Brief: XXL Q1 EBITDA Swings To Loss Of NOK 45 Mln

Xxl AS

26/04/2023 06:07

April 26 (Reuters) - XXL ASA  XXL.OL :
    * GAINING MARKET SHARES IN DIFFICULT MARKETS
    * DELIVERED A GROWTH OF 6.4 PER CENT IN Q1 2023 AND TOTAL
OPERATING REVENUE EQUALED NOK 2.0 BILLION (NOK 1.9 BILLION)
    * Q1 EBITDA ENDED AT NEGATIVE NOK 45 MILLION (NOK 83
MILLION).
    * XXL HAS PRIORITIZED CLEARING OUT INVENTORY TO START COMING
SEASONS WITH MORE NORMALIZED LEVELS AND IN-SEASON PRODUCTS.
    * RESULTS IN QUARTER WERE IMPACTED BY CLEARANCE CAMPAIGN
ACTIVITIES IN ALL MARKETS
    * INVENTORY SITUATION IS IMPROVING AND IS EXPECTED TO BE AT
A
NORMALIZED LEVEL DURING Q2 2023.
    * LOWER DEMAND FOR SPORTING GOODS AND HIGH INVENTORY IN
INDUSTRY
    * LONGER-TERM TARGET IS "40-30-10" ON GROSS MARGIN, OPEX AND
EBITDA RESPECTIVELY
    * TOTAL CAPEX FOR XXL GROUP IN 2023 IS EXPECTED TO BE AROUND
NOK
150-200 MILLION
    * EXPECTS PACE OF STORE ROLL-OUT TO BE 2-3 NEW STORES PER
YEAR

Source text for Eikon:  ID:nObirJRjxa 
Further company coverage:  XXL.OL 

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