Gifts Today magazine

Fiskars releases half-year financial report

Fiskars Corporation releases summary of the second quarter of 2017 and half year financial report, revealing good progress in Q2 with comparable net sales and comparable EBITA increased

Fiskars Corporation has released its half year financial report, from January to June 2017, as well as a summary of Fiskars Corporation's second quarter of 2017.

The report indicates comparable net sales and comparable EBITA growing clearly, and that from January to June 2017, net sales increased by 1.1 p3er cent to EUR 596.1 million. 

”Fiskars Group had a good first half of 2017, with comparable net sales and comparable EBITA growing clearly," says Interim President and CEO, Fiskars, Teemu Kangas-Kärki. "Despite the tough market conditions in some of our key markets, we have grown our business and taken market share with several of our brands, including Fiskars, Iittala, Royal Copenhagen, Royal Doulton, Rörstrand, and Arabia."

He continues: "After the strong first quarter, we continued to grow our comparable net sales and comparable EBITA during the second quarter of 2017. While the second quarter got off to a slow start due to weather conditions and the challenging trade environment, Fiskars Group made good progress during the quarter. The growth of comparable net sales was excellent in Europe and Asia-Pacific during the first half of the year. I was particularly pleased to see that the strong performance of the Scandinavian Living business continued and the business demonstrated robust growth during the second quarter, supported by the Finland 100 anniversary products by Arabia and Iittala brands as well as the Royal Copenhagen and Rörstrand brands."

Despite the tough weather conditions, the comparable net sales grew in the Functional business during the first half of the year. The comparable net sales grew in the Functional Americas business during the first half of the year, whereas the comparable net sales in the entire Americas region was adversely impacted by two factors. The premium sales channels in the Living business continued to face headwind in the U.S. and the market for outdoor knives has not recovered in the region. 

"We do not expect the conditions in the premium sales channels for the living products in the US to improve in the short term," adds Teemu. "Therefore, we continued to invest in brand development in the English & Crystal Living business, supporting future growth opportunities. Furthermore, we are focused on developing our omni-channel approach across the businesses to succeed in the changing business environment."

Fiskars operates globally with a considerable part of the business in the US. The U.S. dollar has weakened during the first half of the year, and should the weakening continue, the translation exposure may have a material impact on our reported financial figures. 

He adds: "We continue to focus on driving profitable growth and strengthen our capabilities to progress in all the markets where we operate. We are determined to grow our core businesses, build iconic lifestyle brands, and create high quality consumer experiences – by making the everyday extraordinary.”

In conclusion, the outlook for 2017 remains unchanged. Fiskars expects the Group’s net sales, excluding the net sales of businesses divested in 2016 (2016: EUR 1,180 million) and comparable EBITA (2016: EUR 107 million) to increase from the previous year.

To read the full report, click here

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