Boozt AB's Half year report, January 1 - June 30 2023

Second quarter financial highlights

  • Net revenue of SEK 1,687 million and a net revenue growth of 8.6% (local currency 4.4%). Net revenue growth of 8.1% for Boozt.com and 11.0% for Booztlet.com.
  • Gross margin of 42.3% (41.3)
  • Adjusted EBIT margin of 5.1% (5.2)
  • Earnings per share before dilution of SEK 0.97 (0.68)
  • Free cash flow of SEK -10.2 million (-229.0)
  • Cash and cash equivalents of SEK 901 million (1,038)

Year-to-date highlights

  • Net revenue of SEK 3,212 million and a net revenue growth of 7.9% (local currency 4.2%). Net revenue growth of 10.1% for Boozt.com and -1.6% for Booztlet.com.
  • Gross margin of 40.5% (40.4)
  • Adjusted EBIT margin of 3.2% (3.0)
  • Earnings per share before dilution of SEK 0.90 (0.57)
  • Free cash flow of SEK -742 million (-731)

 Significant events in the second quarter

  • Boozt initiates repurchase program of own shares

Co-founder & CEO Hermann Haraldsson says: “We continue to gain market share and grow our business profitably even though market growth for fashion and lifestyle items remains muted. Our organisation and infrastructure has never been more solid and we are geared to handle significant growth once the market picks up. With the investments we have done I believe there is meaningful operational leverage as we continue our journey with the Nordic Department Store Strategy.”

SEK million unless otherwise indicatedApr 1 - Jun 30, 2023Apr 1 - Jun 30, 2022Change Jan 1 - Jun 30, 2023Jan 1 - Jun 30, 2022Change 
GROUP      
Net revenue1,687.21,553.28.6%3,211.92,977.27.9%
Gross profit712.9641.911.1%1,299.21,201.48.1%
EBIT66.164.62.3%63.659.96.3%
Adjusted EBIT85.680.95.8%102.689.714.3%
Earnings for the period66.146.143.3%61.138.558.7%
Free cash flow-10.2-229.0-95.6%-741.7-731.11.4%
Net revenue growth (%)8.6%5.2%3.4 pp7.9%13.9%-6.0 pp
Gross margin, (%)42.3%41.3%0.9 pp40.5%40.4%0.1 pp
EBIT margin, (%)3.9%4.2%-0.2 pp2.0%2.0%-0.0 pp
Adjusted EBIT margin, (%)5.1%5.2%-0.1 pp3.2%3.0%0.2 pp


 Outlook for 2023Outlook 2023 as of
August 18, 2023		Previous OutlookReported 2022
Net revenue growthBetween 7.5-12.5% Between 5-15% 16.0%
Adjusted EBITSEKm 300-350SEKm 275-375SEKm 285.6
The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year.
*The Adjusted EBIT outlook for 2023 is positively impacted by a reassessment of the useful lives of selected parts of the Group’s fixed assets that mainly relates to the AutoStore installations. Compared to 2022, the positive impact on yearly depreciation on a like-for-like basis is in the level SEK 25 million.

Telephone conference / audiocast
Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Sandra Gadd, will present the H1 report at a telephone conference / audiocast at 09.30 CET Friday, August 18, 2023. The presentation will be held in English and will be followed by a Q&A session.

If you wish to participate via webcast please use this link. Via the webcast you are able to ask written questions.

If you wish to participate via teleconference please register on this link. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

For presentation material, please visit Boozt’s website.

For additional information, please contact:

Hermann Haraldsson / Group CEO / Phone: +45 20 94 03 95 / Email: heha@boozt.com 
Ronni Olsen / Investor Relations / Phone: +45 31 22 04 56 / Email: rofo@boozt.com
Ask Kirkeskov Riis / Media Relations / Phone: +45 50 40 85 11 / Email: askr@boozt.com

This information is information that Boozt is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-08-18 08:00 CEST.

Attachments

Interim Report Q2 2023

© Modular Finance, source Nordic Press Releases