Thursday, 23 February 2023 03:15 AM
Earnings
STOCKHOLM, SWEDEN / ACCESSWIRE / February 23, 2023 / STRAX (STO:STRAX)(FRA:NOBC) STRAX - challenging year completed with several actions taken to prepare for a much improved future.
- The Group's sales for the period January 1 - December 31, 2022, amounted to MEUR 104.4 (101.8)
with a gross margin of 16.7 (16.4) percent. - The Group's result for the period January 1 - December 31, 2022, amounted to MEUR -19.6 (-3.9) corresponding to EUR -0.16 (-0.03) per share.
- EBITDA from remaining operations for the period January 1 - December 31, 2022, amounted to
MEUR -0.9 (5.4). - Equity as of December 31, 2022, amounted to MEUR -6,480 (14,036) corresponding to EUR -6.5 (14.0)
per share. - External factors continued to have negative impact on sales of own mobile accessories and personal audio products, whilst sales of lower margin health products remained relatively stable. Additional margin impact came from MEUR 4 inventory markdown. Our average blended gross margin does therefore remain compressed relative to those we achieved prior to the Covid-19 pandemic.
- Following a decision by the board of directors in September 2022 to have a more focused strategy
and simplified group operating structure, the following brands and businesses are reported as discontinued
operations: own brands Dóttir and grell, licensing business under Telecom Lifestyle Fashion, and
the Health and Wellness business. - Plan to divest assets and refinance distribution business to increase liquidity and reduce debt in the Group initiated.
Significant events after the end of the period
STRAX subsidiary Urbanista, received two awards at CES 2023 in Las Vegas, the most influential tech event in the world. Urbanista Phoenix - the world's first true wireless, noise cancelling earphones powered by light - was awarded best of CES by technology magazines TWICE and MakeUseOf (MUO).
"As a result of continuing challenging industry environment our figures took a heavy beating in 2022.
However, we maintained investing in our four remaining own brands and our North America sales platform, providing for a significantly brighter times ahead for a streamlined and more focused organization.
We furthermore implemented various cost reduction actions across continuing operations throughout the year and we expect benefits thereof to fully materialize in 2023."
Gudmundur Palmason, CEO
For further information please contact:
Gudmundur Palmason
CEO, STRAX AB, +46 8 545 017 50
About STRAX
STRAX is a global leader in accessories that empower mobile lifestyles. Our portfolio of branded accessories covers all major mobile accessory categories: Protection, Power, Connectivity, as well as Personal Audio.
Own brands are Urbanista, Clckr, Planet Buddies and RichmondFinch. Our distribution business reaches a broad customer base, through 70 000 brick and mortar stores around the globe, as well as through online marketplaces and direct-to-consumers. Our distribution business also services over 40 other major mobile accessory brands.
Founded as a trading company in 1995, STRAX has since expanded worldwide and evolved into a global brand and distribution business. Today we have over 200 employees in 13 countries. STRAX is listed on the Nasdaq Stockholm stock exchange.
Discontinued operations include Health & Wellness, own brands Dóttir and grell, and licenced brand portfolio of adidas and Diesel.
This information is information that STRAX is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-02-23 08:55 CET.
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SOURCE: STRAX