OTLY - Oatly stock rises over 10% on expansion into Swedish convenience stores

Oatly Group ( NASDAQ: OTLY ) stock marked a double-digit gain on Tuesday after announcing an expansion of its partnership with Norwegian conglomerate Reitan to increase its footprint in Scandinavia.

According to the company, the new agreement with Reitan will lead to Oatly becoming available in coffee machines in approximately 300 locations of Swedish convenience chain Pressbyrån and 90 7-Eleven convenience stores in the country. All of the properties are owned by Reitan via its Convenience unit.

“Through our partnership with Reitan and integrating Oatly into coffee machines for the first time at this scale, we’re able to make plant-based alternatives a natural part of the everyday lives of millions of people across Sweden,” Jonas Persson Follin, General Manager for the Nordics at Oatly, said. “This is an important step for the plant-based movement and part of our mission to put Oatly everywhere to reduce people’s reliance on dairy and encourage more sustainable consumption habits.”

Shares of the Swedish alternative dairy producer surged over 11% during Tuesday’s trading session. The gain extends an over 100% rise for the stock from its 52-week low of $1.28, hit in December. Despite the recent run, the stock has slumped over 80% from its IPO price of $17.

Read more on the company’s asset light strategy in the US .

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