The Fiskars Group has announced the publication of our Half-year Financial Report and Q2 2024 results, highlighting both challenges and successes in its operational performance.
In the second quarter, while comparable net sales faced a 5% decline amidst a demanding market environment, reported net sales, which now include Georg Jensen, saw a notable 5% increase.
Photo: Fiskars Group
Key insights from the report are as follows:
- Despite a decrease in comparable net sales, reflecting the ongoing market challenges, the company observed a resilient performance in certain areas. Business Area Vita achieved an unprecedented gross margin, underscoring its strategic focus on profitability. Furthermore, its free cash flow reached a record high for the second quarter, demonstrating robust financial health amid fluctuating market conditions.
- The integration of Georg Jensen into the company's portfolio continues to progress smoothly, nearing completion. The business remains on track to achieve the anticipated EUR 18 million in cost synergies, as previously communicated. This integration reinforces its commitment to enhancing operational efficiencies and leveraging its expanded brand portfolio.
- Looking forward, the company's guidance for 2024 remains unchanged. The team anticipates that comparable EBIT will exceed the levels achieved in 2023, reaffirming its strategic initiatives aimed at sustainable growth and profitability.
'We delivered another solid quarter considering challenging market conditions. We were able to protect profit with Vita's all-time high gross margin and savings from last year's cost efficiency programs, but due to lower volumes, comparable EBIT declined to EUR 19 million. We continue to drive systematic improvement and further cost savings through our simplified way of operating. Whilst we are not expecting any immediate improvement in the market conditions, the transformative actions we continue to take support us in reaching our ambitions in both the short and long term,' says Nathalie Ahlström, Fiskars Group's President & CEO on the company's LinkedIn Page.
About Fiskars Group
Fiskars Group is a global leader in design-driven brands catering to both indoor and outdoor living. Its diverse portfolio includes renowned names such as Fiskars, Gerber, Iittala, Moomin Arabia, Royal Copenhagen, Waterford, Wedgwood, and the recently integrated Georg Jensen. Operating in over 100 countries with nearly 450 proprietary stores, it is supported by a dedicated workforce of approximately 7,000 employees.