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Footway Q1: well-below our forecasts as restructuring impacts net sales - SEB

Q1 miss in underlying LBITA follows from lower-than-expected sales developments in the period, impacted by the corporate restructuring. Net sales came in at SEK 102m (down 53% y/y), SEK 34m below our sales forecasts. Adjusting for a net non-recurring gain of SEK 188m from the corporate restructuring (company guidance for SEK 210m), as well as SEK 7m in EO costs, underlying LBIT came in at SEK 49m (SEBE: SEK 24m). Our estimates and our mid-point of SEK 2.50 are under review.

Q1 miss in underlying LBITA follows from lower-than-expected sales developments in the period, impacted by the corporate restructuring. Net sales came in at SEK 102m (down 53% y/y), SEK 34m below our sales forecasts. Adjusting for a net non-recurring gain of SEK 188m from the corporate restructuring (company guidance for SEK 210m), as well as SEK 7m in EO costs, underlying LBIT came in at SEK 49m (SEBE: SEK 24m). Our estimates and our mid-point of SEK 2.50 are under review.
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