Bokusgruppen (BOKUS) Q1 2025 earnings summary

Executive summary

• Net sales rose 9.0% year-over-year to 506.3 MSEK in Q1 2025, with both physical stores and online channels contributing to growth and supported by recent acquisitions and e-commerce rollout milestones.

• Gross margin improved to 42.5%, driven by price optimization, acquisitions, and positive currency effects.

• EBITA increased 26.3% to 13.6 MSEK; result after tax was -3.8 MSEK, slightly lower than -3.5 MSEK in Q1 2024 due to higher financial costs.

• Customer satisfaction (NPS) improved, and the company saw strong engagement in both core and new business areas.

Financial highlights

• Net sales: 506.3 MSEK (+9.0% year-over-year); gross profit up 15.8% to 215.2 MSEK; EBITA up 26.3% to 13.6 MSEK.

• Gross margin: 42.5% (up 2.5 pp); EBITA margin: 2.7% (Q1 2024: 2.3%).

• Net result: -3.8 MSEK (vs. -3.5 MSEK); EPS: -0.23 SEK.

• Operating cash flow: -75.4 MSEK (improved from -76.9 MSEK); investments: 12.4 MSEK, mainly in IT transformation.

• Online channels accounted for 40.6% of total sales (down from 42.9%); physical retail remains a key growth driver.

Outlook and guidance

• Management expects continued positive momentum for 2025, with new e-commerce systems rolling out and acquisitions strengthening financials and market presence.

• Macroeconomic uncertainty and global trade tensions could impact consumer demand, but the company remains cautiously optimistic.

• Board proposes increasing the dividend from 3.30 to 3.60 SEK per share, to be paid in two installments.