Verkkokauppa: Profitability continued to hold up - Evli Research

Verkkokauppa.com reported Q2 results that were overall somewhat above estimates. Top line was close to the expected levels, while the strong gross margin helped adj. EBIT to surpass estimates by some EUR 0.5m.

Q2 revenue amounted to EUR 130.5m vs the EUR 129.8m/130.1m Evli/cons. estimates.

Top line increased by 6.1% y/y, while online sales grew 15.1% and B2B sales 38.4%.

Product categories like computers and cameras as well as sports equipment and home & lighting were popular.

Gross profit was EUR 22.4m (17.2% margin), compared to our EUR 21.8m (16.8% margin) estimate.

Product mix continued to move in a favorable direction.

Adj. EBIT was EUR 5.1m (3.9% margin) vs the EUR 4.6m/4.6m (3.5% margin) Evli/cons. estimates.

Verkkokauppa.com guides EUR 570-620m revenue and EUR 20-26m adj. EBIT for this year (unchanged).

Verkkokauppa.com will host its first CMD on Sep 29, 2021.

https://pankki.evli.com/hubfs/ERP/Raportit/Verkkokauppa.com/Verkkokauppa%20210716%20Earnings%20flash.pdf