Fiskars Corporation has lowered its guidance for 2023. The company says volatility in the market combined with weaker than expected demand for the company’s products in the second half of the year have contributed to the new forecast. Fiskars now expects comparable EBIT in 2023 to be in the range of EUR 120-130 million. Previously the company expected comparable EBIT to be slightly below the 2022 level (2022: EUR 151.0 million).
In a statement from Nathalie Ahlström, president and CEO, Fiskars said: “As anticipated, the market environment was volatile in the first half of the year. Visibility in the market continues to be low, and currently there are no meaningful signs of improving market conditions in the second half of the year. Low consumer confidence in the company’s main markets as well as the high inventory levels of the Group’s retailer customers will affect demand and sales more negatively than earlier anticipated in the second half of the year. In January 2023, Fiskars announced targeted organisational changes, which are expected to result in savings supporting the company’s EBIT from the second half onwards. The changes are estimated to result in total annual cost savings of approximately EUR 30 million, out of which approximately half are expected to realise in the second half of 2023. The company also remains focused on prudent cost management but continues to invest in key strategic building blocks at the same time.”
New guidance for 2023
Fiskars expects comparable EBIT to be in the range of EUR 120-130 million (2022: EUR 151.0 million).
Previous guidance for 2023
Fiskars expects comparable EBIT to be slightly below the 2022 level (2022: EUR 151.0 million). The company will publish its half-year Financial Report on July 20, 2023.