The Swedish footwear brand Icebug generated a 37.8 percent increase in annual net profit to 22.83 million Swedish kronor (€2.18m) for the 12 months ended Feb. 28 compared to SEK 16.6 million in the prior year. The financial year profit margin was 9.9 percent as total yearly revenues grew 38.9 percent to SEK 229.6 million (€21.9m) from SEK 165.5 million for the maker of Icebug branded shoes and Insoles.
“We don’t have a growth target but do focus on cash flow and being profitable—that we can keep being the master of our destiny. Or, at least not have our decisions being made by the bank or some investors,” said co-CEO and co-founder David Ekelund. “If we grow anyway, it should be as a result of doing the right things.”
The company wants to promote a message of sustainable lifestyles and finding ways to decrease consumption. While its orders for the rolling 12 months are up 13 percent, Icebug continues to experience “very big delivery delays” and a strong pre-order book for fall. Nonetheless, the company remains steadfast about not flying in product, as it already did during the multi-month Covid lockdown.
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