Q2 saw an unexpected drop in North America
Q2'21 was below expectations, with net sales of SEK 158m (-8.2% vs ABGSCe) and organic growth of -3% (ABGSCe 6%). This stemmed from inventory build-up at an e-com customer and a lost bid for a product renewal. Together, this had a negative impact on revenue in the Americas of SEK 15m (-8% on group). Management expects the e-com volumes to normalise shortly, while the product loss will take longer to recoup. The lower sales coupled with negative product mix hurt the gross margin, which was 40.8% (vs. ABGSCe 45.4%) for the group. EMEA saw healthy growth driven by the launch of recent partnerships, while APAC saw an expected decline vs. a strong comparable quarter. Cost control was solid, and the EBITDA margin was 24.7% (ABGSCe 27.5%).
LÄS MER
