LMK Group reports Q1 results amid weak e-commerce environment

LMK Group, the largest supplier of meal kits in the Scandinavian region and a leader in Scandinavian foodtech, today announced its financial results for the first quarter 2022. The Group operates in Sweden, Norway and Denmark under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt.

CEO Walker Kinman commented: “The emergence from the pandemic, a pent-up desire for traveling and visiting restaurants, and household spending affected by soaring inflation have affected e-commerce overall, and online groceries in particular, during the quarter. This development has led to a decline in Net Sales and lower new-customer acquisition rates for LMK Group. However, we have also noted an increased order frequency and average order value, proving an improvement in customer cohort quality. We have continued to develop our organization, invest in tech and drive our product innovation during the quarter, and are now focusing on establishing complementary growth avenues while adjusting our cost structure to match market realities.”

First quarter 2022 (Q1 2021)

• Net sales amounted to 352.9 MSEK (419.5), a decline of -15.9%. (+30.7%). Adjusted for exchange rate differences that equals a decline of -19.3%
• Contribution margin after fulfillment costs was 24.4% (29.0%)
• Sales and marketing expenses were 56.9 MSEK (56.0) an increase of 0.9 MSEK and were 16.1% (13.4%) of Net sales
• EBITDA amounted to -6.5 MSEK (27.3). EBITDA-margin at -1.8% (6.5%)
• Adjusted EBITDA amounted to -4.1 MSEK (40.3), Adjusted EBITDA-margin of -1.2% (9.6%)
• Operating profit (EBIT) was -19.7 MSEK (16.4), a margin of -5.6% (3.9%)
• Adjusted EBIT at -17.4 MSEK (29.4) gave a margin of -4.9% (7.0%)
• Net profit after taxes was -18.9 MSEK (6.4)
• Earnings per share SEK, before and after dilution was -1.49 SEK (1.24)

Please see LMK Group Q1 report attached and here: https://lmkgroup.se/investors/financial-reports/

Presentation of the report

In connection with publishing its first quarter report for 2022 on May 4th, 2022, LMK Group invites investors, analysts and media to a conference call and webcast on the same day at 09:00 CET.

Webcast: https://tv.streamfabriken.com/lmk-group-q1-2022

After the presentation a recording of the webcast will be available on the webcast link.

To participate via telephone please dial-in on the numbers below:

DK: +4578723252

NO: +4723500236

SE: +46850558354

UK: +443333009265

US: +16467224904
 

For further information, please contact:

Peter Bodor, Head of Communications, LMK Group
Telephone (SWE): +46 706 48 70 65
E-mail: peter.bodor@linasmatkasse.se

Walker Kinman, CEO, LMK Group
Telephone (SWE): +46 707 22 65 13
E-mail: walker.kinman@linasmatkasse.se
 
Erik Bergman, CFO, LMK Group
Telephone (SWE): +46 707 74 49 73
E-mail: erik.bergman@linasmatkasse.se

About LMK Group

LMK Group was founded in 2008 with the vision of simplifying everyday life by offering a large variety of inspiring meals delivered directly to the customer's front door. Today, the group is the largest supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech. The group operates in Sweden, Norway and Denmark under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt. In 2021, the Group generated SEK 1.39 billion in revenue and delivered approximately 23.2 million meals to its customers. LMK Group is listed on Nasdaq First North Premier Growth Market. Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 (0) 8528 00 399.

This information is information that LMK Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-05-04 07:30 CEST.