Q4'22 in brief
Following continued strong development into the consumer sentiment and renovation headwinds, Svedbergs Group reports net sales of SEK 438m in Q4'22, for y-o-y growth of 56% (-9% org). This is 2% below ABGSCe SEK 447m. Like in previous quarters, the strong brands Svedbergs and Roper Rhodes hold up relative to the market, Svedbergs grew by -3% and Roper Rhodes developed favourably, while Macro Design and Cassoe reports -22% and -21% sales growth respectively. The group reported a gross margin of SEK 181m for a 41.4% margin, sequentially -40bps but y-o-y +50bps. This is largely due to successful price increases that have been implemented across brands, which will have full effect during '23e. Continued cost control in opex results in a SEK 54m EBITA for a 12.4% margin, 3% above ABGSCe SEK 53m. The group's inventory is flat sequentially, as an added focus on inventory efficiency is counteracted by energy prices and FX rates inflating purchasing prices.
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