Tokmanni - Actions taken in Q2 were successful
Tokmanni’s Q2 revenue increased by 19.2% (LFL growth of 17.5%) and was EUR 286m. Tokmanni’s adj. EBIT was EUR 30.6m vs. EUR 30.9m/28.5m Evli/cons. Adj. gross margin was 34.5%. The company expects strong growth in revenue and LFL revenue in 20E. Comparable EBIT margin is expected to improve on the previous year.
- Q2 revenue grew by 19.2% and was EUR 286m. The preliminary figures were already given earlier thus there were no surprises with the sales development. The increase in sales of leisure, gardening and home improvement products and food products was particularly strong in Q2.
- Q2 adj. gross profit was EUR 98.6m (34.5% margin) vs. EUR 97.5m (34.1%) Evli expectation. Adj. gross margin fell from last year due to strong sales program and unusual sales structure.
- Q2 adj. EBITDA was EUR 46.7m vs EUR 46.9m our view.
- Q2 adj. EBIT was EUR 30.6m (10.7% margin) vs. EUR 30.9m (10.8%) our expectation and EUR 28.5m (10.0%) consensus.
- Q2 eps was EUR 0.38 vs EUR 0.38/0.35 Evli/consensus
- Guidance for 20E: strong growth in revenue and like-for-like revenue. Profitability (comparable EBIT margin) is expected to improve on the previous year.
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