Bokusgruppen (BOKUS) Q3 2024 earnings summary

Executive summary

• Net sales increased by 8.8% year-over-year in Q3 2024 to 452.8 MSEK, with gross profit up 7.6% and organic growth at 4.5%.

• Akademibokhandeln's net sales rose 11.5% and Bokus grew by 4.1% year-over-year.

• Number of active customers increased for both Akademibokhandeln and Bokus, supported by investments in logistics and omnichannel experience.

• EBITA declined to 17.5 MSEK from 23.5 MSEK, mainly due to higher logistics, IT, and acquisition costs.

Financial highlights

• Q3 2024 net sales: 452.8 MSEK (up 8.8%); gross margin: 42.2% (down 0.4 p.p.); EBITA: 17.5 MSEK (down 6.0 MSEK).

• Jan–Sep 2024 net sales: 1,267.4 MSEK (up 5.2%); EBITA: 4.8 MSEK (up 0.8 MSEK); net loss: -34.8 MSEK.

• Q3 result after tax: 0.2 MSEK (down 5.4 MSEK year-over-year); EPS before dilution: SEK 0.01.

• Adjusted operating cash flow for Q3: -5.9 MSEK; R12M: +62.6 MSEK; Q3 operating cash flow: 43.0 MSEK.

• Net debt/adjusted EBITDA: 0.8x (Q3 2023 R12: 1.0x); equity ratio: 38% (down from 42%).

Outlook and guidance

• Q4 is expected to be the most important for earnings, with positive trends in customer satisfaction and sales.

• Investments in online logistics and a new e-commerce platform, launching spring 2025, are expected to drive robust Christmas and future online sales.

• Swedish economic conditions are improving, with falling interest rates and increased consumer power.

• Second dividend installment of 1.65 SEK per share to be paid November 13.