Q2 2024 Fiskars Oyj Abp Earnings Call Transcript
Key Points
- Fiskars Oyj (FKRAF) achieved all-time highs in both gross margin and free cash flow for Q2.
- The integration of Georg Jensen is progressing well, with 75% of cost synergies already implemented.
- Strong performance in the Nordic region and continued growth in China and Sweden.
- Gerber, the outdoor brand, continues to expand with new listings and category expansions.
- Significant improvements in sustainability metrics, including 24% of net sales from recycled content products.
- Decline in volumes driven by macroeconomic factors, particularly in the US.
- Direct-to-consumer sales were weak, especially due to a significant drop in e-commerce in China.
- Increased depreciation and amortization costs due to significant investments in digital.
- Employee costs have risen, although partially mitigated by savings programs.
- The market environment remains challenging with no expected improvement in consumer sentiment or macroeconomic conditions in the second half.
Hello, and welcome to Fiskars Group's Q2 Results Webcast. My name is Essi Lipponen, and I'm the Director of Investor Relations. I'm here with our President and CEO, Nathalie Ahlström and our CFO, Jussi Siitonen. Nathalie and Jussi will first go through the Q2 highlights and after that, we will have plenty of time for your questions. And you can type in your questions in the chat already during the presentation. Nathalie, please go ahead.
Thank you, Essi.
Thank you, and welcome also everybody from my side. It's a delight to be here to talk about our Q2. First to the highlights of Q2. We're very proud that we had two all-time highs in this quarter, both our gross margin driven by Vita's elevation of the portfolio upwards and then also all-time high of free cash flow. So gross margin, all-time high; free cash flow, all-time high as a company for Fiskars Group.
Also, we
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