Brief: Desenio Group Cuts 2021 Guidance
08/07/2021 06:39
July 8 (Reuters) - Desenio Group AB (publ) DSNO.ST :
* TRADING UPDATE: UNEXPECTED SLOWDOWN IN JUNE LEADS TO UPDATED TARGETS FOR 2021
* PRELIMINARY NET SALES IN Q2 2021 IN TOTAL AMOUNTED TO SEK 268 MILLION (253)
* PRELIMINARY ADJUSTED EBITA MARGIN AMOUNTED TO 11-12% (30%)
* ORGANIC SALES GROWTH, EXCLUDING POSTER STORE, WAS 35% ON AVERAGE FOR Q2 BETWEEN 2019 AND
2021.
* UPDATED TARGET IS TO GROW NET SALES BY 15-25% AND DELIVER ADJUSTED EBITA MARGIN AROUND 20%
FOR
2021
* DESENIO GROUP EXPERIENCED A SIGNIFICANT DETERIORATION IN TRAFFIC TOWARDS END OF MAY WHICH
FURTHER ACCELERATED THROUGHOUT JUNE
* REDUCED EXPECTATIONS FOR CURRENT FINANCIAL YEAR
* MID AND LONG-TERM FINANCIAL TARGETS REMAIN UNCHANGED
* THERE IS UNCERTAINTY OF WHEN CUSTOMER BEHAVIOR WILL RETURN TO MORE NORMAL PATTERNS, BUT WE
BELIEVE IT WILL OCCUR BY SECOND HALF OF Q3
* NET SALES IMPACTED BY GREATER THAN NORMAL SEASONALITY AS RESULT OF EASE OF COVID-19
RESTRICTIONS
ACROSS CO'S MARKETS
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