Stock Exchange release – 2022 Oyj: B2B a bright spot amidst soft consumer demand

HALF-YEAR REPORT for 1 January – 30 June 2022 Oyj: B2B a bright spot amidst soft consumer demand Oyj – Half-year Report 14 July 2022, 8:00 a.m. EEST arranges two virtual news conferences on a result publication day. News conference in Finnish will be held at 10:00 am Finnish time. Another news conference for analysts and institutional investors in English will be at 11:00 am Finnish time. Details of the events and how to participate, can be found at the end of this release.

The complete report is attached to this release and also available at

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period in the previous year (reference period). Figures are unaudited.

April – June 2022 in brief

  • Revenue was EUR 125.7 million (130,5)
  • Gross profit was EUR 19.4 million (22.4) or 15.4% of revenue (17.2%)
  • Operating profit (EBIT) was EUR -0.9 million (5.1) or -0.7 % of revenue (3.9%)
  • Comparable operating profit was EUR -0.2 million (5.1) or -0.2 % of revenue (3.9%)
  • Net profit was EUR -1.1 million (3.8)
  • Earnings per share were EUR -0.02 (0.08)
  • Investments were EUR 4.3 million (1.7)
  • Operating cash flow was EUR 0.3 million (3.5)
  • The Board of Directors decided, according to authorization granted by the AGM, to distribute the second installment of a quarterly dividend of EUR 0.062 per share. Dividend payment date is 25 July 2022.

January – June 2022 in brief

  • Revenue was EUR 250.4 million (264.5)
  • Gross profit was EUR 38.6 million (44.2) or 15.4% of revenue (16.7%)
  • Operating profit (EBIT) was EUR -0.2 million (10.3) or -0.1% of revenue (3.9%)
  • Comparable operating profit was EUR 0.7 million (10.3) or 0.3% of revenue (3.9%)
  • Net profit was EUR -0.9 million (7.6)
  • Earnings per share were EUR -0.02 (0.17)
  • Investments were EUR 5.7 million (2.1)
  • Operating cash flow was EUR -16.5 million (-5.5)
KEY RATIOS 4-6/20224-6/2021Change %1-6/20221-6/2021Change %1-12/2021
Eur million       
Gross profit19.422.4-13.6%38.644.2-12.5%91.2
Gross margin, %15.4%17.2% 15.4%16.7%-7.6%15.9%
EBITDA, %0.4%4.9% 1.0%4.8%-79.6%4.4%
Operating profit-0.95.1-117.7%-0.210.3-102.4%20.3
Operating margin, %-0.7%3.9% -0.1%3.9%-102.5%3.5%
Comparable operating profit-0.25.1-103.8%0.710.3-93.4%20.3
Comparable operating margin, %-0.2%3.9% 0.3%3.9%-93.0%3.5%
Net profit-1.13.8-127.9%-0.97.6-111.2%15.1
Operating cash flow0.33.5-91.6%-16.5-5.5-199.2%6.7

FINANCIAL GUIDANCE FOR 2022 (updated on 13 July 2022)

The company expects revenue to be between EUR 530–570 million (in 2021 EUR 574.5 million) and comparable operating profit (comparable EBIT) to be between EUR 8-14 million (in 2021 EUR 20.3 million) in 2022.

CEO PANU PORKKA’S REVIEW's second quarter was colored by a challenging market environment. Intensified inflationary pressure lowered consumer confidence to an all time low. In addition, the delayed spring postponed the start of the summer season.'s second quarter revenue declined by -3.7 percent and was EUR 125.7 million. The soft market impacted especially consumer sales and consumer electronic categories. B2B sales continued solid and grew by 12.6 percent. In the evolving categories such as toys, luggage and baby, we were able to utilize the ongoing online shift with sales growing by 5 percent. Sales from core categories such as home appliances fell by 7 percent. The export sales decreased by 8.7 percent.

Gross margin was impacted by the lost sales in summer season in combination with tight price competition. The cost level has risen with the increase in fuel and energy prices and e.g. logistics costs have increased significantly since last year. Due to declining sales and margin, the second quarter comparable operating profit (EBIT) was EUR -0.2 million. has taken actions to secure healthy margin, such as price optimization, supplier negotiations and adjusting delivery services. The company has implemented cost containment measures during the spring throughout operations. At the same time, we have continued investing in strategic initiatives to support growth once the market brightens up.

To utilize our ecommerce platform further, we have successfully launched a new customer account, “Tili”. With this additional financing service, customer will get up to 45 days of interest-free and expense-free payment for each purchase.

During the spring, the company's first carbon footprint calculation for all emissions was finalized. The emissions of our own operations decreased by 34% from the previous year thanks to investments made in renewable energy, and the goal is to be carbon neutral in own operations by 2025. The biggest climate impact comes from indirect emissions in the value chain (scope 3), of which 70 percent comes from the manufacture of the products and 22% from the energy consumption during the use of these products. achieved recognitions. The company was awarded by the customers as one of the most innovative companies in Hanken's Finnish Innovation Index survey. The company also received recognition from Google when won the seamless multi-channel customer experience evaluation in different service channels. Google’s evaluation comprised 137 European retailers.

Two growth related strategic initiatives were completed in the second quarter. The first phase of the warehouse automation investment in internal logistics, the Autostore in Jätkäsaari was completed and is operating at full capacity. We expect the investment to reduce costs up to EUR 1 million annually. In the second phase in the fall, a packaging automation system will be installed in connection to Autostore. The investments significantly improve customer experience with faster availability and deliveries The integration of acquired into has progressed as planned. The companies' sourcing processes have been combined, and the own brand products specified by the procurement organization operating in China will be seen on the shelves already in the season at the end of the year.



EUR million4-6/20224-6/2021Change, %1-6/20221-6/2021Change, %2021
Revenue125.7130.5-3.7 %250.4264.5-5.3 %574.5
Operating profit-0.95.1-117.7 %-0.210.3-102.4 %20.3
Operating margin, %-0.7 %3.9 % -0.1 %3.9 % 3.5 %
Comparable operating profit-0.25.1% -103.8 %0.710.3-93.4%20.3
Comparable operating profit, %-0.2 %3.9 % 0.3 %3.9 % 3.5 %

Share of sales, %

Customer segments     

Sales channels
Product categories     
Core categories (CE)82 %83 %85%87%86 %
Evolving categories18 %17 %15%13%14 %
Website visits, million18.717.438.737.380.0

Sales include orders and deliveries in transit. On-line and off-line sales exclude export sales.
Core categories includes IT (with sub product groups like computers, peripherals, components), Entertainment (TV and video, Audio and hifi, gaming and musical instruments), Mobile devices (telecom, cameras and watches), and small & major domestic appliances. Evolving categories are new and growing in our assortment, and include sports, home and lightning, food and drink, toys, baby and family, BBQ and cooking, pets and luggage and travel.

April-June 2022

In April - June 2022,’s revenue declined by -3.7 percent year on year, totaling EUR 125.7 million (130.5). Net sales decreased due to weaker-than-expected consumer demand. Also, the delayed spring postponed the start of the summer season. By contrast, corporate customer sales continued on a growth path and its revenue grew by 12.6 percent, while the customer segment was 26 percent of the company's total sales. acquisition that was finalized in April increased's revenue for the quarter by EUR 2.4 million, had no material impact on the operating profit.

Core categories (CE) share of sales declined 6.7 percent and its share of total sales was 82 percent. Within the core categories computers and components sales declined, and sales of tv’s increased. During corona years, home has been invested in and the equipment base renewed, and the renewal cycle for such household appliances and home entertainment electronics is long. Sales of the Evolving categories grew 4.8 percent during the quarter, and its share of total sales was 18.1 percent. The product groups under the evolving category that sold better for consumer customers than in the comparison year, were toys, baby & family, and travel & luggage.

During the second quarter,’s online sales declined 3.6 percent following lower total sales, and the share of online sales represented 63 percent of the total sales (64%).

During second quarter, sales of export business declined 8.7 percent, and its share of total sales was 6 percent (6%). Decline was due to decision made in March to conclude sales to Russia due to Ukraine crisis. Share of Russian sales was around half of the business. However, other areas compensated partly the loss of Russian sales. Revenue excluding export decreased by 5.7 percent during the quarter.

The proceeds from consumer financing were EUR 1.1 million (1.0) including both interest income and fee income.

Personnel costs increased in April-June 6.5 percent to EUR 10.0 million (9.4). During the reporting period, other operating expenses increased to EUR 8.4 million (7.1). The increase in other operating expenses was mainly due to the acquisition of and the increase in logistics and warehouse costs compared to the comparison period.

Operating profit (EBIT) in April-June declined EUR 6.0 million, totaling EUR -0.9 million (5.1), representing
-0.7 percent of revenue (3.9%). The decrease in profitability was mainly due to increased logistics costs and a tightening competition in a soft market, which led to lower-margin campaign sales that started earlier in the quarter than in the comparison year. Comparable operating profit was EUR -0.2 million (5.1) and profit for the period EUR -1.1 million (3.8). Items impacting comparability relate to acquisition.

For the second quarter, earnings per share were EUR -0.02 euros (0.08).

January–June 2022

In January–June,’s revenue declined 5.3 percent year on year, totaling EUR 250.4 million (264.5).

The company-financed customer financing proceeds were EUR 2.4 million (2.0) including both interest income and fee income. The credit loss allowance decreased from the comparison period to EUR 0.8 million (1.2) at the end of June.

Personnel costs increased in January–June 8.4 percent to EUR 20.0 million (18.4). The increase resulted
mainly from IT and purchasing. During the reporting period, other operating expenses increased to EUR 15.6 million (13.4).

In the first half, operating profit declined by EUR 10.5 million, totaling EUR -0.2 million (+10.3), representing -0.1 percent of revenue (3.9%). Comparable operating profit was EUR 0.7 million euros (+10.3) and profit for the period -0.9 million euros (7.6).

Earnings per share were EUR -0.02 (0.08) in January–June.


Operating cash flow was -16.5 million euros (-5.5) in January–June 2022. Cash flow from operating activities was mainly affected by a change in working capital, mainly due to trade payables and increased inventories in preparation for supply challenges and seasonal sales for the coming summer.

Ordinary seasonal fluctuations are reflected in cash and cash equivalents, cash flow, and accounts payable, which usually reach their highest points at the end of the fourth quarter and their lowest points at the end of the second quarter.

Investments totaled EUR 5.7 million (2.1) in January–June 2022. The majority of investments were directed to the Jätkäsaari automation warehouse project and acquisition. During the reporting period, the company capitalized 0.1 million euros (0.0) in salary costs.

At the end of June, group had a total of EUR 25 million (0.0) of interest bearing debt.The company has revolving credit facilities totaling EUR 25 million, which have not been utilized.


During the reporting period, the number of employees increased, and the total number of employees was 815 (801) at the end of June 2022. The increase in personnel mainly resulted from the acquisition of This includes both full- and part-time employees.

SUSTAINABILITY has completed the company's first carbon footprint calculation covering the entire value chain. The calculation concerns the year 2021 and covers significant direct and indirect greenhouse gas emissions from operations in accordance with the GHG protocol (Scopes 1,2,3). As previously reported, The company's own greenhouse gas emissions (Scope 1 and 2) decreased by 34% from the previous year due to investments in renewable energy and amounted to 319 tonnes of CO2 in 2021.The share of greenhouse gas emissions from own operations in the business climate impact is very small: 0.1% of all emissions. The largest climate impact arises from indirect emissions in the value chain (Scope 3), which amounted to 322,515 tCO2 in 2021. Majority of emissions were caused by the manufacture of products sold (70%) and energy consumption during their use (22%). Freight and distribution logistics accounted for 0.36% of total emissions. According to calculations, customers' trips to stores accounted for 6.5% of emissions. targets to be carbon neutral in its own operations by the end of 2025 and to reduce the indirect climate impact of its activities.

To reduce indirect emissions in the value and supply chains, company works with suppliers and partners to . With the carbon footprint calculation, is mapping suitable indirect emission reduction targets and prepares a plan to reduce emissions. The company's intention is to support its customers in making responsible choices by making product-specific emissions data visible in product information.


On 13 July 2022, company updated its financial guidance for 2022:
Profit warning: Weak consumer confidence and high inflation undermines outlook for the second half of the year's business environment has continued to be challenging. Consumer confidence is at an all-time low and inflation continues to grow. This has undermined consumers’ purchasing power and dampened discretionary demand. In light of this development in the operating environment, demand and costs, the company estimates that its revenue and operating profit will fall short of its previous estimates. According to new financial guidance for 2022, the company expects the revenue to be between EUR 530–570 million (in 2021: EUR 574.5 million) and adjusted operating profit (adjusted EBIT) to be between EUR 8–14 million (in 2021: EUR 20.4 million).

SHORT-TERM RISKS AND BUSINESS UNCERTAINTIES’s risks and uncertainties reflect the operating environment and general consumer behavior, such as demand for consumer electronics, circumstances impacting export trade, the availability of products, and the competitive environment. In addition, the company's business operations involve risks and uncertainties, such as risks related to the business strategy, the execution of corporate transactions and investments, risks related to the sourcing operation and logistics, and risks related to information systems and other operational factors of the company's business. The risks and uncertainties described above may have a negative or positive impact on the company's business, financial position or performance.

Geopolitical conflicts and economic sanctions, general economic uncertainty, and consequent uncertainty about the behavior of financial markets can have a detrimental impact on's business and growth potential. Inflation and tightening monetary policy may have an increasing impact on consumers' confidence in their own economy and, consequently, on consumer behavior. Potential impacts on's business may be visible throughout the product supply chain, logistics, product and service prices, and the consumption behavior of our customers.

The effects of the COVID-19 pandemic and the restrictions on people's lives have eased. New virus variants or re-intensification of the pandemic could have an impact on the company's business in the short term.


There is uncertainty about the future outlook in relation to geopolitical conflicts in the world, the crisis in Ukraine and the macroeconomics, as well as the coronavirus pandemic and beyond. The company's growth prospects for the current year are considered challenging due to changes in the operating environment. The strong acceleration of inflation and rise in the interest rates, as well as the crisis in Ukraine, have further undermined household confidence in their own economy. Due to these factors, we estimate consumer demand and business to continue soft for the remaining of the year. With the Crisis in Ukraine, the company made a decision to stop all sales to Russia. In addition, once pandemic related restrictions were lifted, household consumption is directed from durable goods to services such as travel.

The company believes that it will succeed in taking advantage of the online consumer transition and increasing its market share in its chosen product categories. The company estimates that the shift of customers to online is permanent.

FINANCIAL GUIDANCE FOR 2022 (updated on 13 July 2022)

The company expects revenue to be between EUR 530–570 million (in 2021 EUR 574.5 million) and comparable operating profit (comparable EBIT) to be between EUR 8-14 million (in 2021 EUR 20.3 million) in 2022.

Helsinki, Finland, 13 July 2022 Oyj
Board of Directors


A press conference for analysts, investors, and media will be held in Finnish over the Livestream webcast on Thursday, 14 July 2022 at 10:00 a.m. (EEST), in which’s CEO Panu Porkka will present the developments in the reporting period.

A press conference in English will be held over the Livestream webcast on Thursday, 14 July 2022 at 11:00 a.m. (EEST). Questions can be sent beforehand or during the presentation via e-mail to

Presentation materials for both events are available at For both press conferences, the Livestream webcast is available at

COMPANY RELEASES AND EVENTS will publish its financial reports as follows:

  • Interim report for January – September 2022 on Thursday 27 October 2022
  • Financial statements bulletin for the year 2022 on Thursday 9 February 2023.

More information:
Panu Porkka, CEO, Oyj

Mikko Forsell, CFO, Oyj
Tel. +358 50 434 2516

Marja Mäkinen, Head of Investor Relations, Oyj
Tel. +358 40 671 2999

Nasdaq Helsinki
Main media empowers its customers to follow their passion by providing a wide product assortment of around 80,000 products. Oyj serves its retail and corporate customers through its webstore, megastores, 24h kiosk and network of collection points as well as fast deliveries and various services. As Finland’s most popular and most visited domestic online retailer, its deliveries cover around 75 percent of the Finnish population within the next day. The Company has four megastores: in Oulu, Pirkkala, Raisio and Helsinki, where its headquarters is also located. employs more than 750 people and its shares are listed on the Nasdaq Helsinki stock exchange with the ticker VERK.

Attachments Half-year 2022 Report

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