Half Year 2024 Tokmanni Group Oyj Earnings Call Transcript
Key Points
- Tokmanni Group Corp (OHEL:TOKMAN) achieved a revenue growth of 32.5% in the second quarter, largely driven by the Dollarstore acquisition.
- The company's gross margin improved slightly to 36.7% from the previous year's 36.1%, indicating effective cost management.
- Tokmanni Group Corp successfully opened new stores in Finland, Sweden, and Denmark, expanding its market presence.
- The integration of Tokmanni and Dollarstore is progressing as planned, with synergies of EUR9.9 million achieved on an annual basis.
- The company is focusing on expanding its product assortment, particularly with private labels, which are expected to play a key role in future growth.
- Like-for-like revenue decreased by 2.4%, reflecting challenges in the current economic climate.
- Comparable EBIT decreased to EUR27.9 million from EUR28.5 million, indicating pressure on profitability.
- Cash flow from operating activities significantly declined to EUR43.9 million from EUR79.8 million in the previous year.
- The company faces a tough economic climate with weak consumer purchasing power and increased competition in both Finland and Sweden.
- The VAT increase in Finland is expected to impact consumer confidence and shopping behavior in the short term.
Good morning, and thank you for joining Tokmanni Group's first-half 2024 result presentation. My name is Mika Rautiainen. And today, together with me Tokmanni Group CFO, Mr. Tapio Arimo, will present the results for the second quarter and the first half of 2024. I will first go through the key points for the second quarter and Tapio will then give a little bit more light on the financial figures. Then couple of words regarding the outlook for the rest of the year and then it's time for questions.
(Event Instructions) Let's start with the with the presentation. So tight market, and a late start of the spring season impacted revenue and EBIT.
Tokmanni's store number 377 at the end of June this year and Dollarstore segment 25% of the total revenue and Tokmanni segment, 75%. So let's look at the group's key points. Customer were cautious when making purchase decisions. The tight economic situation continued during the second quarter and actually in both countries in Finland and in Sweden. Number
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