Puuilo (PUUILO) Q3 2021 earnings summary

Executive summary

• February–October revenue grew 12.6% to €207.8m; adjusted EBITA rose to €38.6m, with an 18.6% margin, supported by comparable and new stores and e-commerce.

• Q3 revenue increased 14.8% to €69.7m; adjusted EBITA was €13.1m and its margin improved to 18.8% from 18.4%.

Financial highlights

• February–October revenue was €207.8m versus €184.6m; comparable-store sales grew 2.5% versus 25.9%.

• February–October gross profit was €77.0m versus €67.6m; gross margin rose to 37.0% from 36.6%.

• February–October adjusted EBITA was €38.6m versus €34.7m; adjusted EBITA margin was 18.6% versus 18.8%.

• Q3 gross profit was €26.0m versus €22.1m; gross margin was 37.3% versus 36.5%.

• Q3 operating profit was €12.8m versus €10.8m; net income was €10.2m versus €7.6m, and EPS was €0.12 versus €0.09.

Outlook and guidance

• Long-term targets remained unchanged: revenue above €400m by FY2025, annual organic growth above 10%, and adjusted EBITA margin of 17–19%.

• Targets include net debt/adjusted EBITDA below 2.0x and dividends of at least 80% of annual profit, subject to financial and business conditions.

• FY2021 investment was expected at €4–5m, including €2–3m for ERP; four FY2022 store openings were planned: Tampere Lielahti relocation, Sastamala, Lieto and Tornio.