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Footway Q3: Marked impact from ongoing restructuring, asset write-downs add to reported losses - SEB

Footway Group - a leading online retailer of footwear and sportswear - reported Q3 sales and underlying EBITA below our (downgraded) forecasts. The ongoing corporate restructuring has impacted stock-in-trade (levels and composition) and so sales (-48% y/y) and results. Adjusted for estimated cash NRIs, totaling SEK 10m, underlying LBITA of SEK 21m (SEBE: SEK 11m) are down from SEK 13m a year ago.

Footway Group - a leading online retailer of footwear and sportswear - reported Q3 sales and underlying EBITA below our (downgraded) forecasts. The ongoing corporate restructuring has impacted stock-in-trade (levels and composition) and so sales (-48% y/y) and results. Adjusted for estimated cash NRIs, totaling SEK 10m, underlying LBITA of SEK 21m (SEBE: SEK 11m) are down from SEK 13m a year ago.
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