Fiskars

Fiskars' Q2 earnings fell short of Modular Finance consensus expectations. The company delivered continued comparable growth and was able to squeeze the first benefits from Vita BA's profit-improvement programme. Fiskars' BA margin expansion remained...

Fiskars Q2 adjusted EBIT of EUR 7.7m came 40% below Modular Finance consensus expectations with 4% lower top line. Net sales were up 1% y/y to EUR 261m with +2.7% y/y comparable sales growth (we had modelled +5.7%). Fiskars BA comparable sales were stable...

We maintain our estimates intact ahead of Fiskars' Q2 report. We model 4% y/y sales growth (6% LFL growth) to EUR 268m, 1% below pre-Q2 Modular Finance consensus. We forecast EUR 10m adjusted EBIT in Q2E, 22% below consensus at EUR 12.8m. We are fairly...