Boozt
Boozt delivers solid profitability and market share gains in the second quarter
Boozt AB's Half year report, January 1 - June 30 2022
Second quarter financial highlights
- Net revenue of SEK 1,553 million and a net revenue growth of 5.2% (local currency 2.9%). Net revenue growth of 0.5% for Boozt.com and 34.4% for Booztlet.com.
- Gross margin of 41.3% (39.9)
- Adjusted EBIT margin of 5.2% (6.8)
- Earnings per share before dilution of SEK 0.68 (0.94)
- Free cash flow of SEK -229.0 million (32.3)
- Cash and cash equivalents of SEK 1,038 million (1,579)
Year-to-date highlights
- Net revenue of SEK 2,977 million and a net revenue growth of 13.9% (local currency 11.2%). Net revenue growth of 9.4% for Boozt.com and 38.6% for Booztlet.com.
- Gross margin of 40.4% (40.0)
- Adjusted EBIT margin of 3.0% (6.5)
- Earnings per share before dilution of SEK 0.57 (1.60)
- Free cash flow of SEK -731 million (-204)
Significant events in the second quarter
- The outlook for 2022 was adjusted downwards on June 9, 2022 to reflect a deceleration in consumer spending
- The company carried out a staff reduction at the end of the quarter, corresponding to a yearly cost saving of approximately SEK 36 million
Co-founder & CEO Hermann Haraldsson says: “The fundamentals of our business remain strong despite challenging markets and have continued to develop positively in the first half of 2022. The average order value is at a record high, return rates are stable, customer satisfaction is best-in-class and our Nordic Department Store provides a unique curated selection across categories. We remain confident that we can continue to significantly outgrow the Nordic online market while delivering best-in-industry profitability.”
| SEK million unless otherwise indicated | Apr 1 - Jun 30, 2022 | Apr 1 - Jun 30, 2021 | Change | Jan 1 - Jun 30, 2022 | Jan 1 - Jun 30, 2020 | Change |
| GROUP | ||||||
| Net revenue | 1,553.2 | 1,476.3 | 5.2% | 2,977.2 | 2,613.8 | 13.9% |
| Gross profit | 641.9 | 588.3 | 9.1% | 1,201.4 | 1,046.3 | 14.8% |
| EBIT | 64.6 | 80.9 | -20.1% | 59.9 | 139.1 | -57.0% |
| Adjusted EBIT | 80.9 | 100.1 | -19.1% | 89.7 | 168.7 | -46.8% |
| Result for the period | 46.1 | 61.2 | -24.7% | 38.5 | 104.1 | -63.0% |
| Free cash flow | -229.0 | 32.3 | n.m. | -731.1 | -203.6 | 259.0% |
| Net revenue growth (%) | 5.2% | 20.2% | -15.0 pp | 13.9% | 31.1% | -17.2 pp |
| Gross margin, (%) | 41.3% | 39.9% | 1.5 pp | 40.4% | 40.0% | 0.3 pp |
| EBIT margin, (%) | 4.2% | 5.5% | -1.3 pp | 2.0% | 5.3% | -3.3 pp |
| Adjusted EBIT margin, (%) | 5.2% | 6.8% | -1.6 pp | 3.0% | 6.5% | -3.4 pp |
| Outlook for 2022 | Outlook 2022 as of June 9, 2022 | Previous Outlook | Reported 2021 |
| Net revenue growth | Between 10-15% | Between 20-25% | 33.4% |
| Adjusted EBIT | SEKm 235-285 | SEKm 365-420 | SEKm 342.5 |
| The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year. | |||
Telephone conference / audiocast
Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Sandra Gadd, will present the Q2 report at a telephone conference / audiocast at 09.30 CET on Friday, August 12, 2022. The presentation will be held in English and will be followed by a Q&A session (https://tv.streamfabriken.com/boozt-q2-2022).
For presentation material, please visit Boozt’s website.
| Datum | 2022-08-12, kl 08:00 |
| Källa | MFN |
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