RugVista Group AB (publ) publishes Year-end Report for January-December 2022

Thu, Feb 09, 2023 07:30 CET

Malmö February 9, 2023

Continued good profitability despite a challenging market

Fourth quarter 2022

Net revenue was SEK 204.1 (218.8) million representing a decrease of -6.7% (4.0%)
Organic net revenue growth was -12.7% (7.0%)
Gross margin was 61.8%% (64.9%)
EBIT was SEK 36.4 (40.3) million and EBIT margin was 17.8% (18.4%)
Profit for the period was SEK 29.2 (31.2) million
Earnings per share and per diluted share was SEK 1.40 (1.50)
The average NPS (Net Promotor Score) value was 64 (67)

January – December 2022

Net revenue was SEK 639.3 (705.0) million representing a decrease of -9.3% (25.5%)
Organic net revenue growth was -13.1% (34.0%)
Gross margin was 62.0% (64.6%)
EBIT was SEK 74.9 (127.7) million and EBIT margin was 11.7% (18.1%)
Profit for the period was SEK 58.9 (99.9) million
Earnings per share and per diluted share was SEK 2.83 (4.80)
Net cash position was SEK 111.8 (189.6) million
The average NPS (Net Promotor Score) value was 68 (67)
Inventory as a share of last-twelve-month (LTM) net revenue was 27.3% (20.8%)
Average return rate was 15.5% (16.0%) for the year
The Board of Directors proposes a dividend payout of SEK 1.50 (2.50) per share

Comments from Michael Lindskog, CEO

”EBIT for Q4 was SEK 36.4 million and the EBIT-margin was 17.8%. Our focus on profitability achieved desired effects and we delivered, considering the circumstances, good profitability both for Q4 and the full year.”

”For 2022 we can look back at several successes related to our strategic initiatives.”

”The Board of Directors proposes a dividend payout of SEK 1.50 per share (SEK 31.2 million) which represents approximately half of our annual profits and meets the target in our dividend policy.”

”During 2022 we saw proof of the strength in our Direct-to-Consumer (DTC) business model. Largely because of it, we were able to successfully navigate the market conditions and deliver good profitability.”

”2023 will give us new opportunities and challenges. We are well prepared and eager to take these on. I am convinced that we will continue to make progress on our journey toward the vision of becoming the center of gravity for the European rug industry and delivering on our mid- to long-term financial targets and sustainability ambitions.”

Conference call in connection with the publication of the Year-end Report

In connection with the publication of the year-end report for January – December 2022, Michael Lindskog (CEO) and Joakim Tuvner (CFO) will hold a conference call and webcast at 09.00 a.m. on February 9, 2023. The call will be held in English.

Conference call (with possibility to ask verbal questions): Following registration via the link below you will receive call-in details (phone number and conference-ID). https://conference.financialhearings.com/teleconference/?id=5005162

Webcast (with possibility to ask written questions): https://ir.financialhearings.com/rugvista-group-q4-2022.

The conference call can also be joined through the Group’s website: https://www.rugvistagroup.com/se/investors/Q422/

The year-end report and the presentation are available at: https://www.Rugvistagroup.com/sv/investerare/rapporter-och-presentationer/

Contact information

Michael Lindskog, CEO
Michael.Lindskog@rugvista.se

Joakim Tuvner, CFO & Investor Relations
Joakim.Tuvner@rugvista.se
InvestorRelations@rugvistagroup.com

This report includes information that RugVista Group AB (publ) 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 7:30 a.m. CET on February 9, 2023.

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About Rugvista

Rugvista is one of Europe’s leading “direct-to-consumer” e-commerce players and markets carpets and rugs through its own web-shops available in 20 different languages using the brands Rugvista and CarpetVista. The company was founded 2005 and offers a wide and relevant selection of high-quality design- and traditional carpets and rugs at attractive prices. RugVista offers its EU based customers free deliveries and returns free of charge.

The business is divided into three segments: Private consumers (B2C), Business consumers (B2B), and Marketplaces & Other (MPO). The B2C segment represents the consumer market and is Rugvista’s core segment.

Number of coworkers within Rugvista Group is approximately 90 FTEs and the company is headquartered in Malmö, Sweden. The RugVista Group AB (publ) share is traded on Nasdaq First North Premier Growth Market under the ticker symbol “RUG”.