Fiskars posts steady results but fears US dollar weakening

Finnish group Fiskars, which includes 15 brands such as including Fiskars garden tools, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood, has seen second quarter sales decrease 1.2% to 290m euros.

January-June net sales increased by 1.1% to EUR 596.1 million (Q1–Q2 2016: 589.7). Comparable EBITA increased by 18% to EUR 54.4 million (45.9).

Fiskars expects the group’s net 2017 sales, excluding the net sales of businesses divested in 2016 (2016: EUR 1,180 million) and comparable EBITA (2016: EUR 107 million) to increase from the previous year.

Interim president and chief executive Teemu Kangas-Kärki said:

"Fiskars Group had a good first half of 2017, with comparable net sales and comparable EBITA growing clearly. Despite the tough market conditions in some of our key markets, we have grown our business and taken market share with several of our brands, including Fiskars, Iittala, Royal Copenhagen, Royal Doulton, Rörstrand, and Arabia.

"After the strong first quarter, we continued to grow our comparable net sales and comparable EBITA during the second quarter of 2017. While the second quarter got off to a slow start due to weather conditions and the challenging trade environment, Fiskars Group made good progress during the quarter.  The growth of comparable net sales was excellent in Europe and Asia-Pacific during the first half of the year.

"Fiskars operates globally with a considerable part of the business in the U.S. The U.S. dollar has weakened during the first half of the year, and should the weakening continue, the translation exposure may have a material impact on our reported financial figures."


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