Puuilo (PUUILO) Q3 2021 earnings summary

Executive summary

• 9M net sales increased 12.6% to €208m despite a comparison period with growth above 40%; like-for-like sales rose 2.5%.

• Q3 net sales grew 14.8% to ~€70m, with like-for-like sales up 2.5%; performance was in line with plans.

• Growth reflected comparable and new stores plus online sales; profitability remained strong as gross margin improved.

Financial highlights

• 9M adjusted operating profit/EBITDA reached €38.6m, up €3.9m YoY.

• Q3 adjusted operating profit was €13.1m, up €1.9m YoY; relative profitability was 18.8% of net sales.

• 9M gross margin was 37%, up 0.4 percentage points YoY; Q3 gross margin increased 0.8 percentage points YoY.

Outlook and guidance

• Long-term targets remain unchanged: net sales above €400m and adjusted EBITDA margin of 17%–19% by FY ending January 2026.

• Three new stores are planned for FY2022 in Sastamala, Lieto and Tornio; an additional fourth opening remains possible.

• Long-term growth expectations remain aligned with financial targets despite pandemic and supply-chain uncertainty.