Husqvarna Group to report better sales in the second quarter than previously anticipated
Husqvarna Group has had a stronger Net Sales development for the second quarter of 2020 than advised in the press release published on June 8, 2020. Net Sales are now estimated to be SEK 13,500m (13,789), a decrease of around 2% versus prior year, or an increase of around 3% when adjusted for exited business. Operating income is estimated to be SEK 2,190m (2,125) for the second quarter.
“We have delivered a very good quarter, even taking account of the COVID-19 situation, with sales growth when adjusting for Consumer Brands exits, and an increased operating margin. After a challenging start to the quarter, demand accelerated quickly as markets gradually reopened and consumers showed a high interest in lawn and garden care equipment, especially for watering products. The effects of temporary cost avoidance activities and a favorable product mix improved our operating margin.” commented Henric Andersson, CEO.
All figures in this press release are preliminary and unaudited, and the final report for the second quarter of 2020 will be published on July 16, 2020 at about 07:30 CET. Husqvarna Group will not make any further comments until after the interim report has been published.
For more information please contact:
Johan Andersson, Director, Corporate Communications and Investor Relations,
+46 702 100 451 or ir@husqvarnagroup.com
This press release contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact person set out above, at 14.30 CET on July 8, 2020.
Husqvarna Group
Husqvarna Group is a global leading producer of outdoor power products and innovative solutions for forest, park and garden care. Products include chainsaws, trimmers, robotic lawn mowers and ride-on lawn mowers. The Group is also the European leader in garden watering products and a global leader in cutting equipment and diamond tools for the construction and stone industries. The Group’s products and solutions are sold under brands including Husqvarna, Gardena, McCulloch, Poulan Pro, Weed Eater, Flymo, Zenoah and Diamant Boart via dealers and retailers to consumers and professionals in more than 100 countries. Net sales in 2019 amounted to SEK 42bn and the Group has around 13,000 employees in 40 countries.