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Inside information, profit warning: Verkkokauppa.com lowers financial guidance for 2024 and provides preliminary information on financial performance for the first half of the year
Verkkokauppa.com Oyj Stock Exchange Release - Inside information 16 July 2024 at 19:00 EEST
The market environment for Verkkokauppa.com has remained challenging in 2024. The recovery of the economy and the market demand has been slower than expected, and due to low consumer confidence customers are postponing their purchasing decisions, especially in discretionary purchases such as consumer electronics. Due to subdued demand, market development has also been very price-driven. As a consequence, we have updated our financial guidance for 2024.
New financial guidance for 2024:
Verkkokauppa.com expects its revenue and comparable operating result (comparable EBIT) for 2024 to be lower than in 2023 (2023: revenue was EUR 502.9 million and comp. operating result EUR 6.1 million) unless there is a positive market turn in the second half of the year.
The guidance includes uncertainties related to changes in purchasing power and consumer behavior. Verkkokauppa.com’s business is partly seasonal, and the company’s revenue and operating profit depend largely on the sales in the last quarter.
Previous financial guidance for 2024 published on 8 February 2024:
Verkkokauppa.com expects revenue for 2024 to remain at the level of 2023 (2023: EUR 502.9 million) and
comparable operating profit (comparable EBIT) to increase from 2023 (2023: EUR 6.1 million).
Preliminary key financial figures for the first half and second quarter of 2024 performance (unaudited)
Verkkokauppa.com’s revenue for the second quarter of 2024 totaled EUR 105.5 million and the comparable operating result was EUR -1.7 million. Items affecting comparability were EUR -0.3 million.
| EUR million | 4-6/2024 | 4-6/2023 | Change | 1-6/2024 | 1-6/2023 | Change |
| Revenue | 105.5 | 112.8 | -6.5% | 213.5 | 234.8 | -9.1% |
| Operating result | -2.0 | 0.8 | -2.8 meur | -2.4 | 0.9 | -3.3 meur |
| Comparable operating result | -1.7 | 1.0 | -2.7 meur | -1.2 | 2.3 | -3.5 meur |
Verkkokauppa.com Oyj will publish its half-year financial report for January-June 2024 on 18 July 2024 at approximately 8 a.m. Finnish time. Due to the silent period, we do not comment on preliminary information on the result before publishing the half-year report.
Verkkokauppa.com Oyj
More information:
Jesper Blomster, CFO, Verkkokauppa.com Oyj
jesper.blomster@verkkokauppa.com
Tel. +358 40 570 3083
Marja Mäkinen, Head of Investor Relations and Corporate Communications
Verkkokauppa.com Oyj
marja.makinen@verkkokauppa.com
Tel. +358 40 671 2999
Verkkokauppa.com is an e-commerce pioneer that stands passionately on the customer’s side. Verkkokauppa.com accelerates the transition of commerce to online with Finland’s fastest deliveries and ultimate convenience. The company leads the way by offering one-hour deliveries to over 1.7 million customers, a winning assortment and probably always cheaper prices. Every day, the company strives to find more streamlined ways to surpass its customers´ expectations and to create a new norm for buying and owning.
Verkkokauppa.com was founded in 1992 and has been online since day one. The company’s revenue in 2023 was EUR 503 million and it employs around 700 people. Verkkokauppa.com is listed on the Nasdaq Helsinki stock exchange.