Kid ASA - Second Quarter 2023 Results
Lier, 24 August 2023: The Board of Directors of Kid ASA has approved the financial report for the second quarter of 2023.
Key financial highlights
- Group revenues decreased by -0.8%. The development improved throughout the quarter with positive growth in June.
- Two additional Extended pilot stores were opened in Q2. Revenue from the extended assortment was MNOK 10.8. Based on the successful launch in Norway, we will launch the Extended assortment online and in selected larger stores in Hemtex during H1-24.
- Gross margin increased by 2.2 percentage points to 62.2% due to normalised freight rates and price adjustments fully effective.
- Operational expenses-to-sales of 51.1% (47.3%). Operational expenses increased on the back of rental index adjustments, cost related to relocation of warehouse, increased HQ staff as well as general salary and price increases.
- EBITDA decreased by MNOK 1.0 to MNOK 166.6.
- The relocation to our new warehouse and offices in Borås (Sweden) was finalised according to plan.
The results will be presented at 09:00 CEST by CEO Anders Fjeld and CFO Mads Kigen in the offices of Arctic Securities, Haakon VIIs gate 5, 0161 Oslo. The presentation will also be broadcasted as a live webcast in English.
To attend the presentation in-person or to follow the live webcast, please register at: https://forms.office.com/e/NvPekZWZUy
A recorded version will be made available at http://investor.kid. The quarterly report and presentation material will be available on http://investor.kid.no and http://newsweb.no from 07:30 CET.
ENQUIRIES:
Anders Fjeld, CEO, KID ASA, +47 996 32 121, anders@kid.no
Mads Kigen, CFO Kid ASA, +47 952 60 507, mads@kid.no