL Norway two years ago. Then she came from a similar position in Clas Ohlson Norway.
– I found myself in a situation where I had to choose between two very exciting jobs in retail and now I look forward to helping ensure that Vinmonopolet is sought after for another 100 years, says Trygg-Hauger in a comment to DN via XXL’s communications department.
Declining market shares
XXL also airs a comment from interim CEO Stein Eriksen, who thanks Trygg-Hauger for his efforts at a turbulent and challenging time for the sports industry.
– I want to thank Stine for his outstanding commitment to XXL and our business in Norway. Stine has been a strong ambassador for XXL and has truly lived up to the values of the company. Together with the rest of the management team, he has consistently guided XXL Norway through turbulent times and challenging markets, says Eriksen.
After two years of an eventful pandemic, 2022 has been more difficult for the sports industry due to a saturated market, high inflation, increased interest rates and high inventories. XXL has also made it weaker than other sports chains and has lost market share in all countries over time.
– It was gratifying to work with such a good colleague and Stine’s dedication, will to fight and good contributions will be greatly missed, says Stein Eriksen, interim CEO of XXL. (Photo: Per Thrana)
In Norway, XXL reported a revenue decline of 11.4% in the third quarter, while sports chains decreased by an average of 7.8%, according to data from the Norwegian Sports Industry Association. Nyheim denies the departure had anything to do with falling market shares.
– Stine simply received an exciting job offer which he accepted. It’s a shame for us to lose a highly esteemed colleague, she says.
Half in Norway
XXL is present in Norway, Sweden, Denmark, Finland and Austria. At a group level, XXL had a turnover of ten billion kroner last year, of which Norway accounted for about half. For a long time, Norway was also more profitable than other countries.
In the third quarter, the group reported sales of NOK 2.3 billion, down from the NOK 2.7 billion in last year’s historically strong third quarter. Operating profit closed at NOK 38 million, down from NOK 132 million a year earlier.
As of the third quarter, the total operating loss for 2022 was DKK 108 million.
– The market is challenging and will be for some time. Rising energy and food prices and rising interest rates mean customers have less money left over for everything else, CEO Stein Eriksen said.
Stock XXL has been the worst performing stock this year, down nearly 70%. The company has a market value of NOK 1.1 billion. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using the links, which lead directly to our pages. Copying or other forms of use of all or part of the content may only take place with written permission or as permitted by law. For additional terms see her.
