Q2 2023 – The quarter in brief
- Net revenue was
SEK 288.6 (339.4) million, corresponding to a fall of -15.0% (-14.5%) - Gross profit was
SEK 141.4 (161.4) million, corresponding to a gross margin of 49.0% (47.6%) - Operating profit was
SEK 7.7 (-18.5) million, corresponding to an operating margin of 2.7% (-5.5%) - Net income was
SEK 4.5 (-19.4) million, corresponding to earnings per share ofSEK 0.17 (-1.07)
H1 2023 – Financial highlights
- Net revenue was
SEK 522.8 (627.5) million, corresponding to a fall of -16.7% (-11.4%) - Gross profit was
SEK 237.2 (288.9) million, corresponding to a gross margin of 45.4% (46.0%) - Operating loss was
SEK -26.0 (-42.4) million, corresponding to an operating margin of -5.0% (-6.8%) - Net income was
SEK -30.3 (-47.9) million, corresponding to earnings per share ofSEK -1.36 (-2.66)
Clear first signs of progess in the right direction
The wide-ranging transformation work we began last year is now starting to produce effects, and we can clearly see the first signs that we are moving in the right direction. We achieved an improved gross margin in the second quarter compared with the previous year of 49.0% (47.6%), as well as positive earnings of
Further improvement in our customer offer
Since we began our transition towards a product range that is clearer and better suited to our customers, we have focused on our own brands to an even greater extent than before and reduced our variety to make it easier for our customers to find the right articles. At times we have also decided to promote sales by reducing prices to increase the movement of our stock
during the transitional period. We have already made big changes but we need to continue to focus on improving our customer offer. We did see that the conversion rate of 2.3% remained at the same level as in the previous year during the second quarter, but the average order value decreased to
Continued focus on profitability in the core business
We are now embarking on the second half of the year bolstered by a positive quarter but with the same rate of change. We continue to implement our transformation plan and improvements in our system landscape will now be firmly in our sights. We have started this work and continue to prioritise the elements that improve the customer experience and simplify our internal working methods. I would like to take this opportunity to say a heartfelt thank-you to our amazing
Helena Karlinder-Östlundh
Acting CEO of
Borås,
Box 690
501 13 Borås,
Corp. ID 556035-6940
Registered office: Borås
Visiting address: Lundbygatan 1, Borås
Conference call/webcast of half-year report
The conference call will be held in English and hosted by Helena Karlinder-Östlundh acting CEO and Ola Wahlström interim CFO.
Note: It is only possible to ask questions in writing (not by phone). To submit questions you want answered after the presentation, please use the link below. It is possible to submit written questions both before and during the broadcast.
Link to webcast: https://nelly.videosync.fi/2023-07-14-q2
To listen to the report by phone, the following callin details are available:
Finland : +358 9 4245 0972
Sweden : +46 8 525 07003
United Kingdom : +44 20 7043 5048
United States : +1 (774) 450-9900
Conference ID (PIN): 100370#
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