Musti has clearly been chasing growth and investing heavily into it, so nonsense accounting figures like ‘earnings’ tell nothing about reality:
| 1–3/2026 | 1–3/2025 | Change % | |
|---|---|---|---|
| Net sales | 138.5 | 119.8 | 15.6 % |
| Number of stores at end of period | 513 | 414 | 23.6 % |
Cash flow is what matters, and Musti’s cash flow is significantly positive and will only improve as economies of scale are achieved through European expansion. With this cash flow, they can expand into a new country and make a couple of acquisitions every year.