Market differences remain, but Sweden is improving
As was the case throughout 2024, the various brand segments displayed vast differences in performance in Q4. Roper Rhodes remains the strongest performer, with organic growth of 5% in a declining UK market. Also Thebalux fared well, with q-o-q net sales growth despite a normally negative seasonality. The Svedbergs brand grew -17% y-o-y in a tough market, but comments in the report suggest the end of the quarter was better. Strong profitability in Thebalux and Roper Rhodes lifted the gross margin by 160bp y-o-y and meant EBITA grew 37% y-o-y, to a margin of 15.2% vs. its financial target of >15%. The board proposed a dividend of SEK 1.5 (SEK 1.0 for 2023), to be paid out in two instalments.
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