Lammhults Design Group (LAMM) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 decreased by 8.3% year-over-year to SEK 212.0m, with a 14.2% drop for H1 2024 to SEK 421.1m. Bruttomargins improved despite lower volumes, driven by efficiency and price increases.

• Operating result remained negative at SEK -13.6m for Q2 and SEK -23.3m for H1, mainly due to lower sales volumes and higher marketing costs.

• Office Interiors saw positive order intake and margin improvements, while Library Interiors faced delays and lower order intake.

• Strategic market initiatives and organizational changes, including a new CFO and interim CEO for Lammhults Möbel, were implemented.

Financial highlights

• Q2 net sales: SEK 212.0m (231.3), down 8.3% year-over-year; H1 net sales: SEK 421.1m (490.7), down 14.2%.

• Q2 operating result: SEK -13.6m (-13.7); H1: SEK -23.3m (-5.3).

• Q2 EPS: SEK -1.45 (-1.78); H1 EPS: SEK -2.63 (-1.40).

• Q2 order intake: SEK 241.1m (247.9), down 2.8%; H1 order intake: SEK 432.5m (456.1), down 5.3%.

• One-off items of SEK -9.0m impacted results.

Outlook and guidance

• Focus remains on achieving an EBIT margin of 8–10% by 2026, with ongoing efficiency and digitalization initiatives.

• Continued balancing of strategic investments and cost-saving measures in response to weak market conditions.