25 April, 2024


January - March


  • Net sales decreased by 7% (same in local currencies) and amounted to SEK 1,995.2 (2,135.5) million. Acquired business contributed 1%.
  • Operating result amounted to SEK 185.5 (313.5) million.
  • Result for the period amounted to SEK 121.1 (222.2) million.
  • Earnings per share amounted to SEK 0.91 (1.67). *
  • Cash flow from operating activities amounted to SEK 203.7 (-193.1) million.
  • Equity ratio amounted to 63.2 (53.6) %.
  • Net debt to equity ratio amounted to 29.5 (42.0) %.

*Before and after dilution, recalculated with regard to the 2:1 share split carried out in June 2023.


Good cash flow and stable gross margin

Net sales

We had a rather tough start to 2024 with slightly lower sales than the previous year. The first quarter is and has always been the smallest quarter of the year for us and is often uneven both in terms of sales and results depending on marketing efforts, sales activities, shifts between quarters, etc. Net sales decreased by SEK 140.3 million from SEK 2,135.5 million to SEK 1,995.2 million, a decrease of 7%. Of our two sales channels, promo decreased by 6% and retail by 8%. Within the promo, the reduced net sales is partly due to Easter, which resulted in 2 – 3 fewer working days in March compared to 2023. The reduction in retail is mainly attributable to lower sales in the sports trade, where we also see a likely shift in sales into the second quarter. Despite the decrease in sales, we continue to take market shares with a significantly better outcome than many of our competitors, who due to changes in the market, among other things, are losing more than us.

We saw during the first quarter that the price pressure within promo increased somewhat. Despite this we still managed to keep the margin at a high level, 49.7%.

We continue to have good cost control and we have increased the expenditures for marketing and sales as planned, which will have a positive impact on sales in the coming quarters.

The inventory is at a strong level and, despite the delays of sea freight due to the situation at the Red Sea, we have experienced few delays on incoming deliveries.  This gives us better conditions in the market for the coming period compared to many of our competitors.

Regionally, Central Europe, followed by the USA, performed best in terms of sales when compared with the first quarter last year.

The net profit loss of SEK 101.1 million reflects the lower net sales and the increased costs for marketing and sales.

Rolling 12 months

On a rolling full-year basis, turnover now amounts to almost SEK 9,372.6 million with an operating result of SEK 1,449.2 million, delivering an operating margin of 15.5%.

Cash flow & Balance sheet

We continue to have a very strong balance sheet with an equity of SEK 6,827.3 million and an equity ratio of 63.2%.

Cash flow from operating activities continue to be strong at SEK 203.7 million during the quarter, which is an improvement of almost SEK 400 million.


The development in the short term is always difficult to assess, especially under the current economic conditions and the continued unrest in our surrounding world, however I know that we are very strong in all our areas of operation and I am convinced that our ventures and investments will bring us success. We are well equipped for growth, due to the ongoing investments we have made in product development, marketing and sales recently.

Sport & Leisure has exceptionally good growth opportunities going forward with Craft's investments in, among other things, shoes and teamwear, Cutter & Buck's investments in e-commerce and product development, and the restructuring and new distribution network of the latest acquisition, Tenson.

The Corporate segment is also well equipped for growth with good inventory, a high level of service and investments in products, marketing and sales organizations.

In Gifts & Home Furnishings, we believe the slowdown has almost ended and that growth is on the horizon.

All in all, my employees and I have a bright view of the future with strong, long-term and profitable growth.

Thanks to all employees and customers!


Torsten Jansson, CEO



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

Deputy CEO
Göran Härstedt
Phone: +46 (0) 70– 362 56 11
E-mail: goran.harstedt@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 April 25, 2024.

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Interim report