Brief: XXL Q4 EBITDA Loss NOK 236 Mln Versus Profit NOK 403 Mln Year Ago

Xxl AS

08/02/2023 06:26

Feb 8 (Reuters) - XXL ASA  XXL.OL :
    * Q4 EBITDA LOSS NOK 236 MILLION VERSUS PROFIT NOK 403
MILLION
YEAR AGO 
    * CHALLENGING MARKETS AND RESULTS - EXITING AUSTRIA, WAIVER
AGREEMENT AND NEW EQUITY SECURED
    * WILL EXIT AUSTRIA IN 2023, IS WORKING ON SEVERAL DIFFERENT
SOLUTIONS, INCLUDING SALE OF AUSTRIAN ENTITY
    * TOTAL CAPEX IN 2023 IS EXPECTED TO BE AROUND NOK 150-200
MILLION
    * HAS AMBITION OF HAVING NO NEGATIVE CASH EFFECT IN 2023
FROM
AUSTRIAN OPERATIONS, EXIT
    * HAS PRIORITIZED STRICT LIQUIDITY MANAGEMENT WITH SALES AND
INVENTORY ACTIONS OVER GROSS MARGINS
    * GOING FORWARD EXPECTS PACE OF STORE ROLL-OUT TO BE 2-3 NEW
STORES PER YEAR
    * HAS SIGNED 2 NEW LEASE AGREEMENTS FOR STORE OPENINGS IN
2023,
WHEREOF 1 IN NORWAY AND 1 IN SWEDEN
    * OPERATING REVENUE OF NOK 2.3 BILLION (NOK 2.6 BILLION) IN
Q4
2022 DRIVEN BY LOW CONSUMER CONFIDENCE AND REDUCED DEMAND FOR
SPORTING GOODS IN GENERAL
    * Q4 OPERATING REVENUE NOK 2.3 BILLION VERSUS NOK 2.6
BILLION YEAR
AGO
    * RESULTS ARE ALSO SIGNIFICANTLY IMPACTED BY AN ADDITIONAL
WRITE-DOWN OF INVENTORY OF NOK 301 MILLION

Further company coverage:  XXL.OL 
 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com;))