07 November, 2023

Interim Report for the Third Quarter 2023

January - September


  • Net sales amounted to SEK 2,337.0 million, which was 5% higher than last year (SEK 2,234.4 million). Currency changes affected net sales positively by 4% and acquired business by 7%.
  • Operating result amounted to SEK 381.1 (397.8) million.
  • Result for the period amounted to SEK 270.9 (304.0) million.
  • Earnings per share amounted to SEK 2.04 (2.29). *
  • Cash flow from operating activities amounted to SEK 173.3 (-200.4) million.


  • Net sales amounted to SEK 6,777.0 million, which was 12% higher than last year (SEK 6,028.5 million). Currency changes affected net sales positively by 5% and acquired business by 8%.
  • Operating result amounted to SEK 1,058.4 (957.9) million.
  • Result for the period amounted to SEK 752.7 (722.6) million.
  • Earnings per share amounted to SEK 5.67 (5.45). *
  • Cash flow from operating activities amounted to SEK 210.3 (-127.1) million.
  • Equity ratio amounted to 55.8 (54.0) %.
  • Net debt to equity ratio amounted to 40.2 (36.1) %.

*Recalculated with regard to the 2:1 share split carried out in June 2023.

CEO comments            

New all-time high in net sales – a continuing good operating margin
Despite a very challenging market with price reductions on a number of basic goods, we increased our net sales to SEK 2,337.0 (2,234.4) million. The operating result decreased slightly to SEK 381.1 (397.8) million but is still at a very good level.

The operating margin was 16.3% and is the second highest ever for a third quarter. Considering the challenging market, especially in retail, I am very satisfied, proud and happy with the result and can state that we continue to gain market share. I think the quarter's results show the strength we have even under more challenging conditions, which we have also shown many times before.

9 months – new all time high in both net sales and operating result
During the first 9 months, net sales increased to SEK 6,777.0 (6,028.5) million and operating result increased to SEK 1,058.4 (957.9) million, both of which are new all time highs for the period. The operating margin was 15.6% which is basically in line with the previous year.

Rolling 12 months
On a rolling full-year basis, net sales now amount to SEK 9,592.1 million with an operating result of SEK 1,605.6 million, which means an operating margin of 16.7%.

In 2020, net sales were SEK 6,098.8 million, which means that in 2 years and 9 months we had sales growth of SEK 3,493.3 million or 57%. During the same period, the operating result has gone from SEK 545.9 million to SEK 1,605.6 million, an increase of SEK 1,059.7 or 194%  

Cash flow and balance sheet
Cash flow from operating activities amounted to SEK 173.3 (-200.4) million, an improvement of SEK 373.7 million. We have continued to have a very strong balance sheet with an equity ratio of 55.8%

The future
We are very well equipped going forward in terms of organization, brands, products, etc. I am firmly convinced that we will continue to gain market share, which will mean good growth again when the market levels off or reverses.

Although it would be presumptuous to wish for a downturn in the economy, such an occurrence would provide opportunities for growth through acquisitions. We have now completed two acquisitions and we have both the financial and organizational resources to carry out more, if the right opportunities arise.

With a strong economy and balance sheet, we can maintain large stocks and full service on the stock range, which not all competitors likely will not be able to do. This will give us the opportunity to continue to gain market share. Above all, the sports industry has been and continues to be tough. This is due to declining sales, and also to the fact that our customers in sports had large stocks. This is gradually correcting itself, which within 1-2 quarters could benefit us given our ability to deliver from stock.

In a very short perspective, it is difficult to assess the market, but we should still be able to take market shares. Not in the least Craft, where we have very large growth opportunities in teamwear throughout Europe. The same applies to Craft's shoes, which should be able to grow for many, many years. I feel that we should be able to do even better going forward than we have performed in the past. If you look ahead for more than one quarter, I feel confident that we will be able to deliver continued good growth.

The journey has only just begun! Thanks everyone!


Torsten Jansson, CEO



CEO and Group CEO
Torsten Jansson
Phone: +46 31–712 89 01
E-mail: torsten.jansson@nwg.se

Lars Jönsson
Phone: +46 31–712 89 12
E-mail: lars.jonsson@nwg.se

This information is information that New Wave Group AB 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 detailed above, at 7.00 a.m. CET on November 7th, 2023.

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Interim report