Accelerating growth
January -
- Group net sales totalled
EUR 82.4 million (68.4 million), an increase of 20.5%. - Like-for-like sales growth was 11.6%.
-
Adjusted EBITA was
EUR 7.7 (5.5) million, up by 39.0%, includingEUR 0.8 million short-term negative impact relating to warehouse consolidation. - Adjusted EBITA margin was 9.3% (8.1%).
-
Operating profit increased by 183.1% to
EUR 6.1 (2.1) million, representing 7.4% (3.1%) of net sales. -
Profit for the period totalled
EUR 3.8 (-2.7) million. -
Earnings per share, basic was
EUR 0.11 (-0.09). - Number of stores grew to 301 (287).
- Group net sales totalled
EUR 166.7 million (138.7 million), an increase of 20.2%. - Like-for-like sales growth was 12.3%.
-
Adjusted EBITA was
EUR 18.3 (13.3) million, up by 37.5%. - Adjusted EBITA margin was 11.0% (9.6%).
-
Operating profit increased by 92.5% to
EUR 14.5 (7.5) million, representing 8.7% (5.4%) of net sales. -
Profit for the period totalled
EUR 11.6 (1.0) million. -
Earnings per share, basic was
EUR 0.35 (0.03). - Number of stores grew to 301 (287).
- Number of loyal customers grew to 1,222 thousand (1,076 thousand).
The figures in parenthesis refer to the comparison period, i.e. the same period in the previous year, unless stated otherwise.
Key figures
EUR million or as indicated | 1-3/2021 | 1-3/2020 | Change % | 10/2020-3/2021 | 10/2019-3/2020 | Change % | FY2020 |
Net sales | 82.4 | 68.4 | 20.5 | 166.7 | 138.7 | 20.2 | 284.4 |
Net sales growth, % | 20.5% | 15.9% | 20.2% | 12.7% | 15.3% | ||
LFL sales growth, % | 11.6% | 14.8% | 12.3% | 11.1% | 11.5% | ||
LFL store sales growth, % | 8.6% | 10.0% | 8.3% | 8.5% | 7.3% | ||
Online share, % | 24.4% | 23.7% | 23.0% | 21.6% | 22.5% | ||
Gross margin, % | 45.3% | 43.3% | 45.7% | 44.4% | 43.8% | ||
EBITA | 7.7 | 3.6 | 112.7 | 17.7 | 10.5 | 69.3 | 25.5 |
Adjusted EBITA | 7.7 | 5.5 | 39.0 | 18.3 | 13.3 | 37.5 | 29.8 |
Adjusted EBITA margin, % | 9.3% | 8.1% | 11.0% | 9.6% | 10.5% | ||
Operating profit | 6.1 | 2.1 | 183.1 | 14.5 | 7.5 | 92.5 | 19.6 |
Operating profit margin, % | 7.4% | 3.1% | 8.7% | 5.4% | 6.9% | ||
Profit/loss for the period | 3.8 | -2.7 | n.m. | 11.6 | 1.0 | 1075.5 | 11.8 |
Earnings per share, basic, EUR | 0.11 | -0.09 | 0.35 | 0.03 | 0.37 | ||
Net cash flow from operating activities *) | 14.0 | 4.7 | 196.4 | 29.9 | 19.3 | 54.6 | 41.9 |
Investments in tangible and intangible assets | 3.1 | 2.4 | 27.5 | 6.2 | 4.9 | 27.4 | 8.9 |
Net debt / LTM adjusted EBITDA | 1.9 | 2.3 | -17.0 | 1.9 | 2.3 | -17.0 | 2.0 |
Number of loyal customers, thousands | 1,222 | 1,076 | 13.6 | 1,222 | 1,076 | 13.6 | 1,151 |
Number of stores at the end of the period | 301 | 287 | 4.9 | 301 | 287 | 4.9 | 293 |
of which directly operated | 247 | 218 | 13.3 | 247 | 218 | 13.3 | 231 |
*) Interest and other finance income received has been reclassified from net cash flow operating activities to net cash flow from financing activities.
CEO's comments
As Nordic societies are slowly starting to reopen and adapt to a time after the pandemic, we couldn't be better positioned for it. Pet adoption surged in 2020 and that surge continues as people seek for companionship and joy of pet parenthood. The number of pet-owning households is clearly increasing leading to an expanding market opportunity for
Looking back to recent development, I am very pleased to report our second quarter results today:
- Group net sales increased by 20.5% to
EUR 82.4 million (EUR 68.4 million ). The increase was largely due to like-for-like growth in all countries and the increasing number of new customers and an increased number of directly operated stores. Like-for-like growth amounted to 11.6% (14.8%). -
Store sales increased by 21.5% to
EUR 59.3 million (EUR 48.8 million ), driven by an increased number of stores and strong like-for-like store sales growth especially inSweden andNorway . Like-for-like store sales growth amounted to 8.6% (10.0%). -
Online sales increased by 24.1% to
EUR 20.1 million (EUR 16.2 million ). Online sales accounted for 24.4% (23.7%) of total net sales. Online sales growth was strong inFinland andNorway . InSweden , the growth was slower due to a short-term negative impact related to the platform change, warehouse consolidation and meeting strong channel shift caused by the COVID-19 pandemic during the corresponding quarter previous year. -
Net cash flow from operating activities was strong and totaled
EUR 14.0 million (EUR 4.7 million ). Musti Group's underlying growth has continued strong after the second quarter.
The puppy registrations have continued to be on a high level with 31% growth in registrations in
Profitable growth continued in the second quarter as
Adjusted EBITA margin increased to 12.5% in
The board has reviewed the long-term financial targets as published earlier today. We are well on track and committed on delivering on our plan and the updated long-term financial targets. We continue to focus on our priorities: growing profitably, winning new customers, and systematically growing the share of wallet with our customers, supported by the expanding selection of products and services in our continuously developing
David Rönnberg,
CEO
Financial targets
The long-term financial targets updated by the Board of Directors on
Growth |
Net sales to reach at least |
Profitability | Mid- to long-term adjusted EBITA margin of at least 13 per cent with steadily improving profile. Margin increase is expected to be realised through steady gross margin and improving operating leverage. |
Capital structure | Maintain net debt in relation to adjusted EBITDA below 2.5x in the long term. |
Dividend policy | To pay a dividend corresponding to 60-80 per cent of net profit. Any potential dividend shall take into account acquisitions, the company's financial position, cash flow and future growth opportunities. |
The financial targets are forward-looking statements and are not guarantees of future financial performance.
Webcast for analysts and media
A live webcast for analysts and media will be arranged today, on
The webcast can be followed at https://mustigroup.videosync.fi/2021-q2-results.
A recording of the webcast will be available later at the company's website at www.mustigroup.com/investors/reports-and-presentations/.
You can participate in the telephone conference by calling:
The participants will be asked to provide the following PIN code: 16121928#
Board of Directors
The information in this Half-Year Financial Report is unaudited.
Further information:
David Rönnberg, CEO, tel. +46 70 896 6552
Distribution:
Nasdaq Helsinki
Main media
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