LMK Group, the largest supplier of meal kits in the Scandinavian region and a leader in Scandinavian foodtech, today announced its financial results for the first quarter 2022. The Group operates in Sweden, Norway and Denmark under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt.
CEO Walker Kinman commented: “The emergence from the pandemic, a pent-up desire for traveling and visiting restaurants, and household spending affected by soaring inflation have affected e-commerce overall, and online groceries in particular, during the quarter. This development has led to a decline in Net Sales and lower new-customer acquisition rates for LMK Group. However, we have also noted an increased order frequency and average order value, proving an improvement in customer cohort quality. We have continued to develop our organization, invest in tech and drive our product innovation during the quarter, and are now focusing on establishing complementary growth avenues while adjusting our cost structure to match market realities.”
First quarter 2022 (Q1 2021)
- Net sales amounted to 352.9 MSEK (419.5), a decline of -15.9%. (+30.7%). Adjusted for exchange rate differences that equals a decline of -19.3%
- Contribution margin after fulfillment costs was 24.4% (29.0%)
- Sales and marketing expenses were 56.9 MSEK (56.0) an increase of 0.9 MSEK and were 16.1% (13.4%) of Net sales
- EBITDA amounted to -6.5 MSEK (27.3). EBITDA-margin at -1.8% (6.5%)
- Adjusted EBITDA amounted to -4.1 MSEK (40.3), Adjusted EBITDA-margin of -1.2% (9.6%)
- Operating profit (EBIT) was -19.7 MSEK (16.4), a margin of -5.6% (3.9%)
- Adjusted EBIT at -17.4 MSEK (29.4) gave a margin of -4.9% (7.0%)
- Net profit after taxes was -18.9 MSEK (6.4)
- Earnings per share SEK, before and after dilution was -1.49 SEK (1.24)
Please see LMK Group Q1 report attached and here: https://lmkgroup.se/investors/financial-reports/
Presentation of the report
In connection with publishing its first quarter report for 2022 on May 4th, 2022, LMK Group invites investors, analysts and media to a conference call and webcast on the same day at 09:00 CET.
Webcast: https://tv.streamfabriken.com/lmk-group-q1-2022
After the presentation a recording of the webcast will be available on the webcast link.
To participate via telephone please dial-in on the numbers below:
DK: +4578723252
NO: +4723500236
SE: +46850558354
UK: +443333009265
US: +16467224904
