Tokmanni - LFL growth continues to be impressive
Tokmanni had revenue of EUR 188,1m, which beats EUR 186/184m Evli/consensus estimates by ~ 1 %. LFL growth continues to be clearly above estimations at 4.1% vs. 1% our expectation. Strong revenue and LFL growth were driven by Nettopäivät campaign, change of assortments of Ale-Makasiini stores and clearance sales. Gross margin was 31,2 % vs. our 33,3% expectation. Due to the changes of IFRS 16, adj. EBITDA of 12.8 is not comparable with our estimate of 5.1. Tokmanni 2019E guidance reiterated; profitability and adj. gross margin are expected to increase from last year.
- Q1 revenue was EUR 188m vs. EUR 186m/184m Evli/cons, ~1 % above estimates. Revenue grew by 8.3% y/y, driven by 4.1% LFL growth (Evli LFL expectation 1%) and new openings.
- Q1 adj. gross profit was EUR 58.8m (31.2% margin) vs. EUR 62.0m (33,3%) Evli expectation.
- Q1 adj. fixed costs in total were EUR 46.8m (24.9% of revenue) vs. EUR 57.8m (31.1% of sales) Evli view.
- Q1 adj. EBITDA was EUR 12.8m (6.8% margin) vs. EUR 5.1m (2.7%) Evli and EUR 5.3m (2.9%) consensus.
- 2019 guidance intact: revenue will grow in 2019 based on new openings in 2018 and in 2019. Profitability (adj. EBITDA margin) will increase y/y in 2019E.