Apranga (APG1L) Q3 2024 earnings summary

Executive summary

• Retail turnover (including VAT) reached €251.4 million in 9M 2024, up 8.7% year-over-year, with growth in all Baltic countries.

• Online turnover rose 24.8% year-over-year, now 13.1% of total turnover.

• Five new stores opened, 11 renovated, and four closed; total store count increased to 170.

• Net profit for 9M 2024 was €12.6 million, down 3.7% year-over-year.

• Share price increased by 6% over the last 12 months, with market capitalization rising to €156 million.

Financial highlights

• Revenue: €209.5 million, up 8.8% year-over-year.

• Gross profit: €94.1 million, gross margin decreased to 44.9% from 46.1%.

• EBITDA: €31.2 million, up 0.5% year-over-year; EBITDA margin fell to 14.9% from 16.1%.

• Operating profit: €16.3 million, down 2.3% year-over-year.

• Profit before tax: €15.2 million, down 4.1% year-over-year.

• Operating expenses increased by 7.9% to €77.8 million.

• Net cash from operating activities: €19.2 million; net decrease in cash: €10.7 million.

Outlook and guidance

• Targeting €350 million turnover (including VAT) for 2024, a 7% increase over 2023.

• Plans to renovate or open 18 stores in 2024, with net investment forecast revised to €8 million.