Tokmanni - Q4 result in line with expectations

Tokmanni’s Q4 revenue increased by 6.1% and was EUR 284.8m vs. EUR 287.7m/287.0m Evli/consensus. LFL growth was 3.1% vs. 3.7% our expectation. Tokmanni’s adj. EBIT was EUR 32.0m vs. EUR 32.7m/31.8m Evli/cons. Gross margin was 35.2% vs. 35.5%/35.2% Evli/cons.

• Q4 revenue grew by 6.1% and was EUR 284.8m vs. EUR 287.7m/287.0m Evli/consensus. Revenue was boosted by successful campaigns but at the same time the change in the timing of tax refunds, delayed winter season and the postal strike slowed down year-end sales.

• Q4 adj. gross profit was EUR 100.1m (35.2% margin) vs. EUR 102.1.m (35.5 %) Evli expectation.

• Q4 adj. EBITDA was EUR 47.6m vs EUR 47.7m/46.3m Evli/consensus

• Q4 adj. EBIT was EUR 32.0 (11.2% margin) vs. EUR 32.7m (11.4%) our expectation and EUR 31.8m (11.1%) consensus.

• Q4 eps was EUR 0.39 vs EUR 0.41/0.39 Evli/consensus

• 2019 dividend: EUR 0.62 vs. EUR 0.62/0.60 Evli/cons.

• Tokmanni expects good revenue growth for 2020, based on the revenue from the new stores acquired and opened in 2019 and new stores to be opened in 2020, as well as on slight growth in like-for-like revenue. Group profitability (comparable EBIT margin) is expected to improve on the previous year.

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