Verkkokauppa.com - No surprises with Q1 result
Verkkokauppa.com’s Q1 result was in line with expectations. Q1’21 revenue grew by 7% y/y and was EUR 134m vs. Evli EUR 135m and consensus of EUR 134m. Adj. EBIT was EUR 5.2m vs. EUR 5.0m/4.8m Evli/consensus. EPS was EUR 0.09 vs. EUR 0.08 Evli and consensus. Verkkokauppa.com reiterated its guidance.
- Q1 revenue was EUR 134m (7% y/y) vs. EUR 135m Evli view and EUR 134m consensus. Growth was good especially in major domestic appliances, small domestic appliances, office & supplies, gaming & entertainment and sports. Online sales increased by 33%. Also, sales to B2B customers increased by 12%.
- Q1 gross profit was EUR 21.7m (16.2% margin) vs. EUR 21.4m (15.9% margin) Evli view. Gross margin was driven by increased share of product categories with higher profit margins.
- Q1 adj. EBIT was EUR 5.2m (3.9% margin) vs. EUR 5.0m (3.7% margin) Evli view and EUR 4.8m (3.6% margin) consensus.
- Q1 eps was EUR 0.09 vs. EUR 0.08/0.08 Evli/cons.
- The company also decided on a quarterly dividend of EUR 0.057 per share.
- 2021E guidance: revenue of EUR 570-620m and adj. EBIT of EUR 20-26m.