XXL ASA delivered a growth of 23.2 per cent for the second quarter 2015. Like-for-like stores increased by 5.4 per cent in the quarter and the growth from E-commerce were 67.7 per cent. In Sweden the positive trend in Like-for-Like growth continued, combined with an improved EBITDA margin. The operation in Finland is now at 6 stores and XXL has already created strong brand recognition in the market.
Highlights
- Total revenues of NOK 1 535 million (NOK 1 246 million), up 23 per cent
- Like-for-like stores up 5.4 per cent
- E-commerce growth of 68 per cent
- Opened two new stores – one in Sweden and one in Finland
- Awarded Retailer of the Year and number one customer friendly sports retail chain
Outlook
XXL has signed 8 new lease agreements for new store openings in 2015. One store might be postponed to spring 2016 due to local regulations. The Group expects the new store openings to be back-end loaded. XXL has opened three new stores year to date.
The main share of the growth will be outside Norway. Finland is still under establishment and it will be an achievement to deliver positive EBITDA in 2015. Sweden had a good improvement in the margin in 2014 due to the new central warehouse. Margin improvement going forward will not be in the same pace as in 2014.
The Group maintains the following long term objectives (as compared to 2013 figures):
- Like-for-like growth of mid-single digits over time
- E-commerce share of total revenues of low double digits
- Gross margins to be stable. For Norway maintained at the same level, increasing to high 30’s in Sweden and Finland
- EBITDA-margin stable as a result of stable gross margins and operating expenses. In Norway at low 20’s, in Sweden low double digits and in Finland high single digits.
For further information please find attached the quarterly report and the presentation material.
The results will be presented at 08:00 CET by CEO Fredrik Steenbuch and CFO Krister Pedersen. The presentation will take place at our headquarters in Oslo, Strømsveien 245, Alna Senter (entrance on the right side of Maxbo). The presentation will be held in English and will be webcasted at www.xxlasa.com. You may also follow the presentation live by telephone. Dial-in details: +47 21 56 33 18 (Norway) and +44(0) 20 3003 2666 (International), passcode – XXL Q2.
A replay will be available on www.xxlasa.com soon after the live presentation.
For further queries, please contact:
Tolle O. R. Grøterud, Head of Investor Relations, XXL ASA
Tel: +47 90 27 29 59
E-mail: ir@xxlasa.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
About XXL ASA
XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden and Finland. It is the largest and the fastest growing among the major sports retailers in the Nordic. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL’s concept is to have the largest stores with the lowest prices and the widest assortment of products, focusing on branded goods.