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Verkkokauppa.com - A strong start to the year

Verkkokauppa.com’s Q1’20 result beat our and consensus estimates. Revenue grew by 8.2% and was EUR 125m vs. Evli EUR 121m and consensus of EUR 118m. Gross profit was EUR 19.4m (15.5% margin) vs. EUR 18.3m (15.1% margin) Evli view. Adj. EBIT was EUR 3.8m vs. EUR 2.7m/2.5m Evli/cons. 2020E guidance reiterated: The company expects revenue to be EUR 510-530m and comparable operating profit to be EUR 12-15m.
  • Q1 revenue was EUR 125m vs. EUR 121m Evli view and EUR 118m consensus. Sales grew as much as by 8.2% y/y. Revenue growth in Q1 was boosted by strong online sales and marketing. All product categories performed well.
  • Q1 gross profit was EUR 19.4m (15.5% margin) vs. EUR 18.3m (15.1% margin) Evli view.
  • Q1 adj. EBIT was EUR 3.8m (3.0% margin) vs. EUR 2.7m (2.2% margin) Evli view and EUR 2.5m (2.1% margin) consensus. EBIT improved mainly due to gross margin improvement.
  • Q1 eps was EUR 0.05 vs. EUR 0.04/0.04 Evli/cons.
  • 2020 guidance reiterated: The company expects revenue to be EUR 510-530m and comparable operating profit to be EUR 12-15m.
  • The company also decided on a quarterly dividend of EUR 0.053 per share.
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