Brief: XXL Says Revenue So Far In Q2 Lower Than Last Year

Xxl AS

14/06/2023 12:16

June 14 (Reuters) - XXL ASA  XXL.OL :
    * TEMPORARILY TAX DEFERRAL AND Q2 2023 TRADING UPDATE
    * SWEDISH SUBSIDIARY HAS RECEIVED A TEMPORARY DEFERRAL OF
TAX
PAYMENTS FOR 2021 WHICH HAS RESULTED IN A TAX REPAYMENT FOR THAT
YEAR IN AMOUNT OF SEK 345 MILLION
    * TOTAL OPERATING REVENUE SO FAR IN Q2 2023 IS LOWER THAN
LAST
YEAR, DRIVEN BY WEAK CONSUMER SENTIMENT AND REDUCED DEMAND FOR
SPORTING GOODS IN GENERAL
    * TAX REPAYMENT WILL IMPROVE GROUP'S LIQUIDITY RESERVE
ACCORDINGLY
    * TOTAL OPERATING REVENUE, FROM CONTINUED OPERATIONS, FOR
GROUP IN
Q2 2023 IS EXPECTED TO BE AROUND NOK 1.9 BILLION COMPARED TO NOK
2.1 BILLION LAST YEAR
    * MARKET IS CHARACTERIZED BY HIGH INVENTORY LEVELS IN WHOLE
VALUE
CHAIN, RESULTING IN AGGRESSIVE PRICING AND EXCESSIVE CAMPAIGNS
    * HIGHER CAMPAIGN AND CLEARANCE ACTIVITIES FOR XXL WILL
IMPACT Q2
GROSS MARGIN, WHICH IS EXPECTED TO BE AROUND 30-32 PER CENT
(37.9 PER CENT)
    * Q2 EBITDA IS ESTIMATED TO BE IN RANGE OF NEGATIVE NOK 25
TO 75
MILLION (NOK 205 MILLION)
    * RESULTS COULD CHANGE AS LAST WEEKS OF JUNE ARE IMPORTANT
SALES
WEEKS

Source text for Eikon:  ID:nObiWMp7za 
Further company coverage:  XXL.OL 

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