Q1-22: Improved competitive advantage
Sandefjord, 28 April 2022: In the first quarter of 2022, Komplett Group succeeded in sustaining a stable revenue of NOK 2 606 million despite a softer B2C market and following record-strong growth in the first quarter of 2021. While revenue in the B2C segment declined by 14.6 per cent compared with the first quarter last year, the B2B and Distribution segments grew revenues by 20.5 per cent and 19.8 per cent, respectively. This demonstrates the attractiveness of the Group’s multi-segment business model.
“This first quarter of 2022 has been an eventful period for Komplett with robust and sustained double-digit revenue growth across the B2B and Distribution segments on top of solid progress in 2021. In recent months, growth in the B2C electronics market has levelled off following a period of unmatched growth. Coupled with intense campaign activity this translated into top-line decline in B2C. From a long-term perspective, the electronics market fundamentals remain strong, and the favourable online migration continues, but we expect the softer market conditions to continue in the coming quarters,” said Lars Olav Olaussen, CEO of Komplett.
Efficient operation and good cost control led to a net decline in operation expenses excluding Ironstone, but lower gross margins and currency effects drove the adjusted EBIT result down to NOK 37 million, corresponding to an adjusted EBIT margin of 1.4 per cent.
During the quarter, the Group also made solid progress on key strategic initiatives, including completing the combination with NetOnNet.
“In February, we announced the decision to join forces with NetOnNet, a Swedish-based e-commerce company with a highly recognised and appreciated consumer brand and a long track record of profitable and sustainable growth. The transaction is an important milestone on the way to our long-term targets, along with organic growth initiatives,” added Lars Olav Olaussen.
Please find enclosed the interim report for the first quarter and the presentation material.
A presentation of the results will be held by CEO Lars Olav Olaussen and CFO Krister Pedersen on 28 April 2022 at 09.00 CEST at Haakon VIIs gate 2, Oslo.
The event will also be available via a live webcast at the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20220428_1/
Questions will be addressed towards the end of the presentation.
A recorded version of the webcast will be available shortly after the webcast has concluded.
For further inquiries, please contact:
Kristin Hovland, Head of Communication
Kristin.Hovland@komplett.com
Krister A. Pedersen, CFO
Krister.Pedersen@komplett.com
About Komplett ASA
Komplett Group is a leading online-first electronics and IT products retailer, operating in Norway, Sweden and Denmark. Serving customers in the B2C, B2B and distribution markets, the Group is deeply focused on delivering best in class customer experience, built through decades of knowhow, expertise and deep customer commitment. Komplett Group operates an efficiency and scalable business model that supports costs leadership and enables a competitive product offering.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.