June 2024

Annual Report 2023

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Stokke achieves solid sales growth in 2023

and sets the stage for future development

Norwegian children’s furniture manufacturer Stokke has announced its 2023 financials. Following years of robuts financial results, Stokke delivers another year of solid growth despite a challenging macroeconomic environment.

In 2023, excluding currency effects, the brand had 4% revenue growth. Including favorable currency exchange rates, in NOK terms sales revenue increased 12.2% to 3.5 billion NOK. This growth was largely due to the success of the YOYO® range, which saw a 14% rise in sales. Jacob Kragh, CEO, comments, “While we had higher ambitions for 2023, we recognize that market conditions made it a more challenging year than we anticipated. The growth of Stokke was therefore achieved through hard work, and a willingness to adapt to changing landscapes. The positive performance of YOYO® is promising and together with Tripp Trapp®, will shape our future growth.”

Leveraging its strong Scandinavian roots, Stokke solidified its global presence, growing particularly in the US market, as well as in the APAC region, specifically Korea and China. Furthermore, the company's overall profitability improved, with EBITDA climbing to 857.5 million NOK, reflecting a notable 17% increase compared to 2022. Stokke CFO Anika Kreider adds, “We saw the cost of our goods decrease in 2023, which gave us the tailwind to land our operating profit at 497,2 million NOK compared to 423,7 million NOK in 2022. A robust financial performance to further grow from.”

Enhancing a streamlined product portfolio

In 2023, Stokke remained dedicated to enhancing its product portfolio, guided by its mission of supporting parents and caregivers in raising confident children. It also leveraged the power of its flagship, Tripp Trapp®, across the full seating category and built on its recent acquisitions. This included a special focus on the expansion of the YOYO® stroller, supported by the launch of its new brand platform – Life says go.

Guided by consumer insights, Stokke launched its in-house innovation, the Stokke® Snoozi™. As a modern reimaging of the traditional bassinet, this day bed offers parents a secure environment for their babies to rest and nap in any room of the home.

2023 also marks the first ever brand collaboration for the Norwegian heritage brand as it joined forces with Disney in the year the iconic brand celebrated its 100th anniversary. A partnership that led to the creation of magical moments across a variety of products within Stokke’s portfolio. Given the success of the collection, a follow-up is planned.

Driving change for a better tomorrow

In 2023, Stokke reaffirmed its commitment to championing the well-being of children alongside the preservation of the planet. Full details of their efforts were contained in their 2023 Sustainability Report. The brand made strides in reducing its climate impact, with a 22% decrease in carbon emissions compared to the previous year, alongside an 49% increase in the use of renewable electricity in manufacturing.

Stokke has also prioritized sustainable forestry practices as well as focused on ethical standards throughout its supply chain, through actions such as ensuring the integration of all Tier 1 suppliers into SEDEX. With a strong focus on Child Development, Stokke amplified its advocacy efforts and continued to invest in knowledge expansion. The company also saw the completion of the initial phase of its funded Ph.D. study in collaboration with the University of Copenhagen, delving into learning and social development dynamics at the dining table.

A new path: Stokke positions itself for future growth

In line with its long-term goals, Stokke introduced its new "Vision for Growth" strategy, aimed at strengthening business expansion through 2028 and becoming the most relevant and trusted brand within the industry. With strong financial foundations, Stokke has been able to make strategic investments for the future, with a focus on reaching more families, harnessing the potential of digital platforms, and taking a leading role in social and environmental sustainability efforts. Looking to the future of the brand, Jacob Kragh adds, “In recent years, we've brought in four new product brands. In 2023, our focus was on finding synergies and solidifying our position to move forward as one branded Stokke in 2024. I am excited to see that this transition has come to life allowing us to reach and support even more families with our best-in-class solutions and expertise.”

Read the complete Stokke 2023 Annual Report here.