Q1 in brief: Strong RoW performance
The report is better than consensus estimates in general. Net sales of SEK 214m is 8% higher y-o-y (8% org.), and is 4% above ABGSCe and 7% above Factset cons. The three geographical segments Nordics, Europe and RoW grew by -5%, 0% and 42% respectively, meaning RoW was the clear reason for the sales and profit beat in the quarter. During the quarter, Artscape launched a new range and other portfolio brands experienced strong demand in the US specifically. Gross margins were 58.3%, 110bp higher y-o-y and +60bp sequentially the direction of change for input prices seems to be going the right way. SG&A expenses as a ratio to sales was similar y-o-y good gross margin resulted in an EBITA growth of 24% for adj. EBITA of SEK 34m (16% margin). This was 11% vs ABGSCE SEK 30m and 24% vs cons. SEK 27m. The profitability growth led to FCF of SEK 8m vs Q1'23's SEK -2m.
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