Highlights for the first quarter of 2021

  · Sales of NOK 1,718 million, growth of 24.3 per cent
    · Like-for-like chain sales growth of 23.5 per cent
    · Positive effects from timing of Easter
    · 10 per cent of stores on average temporarily closed owing to the Covid-19
pandemic

  · Gross margin of 43.3 per cent, an improvement of 0.7 percentage points
    · High sales of winter seasonal items and category development initiatives

  · Operational efficiency continued to improve
    · Opex-to-sales ratio decreased by 3.4 percentage points to 26.3 per cent

  · Strong improvement in profitability
    · EBITDA increased by 64 per cent to NOK 292 million
    · EBITDA margin increased to 17 per cent (12.9 per cent)

  · Net profit of NOK 104 million (NOK 0.3 million)
  · Continued strong financial position
    · Cash and liquidity reserves of NOK 1,526 million (NOK 966 million)

The first three months of 2021 were another strong quarter for Europris, with
significant top-line growth, improved margin, good cost control and increased
net profit. A cold winter led to high sales of seasonal items, in addition to
continued positive domestic demand driven by the closure of borders owing to
Covid-19. The timing of Easter also contributed positively to the overall
performance, while temporary store closures affected sales and operations
negatively.

"The first quarter of 2021 was another record-breaking quarter for us, where we
continued to improve operations and gain market shares," comments Espen Eldal,
CEO of Europris. "In these challenging times for society, we play an important
role when serving peoples' needs.

"My colleagues continued to demonstrate their ability to adapt rapidly to any
changes in market conditions. New solutions and action plans were introduced to
ensure continued sales from closed stores, and measures to reduce costs were
quickly and successfully implemented."

Total sales increased by 24.3 per cent to 1,718 million and were strongest at
the beginning of the quarter, positively affected by a cold winter with higher
sales of seasonal goods. In addition, demand continued to be positively affected
by the Covid-19 pandemic and the timing of Easter.

Sales were negatively affected by the closure of 10 per cent of the stores on
average. Eastern Norway, where the majority of the temporarily closed stores
were located, saw sales grow by 16 per cent during the quarter compared with 31
per cent for the remainder of the chain.

Total e-commerce sales increased by 317 per cent, with growth in all product
categories. Sales growth was especially strong after the stricter Covid-19
pandemic measures were imposed in mid-March. E-commerce sales accounted for 0.9
per cent of total sales.

Gross profit came to NOK 744 million (NOK 589 million). The gross margin was
43.3 per cent (42.6 per cent) and was positively affected by good sales of
winter seasonal items and category development initiatives. Concept and category
development is at the core of operations in Europris. During the first quarter,
the Home category was successfully upgraded and delivered strong sales and
margin growth.

Operating expenditure (Opex) was NOK 452 million in the first quarter (NOK 411
million), up by 10 per cent. The Opex-to-sales ratio improved by 3.4 percentage
points to 26.3 per cent (29.7 per cent). Cost control was good and operational
efficiency continued to improve.

EBITDA was NOK 292 million (NOK 178 million), up by NOK 114 million or 64 per
cent. Net profit was NOK 124 million (NOK 0.3 million).

Europris has a strong financial position, with cash and liquidity reserves of
NOK 1,526 million at 31 March 2021 (NOK 966 million).

Europris opened one new store in the quarter, at Austevoll in Vestland county.
The new store has been well received by customers in the region. Europris
relocated one store in the first quarter, at Vågsbygd in Agder county. The
Europris chain now has 267 stores, of which 239 are directly operated and 28 are
franchises.


Europris ASA will publish its results for the first quarter of 2021 on Thursday
29 April at 07.00 CEST. The quarterly report, presentation materials and
spreadsheet with key figures will also be available on the company's website at
https://investor.europris.no.
CEO Espen Eldal and CFO Stina C Byre will present the company's results at 08.30
via webcast. Owing to the Covid-19 situation, the presentation will be held
without physical participants.
The presentation will be held in English and transferred via live webcast, and
will be made available through the company's website at
https://investor.europris.no.  It will be possible to ask questions via the web.

Further information from:
Espen Eldal, CEO, +47 48 29 24 24, espen.eldal@europris.no
Stina C Byre, CFO, +47 41 10 58 08, stina.byre@europris.no

About Europris:

Europris is Norway's largest discount variety retailer by sales. The company
offers its customers a broad range of quality own brands and brand-name
merchandise. Its merchandise is sold through the Europris chain, which consists
of a network of 267 stores throughout Norway, 239 of which are directly owned by
the company and 28 of which operate as franchise stores. The company's
headquarters are located in Fredrikstad, Norway.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

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© Oslo Bors ASA, source Oslo Stock Exchange