PERIOD 1 JANUARY -
- Net sales decreased by 7% (same in local currencies) and amounted to
SEK 1,995.2 (2,135.5) million. Acquired business contributed 1%. -
Operating result amounted to
SEK 185.5 (313.5) million. -
Result for the period amounted to
SEK 121.1 (222.2) million. -
Earnings per share amounted to
SEK 0.91 (1.67). * -
Cash flow from operating activities amounted to
SEK 203.7 (-193.1) million. - Equity ratio amounted to 63.2 (53.6) %.
- Net debt to equity ratio amounted to 29.5 (42.0) %.
*Before and after dilution, recalculated with regard to the 2:1 share split carried out in
CEO COMMENTS
Good cash flow and stable gross margin
Net sales
We had a rather tough start to 2024 with slightly lower sales than the previous year. The first quarter is and has always been the smallest quarter of the year for us and is often uneven both in terms of sales and results depending on marketing efforts, sales activities, shifts between quarters, etc. Net sales decreased by
We saw during the first quarter that the price pressure within promo increased somewhat. Despite this we still managed to keep the margin at a high level, 49.7%.
We continue to have good cost control and we have increased the expenditures for marketing and sales as planned, which will have a positive impact on sales in the coming quarters.
The inventory is at a strong level and, despite the delays of sea freight due to the situation at the
Regionally,
The net profit loss of
Rolling 12 months
On a rolling full-year basis, turnover now amounts to almost
Cash flow & Balance sheet
We continue to have a very strong balance sheet with an equity of
Cash flow from operating activities continue to be strong at
Future
The development in the short term is always difficult to assess, especially under the current economic conditions and the continued unrest in our surrounding world, however I know that we are very strong in all our areas of operation and I am convinced that our ventures and investments will bring us success. We are well equipped for growth, due to the ongoing investments we have made in product development, marketing and sales recently.
Sport & Leisure has exceptionally good growth opportunities going forward with Craft's investments in, among other things, shoes and teamwear, Cutter & Buck's investments in e-commerce and product development, and the restructuring and new distribution network of the latest acquisition, Tenson.
The Corporate segment is also well equipped for growth with good inventory, a high level of service and investments in products, marketing and sales organizations.
In Gifts & Home Furnishings, we believe the slowdown has almost ended and that growth is on the horizon.
All in all, my employees and I have a bright view of the future with strong, long-term and profitable growth.
Thanks to all employees and customers!
FOR MORE INFORMATION, PLEASE CONTACT:
CEO and Group CEO
Phone: +46 31-712 89 01
E-mail: torsten.jansson@nwg.se
Deputy CEO
Göran Härstedt
Phone: +46 (0) 70- 362 56 11
E-mail: goran.harstedt@nwg.se
CFO
Lars Jönsson
Phone: +46 31-712 89 12
E-mail: lars.jonsson@nwg.se
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