Fiskars Group has released its Annual Report for 2022 with comparable net sales in the company’s Vita segment – which includes tableware brands such as Wedgwood and Royal Copenhagen – increasing by 1.8 per cent.
However, Fiskars Group’s consolidated net sales decreased by 0.5 per cent to EUR 1,248.4 million (2021: 1,254.3). Comparable net sales increased by 1.7 per cent thanks to strong sales growth in the first half of the year. In the second half, sales were negatively impacted by weaker demand due to low consumer confidence and retailers’ high inventory levels.
Fiskars Group’s comparable EBIT declined to EUR 151.0 million (2021: 154.2). EBIT margin was 12.1 per cent (12.3 per cent). Comparable EBIT increased in Vita but declined in Terra and Crea.
Net sales in the Vita segment increased by 3.5 per cent to EUR 563.7 million (2021: 544.6). Comparable net sales increased by 1.8 per cent.
Fiskars says sales growth was driven by DTC channels, especially in China. Royal Copenhagen and Wedgwood were the best-performing brands and over 50 per cent of their sales is already generated in DTC channels.
During the year, net sales in DTC channels increased to 42 per cent (41 per cent) of total Vita net sales. The UK, Ireland and Denmark also contributed positively to sales growth. Net sales in Finland and Sweden declined with the Iittala brand especially having sluggish sales. Comparable EBIT in the Vita segment increased to EUR 85.6 million (79.2) and was 15.2 per cent of net sales (14.5 per cent). EBIT increased driven by sales volumes and an improved gross margin. At the same time, the company continued to invest in driving DTC acceleration programs, and building these capabilities increased costs.
The full annual report is available HERE.
