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XXL (XXL) investor relations material
XXL Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary29 Apr, 2025
Executive summary
Achieved first quarter of growth since Q1 2023, with operating revenue up 7.2% year-over-year, driven by the "Reset and Rethink" turnaround plan and strong e-commerce and private label performance.
All three core markets (Norway, Sweden, Finland) and e-commerce contributed to growth, with Sweden leading and private label share rising.
Growth sustained throughout Q1, including double-digit increases in February and March, despite challenging market conditions and a reduced store base.
Rights issue of NOK/SEK 600 million completed, with NOK 300 million used to repay bridge loan, strengthening liquidity.
Frasers Group launched a mandatory offer for all remaining shares at NOK 10 per share, expiring May 13, 2025.
Financial highlights
Operating revenue rose to NOK/SEK 1,670 million in Q1 2025, up 7.2% year-over-year; like-for-like growth was 7.8%.
Gross margin was 38.2%, down 0.6 percentage points year-over-year due to end-of-season campaigns.
EBITDA improved to NOK/SEK 12.4 million, with Sweden showing the strongest improvement.
OPEX/operational costs increased to NOK/SEK 625 million, mainly from higher volumes and salary inflation.
Net debt at NOK/SEK 968 million, with liquidity reserves at NOK/SEK 344 million.
Outlook and guidance
Focus on accelerating "Rethink" initiatives, store restructuring, digital media mix, and private label expansion.
Additional cost and capital out targets set, aiming for another NOK/SEK 300 million in reductions by end of 2026.
Turnaround plan targets EBITDA run-rate uplift of NOK 500–750 million, conditional on product availability and market trends.
Expectation of gradual market recovery in 2025, with Sweden showing early signs of improvement.
Emphasis on strict liquidity control and stock management due to risk of material liquidity constraints.
What's the status of the CHF 4.9M refund?
Explain the NOK 300M cost reduction target.
Assess the impact of Frasers' mandatory offer.
Digital dual campaign tactics impact?
What specific actions for Phase 2 cost-out?
How to address high rent levels in store strategy?
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Frequently asked questions
Your One-Stop Shop for Sports Gear and Equipment
XXL is a leading sports retailer that caters to athletes, fitness enthusiasts, and sports lovers alike. The company offers a wide range of sporting goods and equipment, including apparel, footwear, accessories, and gear for various sports and outdoor activities. XXL is known for its extensive selection of top-quality products from renowned brands, providing customers with everything they need to excel in their chosen sports or lead an active lifestyle.
To generate revenue, XXL primarily relies on the sales of sporting goods and equipment through its retail stores and e-commerce platform. The company's success is driven by its commitment to offering customers a wide range of options, ensuring that they can find the right products for their specific needs. XXL's emphasis on quality, durability, and performance has earned it a reputation as a trusted destination for sports enthusiasts.
Omni Experience
XXL operates through two primary business segments: Retail Stores and E-commerce. The Retail Stores segment comprises the company's brick-and-mortar stores located in multiple countries. These stores provide customers with a hands-on shopping experience and personalized assistance from knowledgeable staff. The E-commerce segment focuses on online sales through the company's website, offering customers the convenience of shopping from anywhere at any time.
The largest sports retailer in the Nordics
XXL has established a strong presence in the sports retail industry, with a vast network of stores across several countries. The company is in fact the largest sports retailer in the Nordic region. Founded in 2000 in Norway, XXL has expanded its operations to include stores in Norway, Sweden, Finland, and Austria.
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