Puuilo (PUUILO) Q3 2023 earnings summary

Executive summary

• Q3 net sales rose 15.4% to €92.3m; comparable sales grew 5.3%, supported by more customers and new-store sales.

• February–October net sales increased 14.7% to €261.6m, while adjusted EBITA rose to €43.4m.

Financial highlights

• Q3 gross profit was €33.2m versus €29.3m; adjusted EBITA was €15.3m versus €14.9m, and EBIT was €15.0m versus €14.6m.

• Q3 net income was €11.2m versus €11.1m; EPS was €0.13, unchanged YoY.

• February–October gross profit rose to €95.7m from €82.4m; net income increased to €31.4m from €28.4m, and EPS was €0.37 versus €0.34.

• Online sales fell 10.3% in Q3 and 10.4% in February–October.

Outlook and guidance

• FY2023 guidance narrowed to net sales of €330–350m from €325–355m and adjusted EBITA of €52–58m from €50–60m.

• Long-term targets include FY2025 net sales above €400m, annual organic growth above 10%, adjusted EBITA margin of 17–19%, and net debt/adjusted EBITDA below 2.0x.

• Updated strategy and long-term targets were planned for spring 2024; FY2025 net sales target was expected to be reached clearly before the strategy period ends.