Kjell Group Ab (KJELL.ST) on Friday reported wider loss in its second quarter, impacted by low turnout from the Danish market and higher income taxes. The company's sales also dropped 11 percent from last year.
The Swedish company, which sells consumer electronics accessories, reported second quarter loss of 20.87 million Swedish Kroner, compared to loss of 18.42 million Swedish Kroner in the same period last year. On a per share basis, however, the loss narrowed to 0.36 Swedish Kroner from 0.59 Swedish Kroner recorded a year ago.
During the three-month period, the company's pre-tax loss widened to 22.49 million Swedish Kroner from 19.80 million Swedish Kroner in the previous-year quarter.
According to the company, second-quarter sales fell 11 percent to 529.68 million Swedish Kroner from 598.69 million Swedish Kroner in the same quarter of 2024. The sales were mainly affected by lower online sales in Denmark and lesser footfall in the Swedish market.
Kjell Group said that operating loss amounted 14.47 million Swedish Kroner in the quarter, compared to operating loss of 8.71 million Swedish Kroner in the prior-year period.
Commenting on the results, Andreas Rylander, CEO Kjell Group, said, "The second quarter was characterised by significant but temporary fluctuations in working capital, alongside challenges in online sales within our Danish subsidiary, AV-Cables. In close collaboration with the Board, we have accelerated our action programme to support the Group's long-term objectives."
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