CEO Jaan Ivar Semlitsch in Komplett has some good news to present from the first quarter of this year.
Demand for the company’s products is falling, which led to turnover ending at NOK 3,245 million in the first three months of the year.
This is a sales shortfall of NOK 371 million or 10.3 per cent compared to the same quarter 12 months ago.
“A difficult start to the year, with unchanged long-term potential”, is the company’s summary.
| (Million NOK) | Q1-2024 | Q1-2023 |
| Operating income | 3,245 | 3,618 |
| Operating profit | – 46 | – 4 |
| Result before taxes | – 89 | – 53 |
| The period’s result | – 72 | – 43 |
Even redder bottom line
Profit before tax was a loss of NOK 89 million, which is even weaker than the same quarter last year. The deficit was then 53 million.
Reduced profitability has led to an increased debt ratio, but Komplett believes that this is a temporary situation. You have good control over liquidity and finances, the company says.
Komplett also notices that competitors are constantly running campaigns on goods that must be responded to in order not to lose market share. This in turn leads to the margins you are left with on sold goods being negatively affected.
Expect increased purchasing power
Are there any bright spots to trace? Yes, Komplett’s gross margin increased slightly, from 14.1 to 15 per cent, which is due to sales and purchasing improvements.
Measures have also been taken to counteract increased costs which are, among other things, linked to inflation.
“Increased expected purchasing power among consumers is expected to have a positive effect in the second half of the year, and cost measures and sales efforts are expected to have an increasing effect throughout the year”, says CEO Semlitsch in a comment.
WATCH LIVE: Webcast from the quarterly presentation at 9.00 am
Tags: Complete sales plunge Finansavisen
