Verkkokauppa.com Oyj Interim Report for 1 January–30 September 2024: Challenging operating environment and active inventory measures weighed down third quarter profitability
INTERIM REPORT for 1 January–30 September 2024
Challenging operating environment and active inventory measures weighed down third quarter profitability
Verkkokauppa.com Oyj INTERIM REPORT 24 October 2024, 8:00 a.m. EEST
Verkkokauppa.com arranges two virtual news conferences on a result publication day. The news conference in Finnish will be held at 10:00 am Finnish time. The news conference for analysts and institutional investors in English will be at 11:00 am Finnish time. Details of the events and how to participate can be found at the end of this release.
This is a summary of Verkkokauppa.com’s Interim Report for 1 January – 30 September 2024. The complete report is attached to this release and also available at https://investors.verkkokauppa.com/en
Unless otherwise stated, the comparison figures in brackets refer to the corresponding period in the previous year (reference period). Figures are unaudited.
July–September 2024 in brief
- Revenue declined by 2.8 percent and was EUR 114.2 million (117.4)
- Gross profit was EUR 16.6 million (18.7) or 14.5 percent of the revenue (15.9%).
- Operating result (EBIT) was EUR 0.1 million (2.1) or 0.1 percent of revenue (1.8%)
- Comparable operating result (comparable EBIT) was EUR -0.7 million (2.2) or -0.7 percent of revenue (1.9%)
- Items affecting comparability were EUR 0.8 million (-0.1) mainly relating to the release of the deferred purchase price of e-ville acquisition
- Net result was EUR -0.3 million (1.1)
- Earnings per share were EUR -0.01 (0.03)
- Investments were EUR 0.4 million (0.4)
- Operating cash flow was EUR 2.6 million (3.0)
January–September 2024 in brief
- Revenue declined by 7.0 percent and was EUR 327.7 million (352.2)
- Gross profit was EUR 52.5 million (57.8) or 16.0 percent of the revenue (16.4%)
- Operating result (EBIT) was EUR -2.3 million (2.9) or -0.7 percent of revenue (0.8%)
- Comparable operating result (comparable EBIT) was EUR -1.9 million (4.6) or -0.6 percent of revenue (1.3%)
- Items affecting comparability were EUR -0.4 million (-1.6) mainly relating to the release of the deferred purchase price of e-ville acquisition and an administrative fine from the Office of the Data Protection Ombudsman
- Net result was EUR -3.4 million (0.9)
- Earnings per share were EUR -0.07 (0.02)
- Investments were EUR 1.4 million (2.2)
- Operating cash flow was EUR -8.2 million (2.5)
| KEY RATIOS | 7–9/2024 | 7–9/2023 | Change | 1–9/2024 | 1–9/2023 | Change | 1–12/2023 | ||
| Eur million | |||||||||
| Revenue | 114.2 | 117.4 | -2.8 | % | 327.7 | 352.2 | -7.0 | % | 502.9 |
| Gross profit | 16.6 | 18.7 | -2.2 | MEUR | 52.5 | 57.8 | -5.3 | MEUR | 80.9 |
| Gross margin, % | 14.5% | 15.9% | -1.4 | pp | 16.0% | 16.4% | -0.4 | pp | 16.1% |
| EBITDA | 1.8 | 3.7 | -1.9 | MEUR | 2.9 | 7.6 | -4.7 | MEUR | 11.1 |
| EBITDA, % | 1.6% | 3.1% | -1.5 | pp | 0.9% | 2.2% | -1.3 | pp | 2.2% |
| Operating result | 0.1 | 2.1 | -2.0 | MEUR | -2.3 | 2.9 | -5.3 | MEUR | 4.7 |
| Operating margin, % | 0.1% | 1.8% | -1.7 | pp | -0.7% | 0.8% | -1.5 | pp | 0.9% |
| Comparable operating result | -0.7 | 2.2 | -3.0 | MEUR | -1.9 | 4.6 | -6.5 | MEUR | 6.1 |
| Comparable operating margin, % | -0.7% | 1.9% | -2.5 | pp | -0.6% | 1.3% | -1.9 | pp | 1.2% |
| Net result | -0.3 | 1.1 | -1.5 | MEUR | -3.4 | 0.9 | -4.3 | MEUR | 2.1 |
| Investments | 0.4 | 0.4 | 0.0 | MEUR | 1.4 | 2.2 | -0.8 | MEUR | 2.4 |
| Operating cash flow | 2.6 | 3.0 | -0.4 | MEUR | -8.2 | 2.5 | -10.8 | MEUR | 20.3 |
FINANCIAL GUIDANCE FOR 2024 – updated
Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comparable operating result EUR 6.1 million).
The guidance update is based on the market development and the outlook for the remaining of the year 2024. The guidance includes uncertainties related to changes in purchasing power and consumer behavior. Verkkokauppa.com’s business is partly seasonal, and the company’s revenue and operating profit depend largely on the sales in the last quarter.
The previous guidance: Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comp. operating result EUR 6.1 million) unless there is a positive market turn in the second half of the year.
CEO PANU PORKKA’S REVIEW
The operating environment continued challenging in the third quarter. Consumer confidence was low, and customers continued to postpone purchasing decisions for discretionary products. The market was very price-driven and campaigning was intense.
Verkkokauppa.com's revenue for July–September totaled EUR 114.2 million (117.4), declining by 3 percent from the comparison period. Gross margin declined to 14.5 percent (15.9%). In addition to intense competition, the gross margin was weighed down by low-margin season sale especially by the negative gross margin for electric bikes. Given the continued cautiousness in demand, we took the necessary measures to improve our price competitiveness to ensure strong inventory turnover and liquidity. As a result of these actions, our market share strengthened* and the company's cash position developed favorably. The comparable operating result declined and was EUR -0.7 million (EUR 2.2 million).
With the ongoing targeted restructuring and streamlining of our organizational structure, we aim for profitable growth and are taking necessary steps for cost efficiency improvement. With the changes, we ensure sufficient resources for advancing strategic projects as well as the ability to utilize technology more extensively in the operations. With these measures, we strengthen our future competitiveness and are ready for profitable growth when the market recovers.
Despite the challenging market, our strategy is progressing according to plan. The popularity of express deliveries reached a new record level, and grew by 34 percent from the comparison period. Also, sales of our own brand products increased significantly during the quarter, amounting to 8 percent of sales (5%).
*GfK Consumer channel, July-September 2024 vs. 2023
FINANCIAL DEVELOPMENT
REVENUE AND PROFITABILITY
| Change | Change | ||||||||
| EUR million | 7–9/2024 | 7–9/2023 | 1–9/2024 | 1–9/2023 | 1–12/2023 | ||||
| Revenue | 114.2 | 117.4 | -2.8 | % | 327.7 | 352.2 | -7.0 | % | 502.9 |
| Gross profit | 16.6 | 18.7 | -2.2 | MEUR | 52.5 | 57.8 | -5.3 | MEUR | 80.9 |
| Gross margin, % | 14.5% | 15.9% | -1.4 | pp | 16.0% | 16.4% | -0.4 | pp | 16.1% |
| Operating result | 0.1 | 2.1 | -2.0 | MEUR | -2.3 | 2.9 | -5.3 | MEUR | 4.7 |
| Operating margin, % of revenue | 0.1% | 1.8% | -1.7 | pp | -0.7% | 0.8% | -1.5 | pp | 0.9% |
| Items affecting comparability | -0.8 | 0.1 | -1.0 | MEUR | 0.4 | 1.6 | -1.2 | MEUR | 1.4 |
| Comparable operating result | -0.7 | 2.2 | -3.0 | MEUR | -1.9 | 4.6 | -6.5 | MEUR | 6.1 |
| Comparable operating margin, % of revenue | -0.7% | 1.9% | -2.5 | pp | -0.6% | 1.3% | -1.9 | pp | 1.2% |
Sales distribution
| Sales, EUR million | 7–9/2024 | 7–9/2023 | Change, % | 1–9/2024 | 1–9/2023 | Change, % | 1–12/2023 |
| Customer segments | |||||||
| Consumers | 79.7 | 83.1 | -4% | 220.6 | 237.4 | -7% | 344.1 |
| B2B (inc. wholesale) | 32.0 | 31.8 | 1% | 98.2 | 106.0 | -7% | 146.7 |
| Sales channels | |||||||
| Online | 71.8 | 73.1 | -2% | 208.5 | 218.9 | -5% | 316.8 |
| Offline | 39.9 | 41.8 | -5% | 110.3 | 124.5 | -11% | 173.9 |
| Product categories | |||||||
| Core categories* | 100.2 | 103.2 | -3% | 284.0 | 301.4 | -6% | 428.6 |
| Other product categories | 11.6 | 11.7 | -2% | 34.7 | 42.0 | -17% | 62.1 |
| Own brands** | 9.1 | 6.0 | 53% | 23.4 | 19.0 | 24% | 28.5 |
| Website visits, million | 17.4 | 17.9 | -3% | 51.4 | 54.4 | -5% | 79.8 |
*Core categories include five main categories: IT, Entertainment, Mobile devices, SDA, and MDA.
** Own brands are included in Core and other product categories accordingly.
JULY–SEPTEMBER 2024
Revenue declined by 3 percent to EUR 114.2 million (117.4). The decline was driven by weak demand especially in discretionary categories like Televisions and Gaming, while Home appliances, Mobile devices and IT performed better.
Our own brand sales grew by 53% supported by the active inventory measures and accounted for 8% (5%) of the total product sales . The growth was driven by Home appliances, IT and Sports categories.
Online sales declined by 2 percent to EUR 71.8 million (73.1) and accounted for 64 percent of product sales (64 %). Consumers' store visits declined, and offline sales declined by 5 percent to EUR 39.9 million (41.8), accounting for 36 percent (36 %) of product sales.
Customer financing services income increased and totaled EUR 1.9 million (1.8), including interest income, fees and commissions.
Gross margin was 14.5 percent (15.9 %). The main drivers for the decline were low margin season sales, especially the negative gross margin sales of electric bikes, and increased campaign activities, combined with active inventory measures strengthening our liquidity and readiness for the upcoming season.
Personnel expenses increased by 5.8 percent to EUR 8.0 million (7.5). The increase was due to temporary layoffs in the comparison period and salary increases following the collective agreements. Other operating expenses declined by 8.8 percent and amounted to EUR 6.9 (7.6) million. The contingent consideration linked to the acquisition of e-ville has been reassessed and the remaining deferred purchase price liability, EUR 0.8 million, was released.
The company's operating result (EBIT) in July–September was EUR 0.1 million (2.1), down by EUR 2.0 million. The comparable operating result (comparable EBIT) was EUR -0.7 million (2.2), down by EUR 3.0 million from the comparison period. Items affecting comparability were EUR 0.8 million, related to the release of the deferred purchase price liability.
The net result for the period was EUR -0.3 million (1.1).
Earnings per share were EUR -0.01 (0.03).
JANUARY–SEPTEMBER 2024
Revenue declined by 7 percent and amounted to EUR 327.7 million (352.2).
The revenue from customer financing services increased to EUR 5.9 million (4.9), including interest income, fees and commissions. Credit loss provisions amounted to EUR 1.2 (1.0) million at the end of September.
Personnel expenses declined by 1.7 percent to EUR 26.3 (26.7) million. Other operating expenses amounted to EUR 23.7 million (23.8).
The company's operating result (EBIT) was EUR -2.3 million (2.9), it declined by EUR 5.3 million. Comparable EBIT was EUR -1.9 million (4.6), which declined by EUR 6.5 million. Items affecting comparability totaled EUR -0.4 million (-1.6), mainly related to a provision for an administrative fine from the Office of the Data Protection Ombudsman's and the release of the e-ville deferred purchase price liability.
The net result for the period was EUR -3.4 (0.9) million.
Earnings per share were EUR -0.07 (0.02).
FINANCE AND INVESTMENTS
In January–September 2024, the operating cash flow totaled EUR -8.2 million (2.5). Operating cash flow before the change in working capital was EUR 2.4 million (7.9). The company's net financial expenses were
EUR -1.5 million (-1.2).
Investments in January-September were EUR 1.4 million (2.2). In the third quarter, the investments totaled EUR 0.4 million (0.4) and were mainly related to the improvement of online customer experience. During the quarter, investments included capitalized wages and salaries of EUR 0.2 million (0.2).
The company renewed its financing arrangements in June 2024. At the end of September, the company had EUR 20 million in bank loans and an unutilized EUR 25 million revolving credit facility, which are valid until June 2027. The principal of the bank loan is amortized every six months.
PERSONNEL
At the end of September 2024, the total number of employees was 622 (640). This includes both full and part-time employees.
Verkkokauppa.com initiated change negotiations in September in accordance with the Co-operation Act and the results of negotiations were announced on 23 October 2024.
CORPORATE SUSTAINABILITY
Verkkokauppa.com conducted an extensive customer survey on the sustainability of electronics and online stores, the Electronics Responsibility Barometer during the summer of 2024. The survey was carried out for the second time, this time also as a nationwide. The results of the study will be used for the development of Verkkokauppa.com's offering and responsibility work.
According to the survey, more than half of Finns feel that the responsibility of electronics is important to them. The willingness to purchase used electronics is high, and the repairability of products and repair services are of interest. More than 60 percent of Finns would buy more reliable and well-maintained used electronics if they were better available in well-known online stores.
Finns expect actions and services from electronics stores to extend the lifecycle of products. Half of the respondents also say they are ready to pay more for a responsible choice. According to the study, 46 percent of Finns own unnecessary working electronics that could be sold to an electronics dealer for a refund, which shows interest in electronics buyback services. Verkkokauppa.com's buyback service for consumer customers, Vaihtokauppa, was launched in the spring of 2023.
LONG-TERM INCENTIVE PLANS
Verkkokauppa.com has a share-based incentive plan (Performance Matching Share Plan 2023–2027) for the CEO and the members of the Management Team. The plan has three performance periods covering the financial years 2023–2025, 2024–2026 and 2025–2027. The Board has on 13 February 2024 resolved on the commencement of the second matching period for years 2024–2026.
No new shares will be issued in connection with the payment of the share rewards and therefore the resolution will not have a dilutive effect.
For more detailed information on the share-based incentive plan, see the company’s Financial Statements and Remuneration Report.
LEGAL DISPUTES AND POSSIBLE LEGAL PROCEEDINGS
In March 2024, the company announced that the Office of the Data Protection Ombudsman had imposed an administrative fine of EUR 856,000 on Verkkokauppa.com. The penalty is based on the Data Protection Ombudsman's interpretation, according to which Verkkokauppa.com would have neglected to define a retention period for the customer data of its online store customers as required by the EU's General Data Protection Regulation. Verkkokauppa.com considers the penalty to be unjustified. The decision of the Office of the Data Protection Ombudsman is not legally binding. Verkkokauppa.com has appealed the decision to the Administrative Court, and the matter is still being processed.
The company has recognized a provision for the administrative fine in its first quarter 2024 results. Recognition is reported as an item affecting comparability.
ANNUAL GENERAL MEETING 2024
The Annual General Meeting was held as a remote meeting in Helsinki on 4 April 2024. The Annual General Meeting adopted the Annual accounts for the financial year 2023 and decided not to pay dividend, discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2023, approved the remuneration report for the company's governing bodies and authorized the Board of Directors to decide on the repurchase and issuance of Verkkokauppa.com's own shares. In addition, the Annual General Meeting approved the proposals of the Shareholders' Nomination Board concerning the election and remuneration of the Board of Directors. Following the proposal of the Board of Directors, audit firm PricewaterhouseCoopers Oy was elected as the company's auditor and assurer of sustainability reporting. Mikko Nieminen, APA, acts as the auditor with principal responsibility.
Composition of the Board of Directors 2024
The Annual General Meeting confirmed the number of board members to be seven, and the following persons were re-elected: Robin Bade, Henrik Pankakoski, Kati Riikonen, Samuli Seppälä and Arja Talma. As new members of the Board of Directors were elected Irmeli Rytkönen and Enel Sintonen.
At the constitutive meeting of the Board of Directors held after the Annual General Meeting, Arja Talma was elected Chair of the Board. The compositions of the Board committees were decided to be as follows: members of the Remuneration Committee are Arja Talma (Chair), Robin Bade and Henrik Pankakoski. Members of the Audit Committee are Enel Sintonen (Chair), Arja Talma (Vice Chair), Kati Riikonen and Irmeli Rytkönen.
On 4 April 2024, Verkkokauppa.com published a stock exchange release on the decisions of the Annual General Meeting and the constitutive meeting of the Board of Directors. The release is available on the company's website.
Dividend
The Annual General Meeting resolved that the company deviates from its dividend distribution policy to improve its equity ratio and that no dividend be distributed from the profit of the 2023 financial year.
COMPOSITION OF THE SHAREHOLDERS’ NOMINATION BOARD
The Shareholders' Nomination Board consists of four members, three of whom represent the three largest shareholders, whose share of votes carried by all shares in Verkkokauppa.com is the largest on the last working day of May preceding the next Annual General Meeting. The Chairman of the Board of Directors acts as a fourth member of the Nomination Board.
Verkkokauppa.com announced on 13 August 2024, that the following members were appointed to the Nomination Board:
- Samuli Seppälä, Founder of Verkkokauppa.com, representing himself,
- Erkka Kohonen, Senior Portfolio Manager, appointed by Varma Mutual Pension Insurance Company,
- Karoliina Lindroos, Head of Responsible Investment, nominated by Ilmarinen Mutual Pension Insurance Company, and
- Arja Talma, Chair of the Board of Verkkokauppa.com Oyj
The Chair of the Nomination Board is Erkka Kohonen.
The Shareholder’s Nomination Board prepares proposals on the number, election and remuneration of the members of the Board to the General Meeting. The Nomination Board shall submit its proposal to the Board every year, by the last business day of February preceding the next Annual General Meeting.
KEY EVENTS DURING THE QUARTER
On 16 July 2024, Verkkokauppa.com lowered its financial guidance for the full year 2024 as the market environment remains challenging. According to the new guidance, Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 unless there is a positive market turn in the second half of the year.
On 13 August 2024, Composition of the Shareholders Nomination Board was announced.
On 29 August 2024, Verkkokauppa.com announced its plan to renew and streamline its organizational structure. The change negotiations started on 4 September 2024 and have covered approximately 220 people. At the beginning of the negotiations, the planned measures were estimated to lead to the termination of up to 45 persons’ employment.
EVENTS AFTER THE REPORTING PERIOD
Verkkokauppa.com’s change negotiations completed
On 23 October 2024, Verkkokauppa.com announced the completion of the change negotiations. As a result of the change negotiations, the number of personnel will be reduced by 33 employees. In addition to this, 7 employment contracts ended during the negotiation period, which will not be filled.
The personnel reductions are estimated to bring in annual savings of EUR 2.5 million in personnel costs. The savings are expected to materialize in full in 2025. The costs of the measures are estimated to be approximately EUR 0.9 million. The costs will mainly be recorded in the fourth quarter of 2024.
SHARE TRADING AND SHARES
Verkkokauppa.com shares (VERK) in Nasdaq Helsinki stock exchange in January–September 2024:
| No. of shares traded | Share of no. of total shares, % | The total value of traded shares, EUR million | Last, EUR | High, EUR | Low, EUR | Average, EUR |
| 5,740,591 | 12.7 % | 12,621,805 | 1.69 | 2.71 | 1.53 | 2.16 |
Verkkokauppa.com Market Capitalization and Shareholders
| 30 September 2024 | |
| Market capitalization (excl. own shares), EUR million | 76.5 |
| Number of shareholders (of which nominee shareholders) | 19,279 (8) |
| Nominee registrations and direct foreign shareholders, % | 10.87 |
| Households, % | 50.53 |
| Financial and insurance corporations, % | 16.32 |
| Other Finnish investors, % | 22.28 |
At the end of September 2024, the company's largest shareholders according to the shareholder register held by Euroclear Finland Ltd were Samuli Seppälä (29.4%), Varma Mutual Pension Insurance Company (9.6%), Ilmarinen Mutual Pension Insurance Company (4.8%), Mandatum Life Insurance Company Limited (4.7%), and Nordea Small Cap Fund (3.1%).
On 30 September 2024, the share capital was EUR 100,000 and the total number of shares in the company was 45,354,532 including 104,273 treasury shares held by the company. The treasury shares have no voting rights, and no dividend is paid to them. The treasury shares accounted for 0.23 percent of all shares. During January–September, the company transferred a total of 41,446 treasury shares as part of the remuneration of Board members.
Share-related authorizations
At the end of September 2024, the Board had valid authorization to decide on the repurchase of a maximum of 4,535,453 own shares in one or several installments and to decide on a share issue of a maximum of 4,535,453 shares by one or more decisions. The proposed maximum authorized number represents ten percent of the total number of shares in the company. Authorizations are valid until the next Annual General Meeting, however, no longer than until 30 June 2025.
More information about Verkkokauppa.com's shares and shareholders and management holdings can be found on the company's investor website https://investors.verkkokauppa.com/en
SHORT-TERM RISKS AND BUSINESS UNCERTAINTIES
Verkkokauppa.com's business operations involve risks and uncertainties related to its overall strategy, execution of corporate transactions and investments, sourcing operations, logistics, information technology, compliance and other operational factors. These risks can impact the company's operations, financial position or performance and may require the company to make changes to its business model.
The demand for our assortment, availability of products, and competitive environment are factors that impact Verkkokauppa.com's business. The company faces risks related to changes in both consumer and B2B customer behavior and preferences, as well as supply chain disruptions and intensified competition from other players in the market.
Verkkokauppa.com is also subject to macroeconomic and geopolitical risks that could impact on its operations and financial performance. For example, the number of distributed denial-of-service attacks against companies has increased. Uncertainties related to intensified geopolitical conflicts, and global macroeconomic factors such as inflation and the development of financial markets as well as changes in the employment situation can weaken the purchasing power and investment ability of consumers and corporates. The company provides financing to its customers, which involves a risk of credit losses. The development of the economy may affect the company's operational or financial performance.
The assessment of the most significant business risks and uncertainties is presented in the Report of the Board of Directors 2023.
FINANCIAL GUIDANCE FOR 2024 – updated
Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comparable operating result EUR 6.1 million).
The guidance update is based on the market development and the outlook for the remaining of the year 2024. The guidance includes uncertainties related to changes in purchasing power and consumer behavior. Verkkokauppa.com’s business is partly seasonal, and the company’s revenue and operating profit depend largely on the sales in the last quarter.
The previous guidance: Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comp. operating result EUR 6.1 million) unless there is a positive market turn in the second half of the year.
Verkkokauppa.com Oyj
Board of Directors
NEWS CONFERENCES
A press conference for analysts, investors and media will be held in Finnish over a Livestream webcast on Thursday, 24 October 2024 at 10:00 a.m. (EEST), in which Verkkokauppa.com’s CEO Panu Porkka will present the developments in the reporting period.
A press conference in English will be held over Livestream webcast on Thursday, 24 October 2024 at 11:00 a.m. (EEST). Questions can be sent beforehand or during the presentation via e-mail to [email protected].
Presentation materials for both events are available at https://investors.verkkokauppa.com/en. For both press conferences, the Livestream webcast is available at www.verklive.com.
COMPANY RELEASES AND EVENTS
Verkkokauppa.com will arrange events and publish its financial reports as follows:
- Financial statements bulletin for the year 2024 on Thursday 6 February 2025
- Annual reporting package for 2024, including the Report of the Board of Directors and the Financial Statements, Corporate Governance Statement and Remuneration Report, during the week starting on 10 March (week 11) in 2025
- The Annual General Meeting is planned to be held on Tuesday 8 April 2025 at 2 p.m. EET as a virtual-only AGM
- Interim report for January – March 2025 on Thursday 24 April 2025
- Half-year financial report for January – June 2025 on Thursday 17 July 2025
- Interim report for January – September 2025 on Thursday 23 October 2025
- Financial statements bulletin for the year 2025 on Thursday 12 February 2026
More information:
Panu Porkka, CEO, Verkkokauppa.com Oyj
[email protected]
Jesper Blomster, CFO, Verkkokauppa.com Oyj
[email protected]
Tel. +358 40 570 3083
Marja Mäkinen, Head of Investor Relations and Corporate Communications
Verkkokauppa.com Oyj
[email protected]
Tel. +358 40 671 2999
Verkkokauppa.com is a leading Finnish consumer electronic and home & leisure product retailer serving consumer and business customers online and through four megastores. We strive to accelerate the online transition of retail by surpassing customers' expectations every day. Verkkokauppa.com was founded in 1992 and caters around 80 million annual online visitors with a cost-efficient and scalable business model. Verkkokauppa.com’s revenue in 2023 was EUR 503 million and it employs around 600 sales and retail professionals. Verkkokauppa.com is listed on the Nasdaq Helsinki Stock Exchange (VERK).
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