Danish retailer Flying Tiger Copenhagen has posted growth in revenue and sales, as well as seeing its “best quarter ever” in terms of sales for Q4 2023.

Flying-Tiger-Copenhagen store

Flying Tiger Copenhagen has posted “record sales” for the fourth quarter

The general merchandise retailer recorded a 4.5% year-on-year growth in revenue to DKK 4.97bn (£570m) and a 3.2% lift in like-for-like sales.

Flying Tiger Copenhagen said revenue performance was largely driven by “very strong” product campaigns, particularly around Halloween and Christmas in the fourth quarter.

Adjusted EBITDA grew from DKK 1bn (£12m) to DKK 1.1bn (£13m), while net profit for the year amounted to DKK 24m (£2.7m).

Its five largest markets represented 56% of total revenue with Italy generating the most, followed by Spain, the UK, Denmark and Portugal.

Flying Tiger operates 926 stores across 35 markets and is continuing its expansion with new stores across seven new markets in 2024, as well as 25 new stores in the Philippines.

The first new opening was in Bahrain in February and the retailer will soon open in Oman, Turkey, Malaysia, Vietnam, Singapore and Thailand.

Flying Tiger is “positive” about its future outlook and expects group revenue to increase by 7-10% in 2024.

Chief executive Martin Jermiin said: “We experienced fantastic growth across our markets and closed out 2023 with our best quarter ever in terms of sales. 

“Our Halloween campaign and not least the Christmas trade provided a stellar finale to an already very solid performance. Despite high inflation and interest rates, we can therefore look back on 2023 as a very satisfying year.”