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Tokmanni - Strong Q2 performance

Tokmanni’s Q2 revenue increased by 10.2 % and was EUR 239.9m vs. EUR 236m/234m Evli/consensus. LFL growth continues to be clearly above our estimates at 5.3 % vs. 2.5 % our expectation. Gross margin was 35.2 % vs. 35.6 % our expectation. Tokmanni reiterated its 2019E guidance.
  • Q2 revenue grew by 10.2 % and was EUR 239.9m vs. EUR 236m/234m Evli/consensus.
  • Q2 adj. gross profit was EUR 84.5m (35.2 % margin) vs. EUR 83.9.m (35,6 %) Evli expectation.
  • Q2 adj. EBITDA was EUR 34.0m vs EUR 30.8/29.7m Evli/consensus
  • Q2 adj. EBIT was EUR 18.7 (7,8 % margin) vs. EUR 15.8m (6.7 %) Evli expectation and EUR 15.0m (6.4 %) consensus
  • Q2 eps was EUR 0.21 vs EUR 0.18/0.18 Evli/consensus
  • Revenue was driven by the timing of Easter and good sales in spring season. Also, the operational efficiency measures progressed in the right direction during Q2.
  • 2019 guidance intact: revenue will grow in 2019 based on the sales from new openings in 2018 and in 2019. Profitability will increase y/y in 2019E.

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