Tokmanni Q2'23: Sweden calling

Tokmanni's Q2 results were close to our expectations, and we finally saw positive development in comparable EBIT. Inflation continues to a burden on the company, especially in own costs, but we expect the sales margin to continue to recover, supporting the earnings growth outlook. DollarStore acquisition is promising for the future and opens new growth opportunities. Analyst Olli Vilppo comments on second quarter highlights and outlook.

Our latest Tokmanni research: https://www.inderes.se/research/tokmanni-dollarstore-improves-earnings-growth-outlook

Contents:
00:00 Intro
00:23 Q2 Highlights
04:05 Customer behavior
05:47 Stores
05:56 DollarStore acquisition
13:29 Click Shoes
15:15 Acquisition risks
17:00 Valuation