Bokusgruppen (BOKUS) Q3 2024 earnings summary

Executive summary

• Net sales/revenue increased by 8.8% year-over-year in Q3 2024 to 452.8 MSEK, with strong growth in both physical stores and online channels; organic growth was 4.5%.

• Gross profit rose 7.6% in Q3, but EBITA declined by 6.0 MSEK to 17.5 MSEK due to higher logistics and one-off costs.

• Akademibokhandeln saw net sales up 11.5%, Bokus up 4.1% year-over-year; both segments increased active customers and NPS.

• Net income for Q3 was 0.2 MSEK, down from 5.7 MSEK last year; EPS before dilution was 0.01 SEK.

• Acquisition and integration of Bok & Co AB added six stores, boosting sales and completed during the quarter.

Financial highlights

• Q3 2024 net sales/revenue: 452.8 MSEK (+8.8% YoY); gross margin: 42.2% (down 0.4 p.p.); EBITA: 17.5 MSEK (down 6.0 MSEK).

• Jan–Sep 2024 net sales: 1,267.4 MSEK (+5.2% YoY); EBITA: 4.8 MSEK (up 0.8 MSEK).

• Q3 net income: 0.2 MSEK (down from 5.7 MSEK YoY); 9M net loss: -34.8 MSEK (vs. -34.6 MSEK YoY).

• Adjusted operating cash flow for Q3: -5.9 MSEK; operating cash flow Q3: 43.0 MSEK; R12M: +62.6 MSEK.

• Q3 gross margin: 42.2% (down from 42.6% YoY); 9M gross margin: 41.6% (up from 41.1%).

Outlook and guidance

• Positive signals and trends ahead of Q4, the most important period for results.

• Investments in e-commerce logistics and platform expected to drive future online growth, with launch planned for spring 2025.

• Swedish economic conditions improving, with lower interest rates and rising consumer power anticipated.

• Second dividend installment of 1.65 SEK per share to be paid November 13; total dividend 3.30 SEK per share in two installments.