Q1 2026 saw total sales rise 12.3% to NOK 3.3 billion, driven by strong like-for-like growth in Norway (14.7%) and Sweden (7.7%), with early Easter timing and robust operational execution boosting results by an estimated 6 percentage points.
EBIT turned positive at NOK 71 million, up from a loss of NOK 37 million last year, and net profit to parent was NOK 4 million, compared to a loss of NOK 80 million.
The group continued its turnaround plan in Sweden, with encouraging results from upgraded stores and ongoing store modernization.
Operational improvements in supply chain and in-store execution contributed to positive momentum, especially in Sweden.
Expanded loan facilities by NOK 1 billion, ensuring financial flexibility for future growth.
Group sales reached NOK 3.3 billion, up 11.6% in constant currency, with gross margin improving to 39.5% (up 0.8 percentage points).
EBIT improved to NOK 71 million (from -37 million), EBIT margin at 2.2%, and EPS rose to NOK 0.03 (from -0.49).
Net profit to parent was NOK 4 million, up from a loss of NOK 80 million last year.
Cash flow from operations was negative NOK 163 million, an improvement from negative NOK 544 million last year.
Net debt excluding lease liabilities reduced to NOK 1,302 million, and cash and liquidity reserves increased to NOK 2,644 million.
Expectation of a negative Easter effect in Q2, offsetting Q1's boost.
Inflation and energy costs remain elevated, with possible rate hikes in Norway and continued geopolitical volatility.
Real wage growth anticipated in both Norway and Sweden, but consumers likely to remain price-conscious.
Confident in long-term turnaround plan for Sweden, targeting SEK 5 billion in sales and 5% EBIT margin by 2028, with gradual improvements expected from 2027.
The group is well positioned for the spring and summer seasons, focusing on value and campaigns.
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