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million)
· 26.5 per cent like-for-like growth
· Stable gross margin of 42.8 per cent despite shift towards groceries (42.6
per cent)
· Opex-to-sales ratio decreased to 22.4 per cent (26.5 per cent)
· Adjusted EBITDA rose by 53 per cent to NOK 402 million
· Adjusted net profit increased by 115 per cent to NOK 191 million (NOK 88
million)
· Well prepared for the important Christmas season - solid start to the fourth
quarter
· Stina Charlene Byre appointed CFO - takes up the position on 1 April 2021 at
the latest
CEO Espen Eldal comments: “Europris delivered another strong quarter and I would
once again like to thank all employees for their remarkable efforts during these
extraordinary times. For the year to date, we have significantly outperformed
the market and cemented our position as Norway’s leading discount variety
retailer. This is the result of solid merchandising in all parts of our value
chain.”
Europris has experienced strong sales growth driven by changed consumer
behaviour as a result of strict national infection control measures and solid
merchandising.
Chain sales increased by 27.2 per cent (26.5 per cent like-for-like sales
growth). This was once again significantly higher than the market, which grew by
12.2 per cent according to Kvarud Analyse. Sales growth was driven by the many
people who worked from home and the restrictions on travelling abroad which lead
to increasing domestic consumption. While it is hard to measure, solid
merchandising has probably been another key factor in the strong sales growth
during the quarter. Europris has shown flexibility in developing its concept in
an extraordinary period, while the organisation has adapted well in order to
provide customers with a safe and good shopping experience.
Gross margin remained stable during the quarter, despite a shift towards
groceries with generally lower margins.
Operating expenditure excluding non-recurring items was NOK 425 million in the
third quarter (NOK 392 million), a rise of 8.7 per cent. Europris also
experienced improved scalability and efficiency as the Opex-to-sales ratio
decreased to 22.4 per cent (26.5 per cent).
Adjusted EBITDA in the third quarter of 2020 was NOK 402 million (NOK 262
million) - a rise of NOK 140 million or 53 per cent.
Adjusted net profit was NOK 191 million (NOK 88 million) for the third quarter.
Europris opened one new store in the third quarter. It relocated one store
during the quarter and another had its sales area reduced. The board has
approved an additional eight stores for 2020 and beyond, including two city
concept stores in Oslo and one in Bergen.
At 30 September, Europris was in a strong financial position with cash and
available credits of NOK 1,430 million (NOK 463 million).
Before the close of the quarter, Europris also announced that Stina Charlene
Byre had been appointed as its CFO.
Webcast at 08.30 CET today, Friday 30 October. CEO Espen Eldal will host the
presentation. Europris invites investors, analysts and media to join the
presentation via webcast. It will be possible to ask questions via the web.
Material: The third quarter report and presentation will also be made available
on www.europris.no/corporate (http://www.europris.no/corporate/investor) and
www.newsweb.no. In addition, a recorded version of the presentation will be made
available on ww.europris.no/corporate
(http://www.europris.no/corporate/investor) approximately two hours after the
broadcast has concluded.
For questions or further information, please contact:
Espen Eldal, CEO, +47 48 29 24 24, espen.eldal@europris.no
Trine Engløkken, IR, +47 940 50 937, trine.englokken@europris.no
About Europris:
Europris is Norway’s largest discount variety retailer by sales. The group
offers its customers a broad range of quality own brands and brand-name
merchandise. Its merchandise is sold through the Europris chain, which consists
of a network of 265 stores throughout Norway. Of these, 236 are directly owned
by the group and 29 operate as franchise stores. The group’s headquarters are at
Fredrikstad, Norway.
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
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