Verkkokauppa.com - Weak Q2 earnings
Verkkokauppa.com’s Q2’19 revenue grew by 5% despite of declining market and was EUR 108m vs. Evli EUR 111m and consensus of EUR 111.5m. Gross profit was 15.3m (14.2% margin) vs. EUR 16.1m (14.5% margin) Evli view. EBIT was EUR 0.2m vs. EUR 0.9m/1.3m Evli/cons. The company reiterated its 2019E guidance.
- Q2 revenue was EUR 108m vs. EUR 111.0m Evli view and EUR 111.5m consensus. Sales grew by 5% despite of declining market growth (-0.5% y/y according to GfK). Revenue growth in Q2 was boosted by campaigns and increased marketing.
- Q2 gross profit was EUR 15.3m (14.2% margin) vs. EUR 16.1m (14.5% margin) Evli view.
- Q2 EBIT was EUR 0.2m (0.2% margin) vs. EUR 0.9m (0.8% margin) Evli view and EUR 1.3m (1.2% margin) consensus. This was impacted by lower gross profit and increased marketing expenses.
- Q2 eps was EUR 0.00 vs. EUR 0.02/0.02 Evli/cons.
- 2019 guidance intact. The company expects 2019E revenue of EUR 500-550m and EBIT of EUR 11-17m.
- The company also decided on a quarterly dividend of EUR 0.05 per share.
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