Tokmanni - Q1 result slightly above estimates
Tokmanni’s Q1 revenue increased by 5.8% (LFL growth of 4.4%) and was EUR 199.0m vs. EUR 196.6m/193.5m Evli/consensus. Tokmanni’s adj. EBIT was EUR 0.3m vs. EUR -2.2m/-1.4m Evli/cons. Adj. gross margin was 32.1% vs. 31.4% Evli. The company did not provide a guidance for 20E, due to the coronavirus situation.
- Q1 revenue grew by 5.8% and was EUR 199.0m vs. EUR 196.6m/193.5m Evli/consensus. The leap day had a positive impact on sales. The restrictions caused by the coronavirus reduced customer flows towards the end of the quarter.
- Q1 adj. gross profit was EUR 63.8m (32.1% margin) vs. EUR 61.7m (31.4%) Evli expectation.
- Q1 adj. EBITDA was EUR 16.3m vs EUR 13.6m/14.5m Evli/consensus.
- Q1 adj. EBIT was EUR 0.3m (0.1% margin) vs. EUR -2.2m (-1.1%) our expectation and EUR -1.4m (-0.7%) consensus.
- Q1 eps was EUR -0.04 vs EUR -0.07/-0.06 Evli/consensus
- Guidance for 20E was not given at this point due to the coronavirus crisis.