KUNGÄLV, Sweden, April 26, 2022 /PRNewswire/ -- PERIOD 1
JANUARY - 31 MARCH 2022
- Net sales amounted to SEK 1,774.9
million, which was 41% (36% in local currencies) higher than
last year (SEK 1,261.6 million).
- Operating result amounted to SEK
209.1 (100.1) million.
- Result for the period amounted to SEK
153.5 (67.7) million.
- Earnings per share amounted to SEK
2.31 (1.04).
- Cash flow from operating activities amounted to SEK 5.2 (367.2) million.
- Equity ratio amounted to 61.9 (56.9) %.
- Net debt to equity ratio amounted to 22.9 (37.3) %.
CEO COMMENTS
Net sales
We are once again delivering a record quarter. Net sales
increased by as much as 41% (excluding currency 36%) and amounted
to SEK 1,774.9 million, which is a
new all-time high for a first quarter. Just as we previously
predicted, the recovery in the market will take place quickly after
easing or removing restrictions in Europe and the USA. Both of our sales channels had good
growth with 49% for promo and 29% for retail. All three segments
had growth, Corporate with 49%, Sports & Leisure with 40% and
Gifts & Home Furnishings with 13%. All geographical regions
also showed growth. A quarter that we can feel great pride in our
accomplishments in sales growth.
Operating result
We more than doubled our operating profit from SEK 100.1 million to SEK
209.1 million. The operating margin for the quarter was
11.8%. The highest operating margin we have previously reached is
7.9%.
Net profit increased from SEK 67.7
million to SEK 153.5 million,
an improvement of SEK 85.8 million or
as much as 127%.
Rolling 12 months
For the first time, we passed SEK 7
billion in net sales on a rolling full year and achieved
SEK 7,231.9 million and an operating
result of SEK 1,114.9 million. This
gives an operating margin of 15.4%.
Cash flow & balance sheet
Operating cash flow was SEK 5.2
million, compared with SEK 367.2
million the previous year. The difference consists of a
certain inventory build-up, payment of previous purchases of goods
and an increase in accounts receivable with the sharp increase in
sales. Given the growth, we would have preferred to increase
inventory further, but there are still supply disruptions in the
logistics chain.
The balance sheet remains very strong with an equity ratio of
61.9%, which leaves plenty of room for both organic growth and
possible acquisitions.
The future
We are well equipped for the future and I remain optimistic.
However, there is no shortage of challenges in the short term due
to the situation prevailing in the world. The war in Ukraine is terrible and worrying, as is the
development of the pandemic in China with large and long lockdowns. Both of
these risks are exacerbating the strained situation that has
existed for a year and continues in product supply and
logistics.
We have so far managed to deal with these problems effectively,
however it remains a challenging situation. Above all, there may be
quarters that are affected, for example, Craft's basic orders are
delayed and delivered later than normal. The short-term development
is therefore still difficult to assess, but in the long term I am
more positive than ever. We continue to gain market share in most
areas. Promo with Clique in the lead develops very well. We see a
strong recovery in the US for all companies. Last but not least,
Craft continues its growth and in May we will take over the
Norwegian national teams in cross-country skiing and biathlon.
We recently extended the agreement with Hammarby Football for
another 5 years and it now extends until 2028. We are strong and
well equipped against our competitors in virtually all areas. So
even with the situation in the world, we face various challenges
and sometimes feel anxious in the short term, I am more confident
than ever with the long-term development.
Torsten Jansson, CEO
FOR MORE INFORMATION, PLEASE CONTACT:
CEO and Group CEO
Torsten Jansson
Phone: +46 31-712 89 01
E-mail: torsten.jansson@nwg.se
CFO
Lars Jönsson
Phone: +46 31-712 89 12
E-mail: lars.jonsson@nwg.se
This information is information that New Wave Group AB is
obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons detailed above, at 7.00 a.m. CET on April 26,
2022.
If you want to sign up for, or unregister from, future messages
from New Wave Group, please send an email to info@nwg.se.
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SOURCE New Wave Group