Sjöstrand Coffee (SCC) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 39% year-over-year to 9.3 MSEK, with operating profit improving to 132 TSEK from -69 TSEK.

• H1 2024 revenue declined 4% year-over-year to 13.6 MSEK, with operating loss of -1.37 MSEK versus 555 TSEK profit last year.

• Bruttomarginal for H1 improved to 51% from 37%, driven by a strategic shift to premium positioning and stronger own channels.

• D2C e-commerce up 153%, retail up 100%, and hotel channel up 25% year-over-year; distributor channel declined as planned.

• New product launches and a high-profile design collaboration supported brand and sales momentum.

Financial highlights

• Q2 2024 total income: 9,298 TKR (6,698 TKR Q2 2023); operating result: 132 TKR (-69 TKR); net result: 61 TKR (-101 TKR); EPS: 0.002 SEK (-0.004 SEK).

• H1 2024 total income: 13,597 TKR (14,237 TKR H1 2023); operating result: -1,375 TKR (555 TKR); net result: -1,446 TKR (494 TKR); EPS: -0.05 SEK (0.02 SEK).

• Cash flow from operations for H1: -4,081 TKR; cash at period end: 111 TKR (vs. 4,666 TKR at 2023 year-end).

• Group equity at 30 June 2024: 4,699 TKR; total assets: 12,583 TKR.

Segment performance

• D2C e-commerce sales grew 153% year-over-year, retail 100%, and hotel 25%; distributor channel declined in line with strategy.