Brief: Rapala VMC Corporation Issues Profit Warning

Rapala VMC Oyj

30/06/2023 16:01

June 30 (Reuters) - Rapala VMC Oyj  RAP1V.HE :
    * REG-RAPALA VMC CORPORATION ISSUES A NEGATIVE PROFIT
WARNING:
EXPECTS FULL YEAR COMPARABLE OPERATING PROFIT TO BE
SIGNIFICANTLY BELOW THE PREVIOUS YEAR
    * FULL YEAR COMPARABLE OPERATING PROFIT (EXCLUDING
MARK-TO-MARKET
VALUATIONS OF OPERATIVE CURRENCY DERIVATIVES AND OTHER ITEMS
AFFECTING COMPARABILITY) FOR 2023 IS EXPECTED TO BE
SIGNIFICANTLY BELOW PREVIOUS YEAR
    * PROFITABILITY WILL BE SIGNIFICANTLY BELOW LAST YEAR DUE TO
CHALLENGING MARKET CONDITIONS CAUSED BY PROLONGED DESTOCKING AT
RETAIL AND WHOLESALE LEVELS
    * TO MITIGATE IMPACT OF LOWER TURNOVER, GROUP HAS ALREADY
STARTED
IMPLEMENTING COST-SAVINGS
    * COST-SAVINGS INCLUDE, AMONG OTHER MEASURES, A
RESTRUCTURING OF
HELSINKI HEADQUARTERS WHICH WAS FINALIZED IN JUNE

Source text for Eikon:  ID:nGNE7PKzqP 
Further company coverage:  RAP1V.HE 

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