The low-price chain Europris had a turnover of 2,026 million in the first quarter, up 4.8 percent from the same quarter last year. This appears from the company’s quarterly report.
EBITDA ended at NOK 281 million, a decrease from NOK 311 million in the first quarter last year. Profit before tax was NOK 63 million, a decrease from last year’s million. This is lower than analysts’ expectations of NOK 102 million.
A change in the product mix, towards a higher proportion of consumer goods and increased sales from campaigns and the weaker Norwegian krone contributed to reducing the profit.
– We are satisfied with another quarter of solid sales, with the best Easter sales ever. Promotions continue to drive growth, especially the products that are on the cover of the advertising magazine, and people continue to appreciate Europris’ private label products, says CEO Espen Eldal.
Tough market conditions
The company expects that high interest rates, inflation and low real wage growth will cause consumers to be cautious, especially in the first half of the year. “The tough market conditions are an opportunity for Europris with a well-known low-price concept,” says the stock exchange announcement.
Tags: Record Easter Europris Finansavisen
