Verkkokauppa.com - Strong revenue growth in Q1’19
Verkkokauppa.com’s Q1’19 revenue was EUR 116m compared to EUR 114m Evli and EUR 117m consensus estimates. Sales grew by 13% y/y. Adj. EBIT was slightly below Evli/cons. estimates at EUR 2.3m. Verkkokauppa.com reiterated its guidance for 2019E.
- Q1 revenue was EUR 115.8m vs. EUR 113.9m Evli view and EUR 116.5m consensus. Sales grew by 13% y/y. Revenue growth was driven mainly by marketing improvements, effective campaigning and sales from Raisio store. The market remained competitive and price-driven and grew by 4.9% in January-March, according to GfK.
- Q1 gross profit was EUR 17.4m (15.0% margin) vs. EUR 17.8m (15.6% margin) Evli view.
- Q1 adj. EBIT was EUR 2.3m (2.0% margin) vs. EUR 2.5m (2.2% margin) Evli view and EUR 3.0m (2.6% margin) consensus. Slightly lower operating profit y/y was mainly due to lower gross margin and increased marketing investments.
- 2019E guidance is intact: Verkkokauppa.com expects revenue to be between EUR 500-550m and operating profit of EUR 11-17m.