Fiskars has issued a profit warning, lowering its outlook for 2022.
The company issued a revised outlook after a disappointing fourth quarter with “weaker than anticipated demand”.
In a statement they said: “The company now expects comparable EBIT in 2022 to be approximately EUR 150 million (2021: EUR 154.2 million). Previously the company expected comparable EBIT to increase from 2021.”
Giving the reason for its revised outlook, Fiskars said low consumer confidence together with retailers’ elevated inventory levels have reduced customers’ new orders and replenishments more than anticipated, especially in the U.S.
The statement continued: “This has had a negative impact in the fourth quarter on Vita segment’s holiday season sales as well as on Terra segment’s sales. The company continues to manage its cost base prudently to compensate for both the lower sales outlook and cost inflation.”
New outlook for 2022:
Fiskars expects comparable EBIT to be approximately EUR 150 million (2021: EUR 154.2 million).
Previous outlook for 2022:
Fiskars expects comparable EBIT to increase from 2021 (2021: EUR 154.2 million).