Brief: XXL Q1 EBITDA Loss Turns To Profit NOK 207 Mln

Xxl AS

23/04/2021 06:07

April 23 (Reuters) - XXL ASA  XXLA.OL :
    * Q1 2021 - SOLID RESULT IMPROVEMENT DESPITE STORE CLOSURES
    * Q1 OPERATING REVENUE OF NOK 2 166 MILLION (NOK 2 162
MILLION)
    * Q1 EBITDA OF NOK 207 MILLION (MINUS NOK 36 MILLION)
    * Q1 LIQUIDITY RESERVES OF NOK 1 181 MILLION (NOK 774
MILLION)
    * XXL'S AMBITIONS GOING FORWARD IS TO OVER TIME GAIN MARKET
SHARES
IN ALL MARKETS, AND CONTINUE GROWTH IN E-COMMERCE CHANNEL
    * TOTAL CAPEX FOR XXL GROUP IN 2021 IS EXPECTED TO BE AROUND
NOK
250-300 MILLION
    * GOING FORWARD XXL EXPECTS PACE OF STORE ROLL-OUT TO BE 3-5
NEW
STORES PER YEAR
    * GIVEN FINANCIAL STRENGTH, XXL WILL INITIATE A REFINANCING
OF
GROUP, AIMING FOR CONTINUED FLEXIBILITY
    * AIMS TO RETURN TO LONG TERM DIVIDEND POLICY WITH A
TARGETED PAY
OUT RATIO OF 40-50 PER CENT OF GROUPS ANNUAL NORMALIZED NET
INCOME
    * INITIATES A PROGRAM TO BUY-BACK OWN SHARES
    * TOTAL NUMBER OF SHARES TO BE ACQUIRED IS 3,500,000 SHARES,
CURRENTLY OF A VALUE OF AROUND NOK 70 MILLION
    * HIGHEST PRICE TO BE PAID PER SHARE WILL BE NOK 30, BUT
SHALL IN
NO EVENT EXCEED PREVAILING MARKET PRICE
    * SHARE BUY-BACK PROGRAM WILL COMMENCE ON 26 APRIL 2021 AND
WILL
CONTINUE UNTIL 1 JUNE 2021

Source text for Eikon:  ID:nObigKDKsa 
Further company coverage:  XXLA.OL 

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