Boozt delivers a strong ending to the year and expects 5-15% growth for 2023

2023-02-10 08:00:00

Boozt AB Q4 report, January 1 - December 31 2022

Fourth quarter financial highlights

  • Net revenue of SEK 2,438 million and a net revenue growth of 23.9% (local currency 18.3). Net revenue growth of 22.4% for and 33.1% for
  • Gross margin of 38.3% (41.0)
  • Adjusted EBIT of SEK 170.4 million (149.5) and adjusted EBIT margin of 7.0% (7.6)
  • Earnings per share before dilution of SEK 1.83 (1.31)
  • Free cash flow of SEK 730.1 million (327.2)
  • Cash and cash equivalents of SEK 1,777 million (1,565)

Full year financial highlights

  • Net revenue of SEK 6,743 million and a net revenue growth of 16.0% (local currency 12.1). Net revenue growth of 13.6% for and 29.4% for
  • Gross margin of 39.5% (40.4)
  • Adjusted EBIT of SEK 285.6 million (342.5) and adjusted EBIT margin of 4.2% (5.9)
  • Earnings per share before dilution of SEK 2.76 (2.87)
  • Free cash flow of SEK 90.2 million (-365.1)

 Significant events

  • November and Black Friday week delivered ahead of expectations and consequently upgrade of growth outlook to the upper end of the previous outlook for 2022

 Significant events after the period

  • Positive profit warning on 11 January 2023 announcing net revenue growth and adjusted EBIT for 2022, ahead of previously announced outlook
  • Board of Directors will propose to obtain mandate for buyback and transfer of own shares at the AGM 2023

Co-Founder & CEO Hermann Haraldsson says:I am truly proud of our whole organisation that turned the challenges of 2022 into an opportunity and allowed us to post outstanding financial results today. During the year, we have made tremendous progress on further cementing our position as the leading Nordic Department Store displayed in the increasing average order value, stable return rates and continued high customer satisfaction. In 2023 we expect to deliver further progress on the Nordic Department Store strategy, and remain confident that we can continue to deliver accelerated market share gains with net revenue growth between 5-15% for 2023 while maintaining best-in-industry margins.”

SEK million unless otherwise indicatedOct 1 - Dec 31, 2022Oct 1 - Dec 31, 2021Change Jan 1 - Dec 31, 2022Jan 1 - Dec 31, 2021Change 
Net revenue2,438.11,967.923.9%6,743.45,813.816.0%
Gross profit933.1807.615.5%2,666.82,351.613.4%
Adjusted EBIT170.4149.514.0%285.6342.5-16.6%
Earnings for the period123.389.537.7%186.1195.2-4.7%
Free cash flow730.1327.2123.2%90.2-365.1n.m.
Net revenue growth (%)23.9%38.1%-14.2pp16.0%33.4%-17.4pp
Gross margin, (%)38.3%41.0%-2.8pp39.5%40.4%-0.9pp
EBIT margin, (%)6.5%6.0%0.5pp3.8%4.5%-0.7pp
Adjusted EBIT margin, (%)7.0%7.6%-0.6pp4.2%5.9%-1.7pp

Outlook for 2023Realised 2022Outlook 2023
Net revenue growth16.0% Between 5-15% 
Adjusted EBIT (SEK million)*285.6 275-375
The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year.
*The Adjusted EBIT outlook for 2023 is positively impacted by a reassessment of the useful lives of selected parts of the Group’s fixed assets that mainly relates to the AutoStore installations. Compared to 2022, the positive impact on yearly depreciation on a like-for-like basis is in the level SEK 25 million.

Telephone conference / audiocast
Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Sandra Gadd, will present the Q4 report at a telephone conference / audiocast at 09.30 CET on Friday, February 10, 2023. The presentation will be held in English and will be followed by a Q&A session (
For presentation material, please visit Boozt’s website.