Guidance

Guidance for 2024

February 8, 2024: Financial Statement Release 2023: Guidance for 2024

Fiskars Corporation expects comparable EBIT to be slightly above the 2023 level (2023: EUR 110.3 million).

Assumptions behind the guidance:

The operating environment is expected to remain challenging and impact demand in 2024. Based on the company’s current visibility on the market development, this applies especially to the first half of the year. The savings from the completed organizational changes are expected to support EBIT, although they will be partially offset by wage inflation.

As a result of the Georg Jensen acquisition, the Group’s EBIT generation will shift even more toward the end of the year, highlighting the importance of the second half and especially of the fourth quarter.


October 26, 2023: Interim Report Q3 2023, Guidance for 2023 (updated on October 12, 2023)

Fiskars Corporation expects comparable EBIT to be in the range of EUR 100-120 million (2022: EUR 151.0 million).

ASSUMPTIONS BEHIND THE GUIDANCE

Challenging and volatile market conditions are expected to continue in the fourth quarter, which is typically the most important season for Business Area Vita. Fiskars Corporation expects that low consumer confidence in the company’s main markets, as well as retailer customers’ focus on inventory management, will negatively affect demand and sales. At the same time, Georg Jensen will be consolidated to the Group in the fourth quarter, and the impact on the comparable EBIT is expected to be positive.  

In January 2023, the company announced targeted organizational changes, which are expected to result in savings supporting EBIT in 2023. Whilst the changes have been completed according to plans, the savings are partially offset by accelerated inflation in general and administrative expenses. The company also announced organizational changes in September 2023, but the majority of the savings related to these changes will not be realized until 2024.

Whilst the company remains focused on prudent cost management, it also continues to invest in key strategic building blocks.

October 12, 2023: Profit warning, Fiskars Corporation lowers its guidance for 2023 and publishes preliminary information for Q3 2023

Fiskars Corporation lowers its guidance for 2023 and publishes preliminary figures for the third quarter of 2023. The company now expects comparable EBIT in 2023 to be in the range of EUR 100-120 million. Previously the company expected comparable EBIT to be in the range of EUR 120-130 million (2022: EUR 151.0 million). The guidance update is based on challenging market conditions in the second half of the year as well as the impact from the Georg Jensen acquisition.

For the third quarter of 2023, comparable net sales are expected to decline by 13% to approximately EUR 240 million. Comparable net sales exclude the impact of exchange rates. Reported net sales are expected to decline by 18%. Comparable EBIT is expected to be approximately EUR 17 million in the third quarter. The figures are based on preliminary, unaudited information.

Rationale for updating the guidance

Challenging market conditions continue to have a negative impact

Challenging and volatile market conditions have continued in the third quarter and are expected to continue in the fourth quarter, which is typically the most important season for Business Area Vita. Low consumer confidence in the company’s main markets as well as retailer customers’ focus on inventory management are affecting demand and sales more negatively than earlier anticipated.

The net impact from the Georg Jensen acquisition is expected to be positive

In deviation from the initial estimate, the net impact from the Georg Jensen acquisition on Fiskars Group’s comparable EBIT in 2023 is expected to be positive as the brand’s fourth quarter EBIT contribution is expected to exceed the negative impacts from the purchase price allocation. Based on estimates of the purchase price allocation, the negative impact from amortization of intangible assets on the comparable EBIT in 2023 is not expected to be material.

Purchase price allocation driven income statement impact from inventory fair valuation will be reported in items affecting comparability and will thus not impact the comparable EBIT in 2023 and Fiskars Corporation’s guidance. Inventory fair valuation is, however, expected to have a negative impact on earnings per share in 2023.

New guidance for 2023:

Fiskars Corporation expects comparable EBIT to be in the range of EUR 100-120 million (2022: EUR 151.0 million).

Previous guidance for 2023:

Fiskars Corporation expects comparable EBIT to be in the range of EUR 120-130 million (2022: EUR 151.0 million).

September 14, 2023: Information on guidance published in the stock exchange release related to the acquisition of Georg Jensen

Fiskars Group’s current guidance for 2023, published 5 July 2023, does not take into account the impact of the now disclosed transaction on the company’s comparable EBIT in 2023. Fiskars Group is conducting a review of Georg Jensen’s accounting policies and will finalize the purchase price allocation only after the transaction is completed. Potential implications on Fiskars Group’s guidance for 2023 will be announced as soon as a reasoned estimate can be made. However, Fiskars Group anticipates its guidance to be negatively affected by the impact of the transaction’s purchase price allocation.

Read more: Inside information: Fiskars Group expands its portfolio of luxury brands by acquiring Georg Jensen – Fiskars Group

July 20, 2023: Half-year financial report 2023, Guidance for 2023 (updated on July 5, 2023)

Fiskars expects comparable EBIT to be in the range of EUR 120-130 million (2022: EUR 151.0 million).

ASSUMPTIONS BEHIND THE GUIDANCE

The market environment remains volatile, and there is limited visibility. Fiskars expects that low consumer confidence in the company’s main markets, together with retailers’ emphasis on inventory management, will negatively affect demand and sales in the second half of the year.

Fiskars has announced targeted organizational changes, which are expected to result in savings supporting the company’s EBIT from the second half onward.

Whilst the company remains focused on prudent cost management, it also continues to invest in key strategic building
blocks.

July 5, 2023: Profit warning, Fiskars lowers its guidance for 2023

Fiskars Corporation lowers its guidance for 2023 as the volatility in the market environment continues and demand for the company’s products is expected to be weaker than earlier anticipated in the second half of the year. The company 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).

Rationale for updating the guidance

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 organizational 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 realize 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).

April 27, 2023: Interim Report Q1 2023, Guidance (unchanged)

Fiskars expects comparable EBIT to be slightly below the 2022 level (2022: EUR 151.0 million).

ASSUMPTIONS BEHIND THE GUIDANCE
The company expects that the key negative factors impacting its performance in 2023 will be the continued volatility of the market environment and weaker demand especially in the first half of the year.

Fiskars has announced targeted organizational changes, which are expected to result in savings supporting the company’s EBIT from the second half onwards.

Whilst the company remains focused on prudent cost management, it also continues to invest in key strategic building blocks.

February 7, 2023: Financial Statement Release Jan-Dec 2022, Outlook for 2023

Fiskars expects comparable EBIT to be slightly below the 2022 level (2022: EUR 151.0 million).

The company expects that the key negative factors impacting its performance in 2023 will be the continued volatility of the market environment and weaker demand especially in the first half of the year.

The company has announced plans for targeted organizational changes, which are expected to result in savings supporting the company’s EBIT from the second half onwards. At the same time, the company will continue to invest in key strategic building blocks.

December 14, 2022: Profit warning: Fiskars lowers its outlook for 2022

Fiskars Corporation lowers its outlook for 2022 as a result of weaker than anticipated demand in the fourth quarter. 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.

Rationale for updating the outlook

Low consumer confidence together with retailers’ elevated inventory levels have reduced customers’ new orders and replenishments more than anticipated, especially in the U.S. 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).

Interim Report Q3 2022, October 28, 2022, OUTLOOK FOR 2022 (UNCHANGED)

Fiskars expects comparable EBIT to increase from 2021 (2021: EUR 154.2 million).

Fiskars closely monitors the development of consumer confidence, which has dropped to low levels in many of the company’s key markets and could impact the demand for its products in the fourth quarter more than anticipated. The fourth quarter is important especially for Business Area Vita driven by the holiday season.

The cost environment continues to be dynamic with significant volatility, especially in energy prices. While the company has managed to mitigate the impacts of cost headwinds, they continue to pose a risk for 2022 performance.

Half-year financial statement 2022, July 28, 2022, OUTLOOK FOR 2022 (UNCHANGED):

Fiskars expects comparable EBIT to increase from 2021 (2021: EUR 154.2 million).

Fiskars closely monitors the development of consumer confidence, which has dropped to low levels in many of the company’s key markets and could impact the demand for its products in the second half.
Furthermore, the challenges relating to global supply chains and raw material and energy price inflation continue. While the company has managed to mitigate the impacts of these factors, they continue to pose a risk for 2022 performance. The company expects that there will be volatility between the quarters due to timing differences between cost inflation and the respective mitigating actions.

Interim report Q1 2022, April 29, 2022, OUTLOOK FOR 2022 (UNCHANGED):

In 2022, Fiskars expects the comparable EBIT to increase from 2021 (2021: EUR 154.2 million).

There are ongoing challenges in global supply chains, as well as raw material and energy price inflation. While the company has managed to mitigate these factors, they continue to pose a risk for 2022 performance. The company also expects that there will be volatility between the quarters due to timing differences between cost inflation and respective mitigating actions.

October 13, Fiskars upgrades its outlook for 2021

In 2021, comparable EBITA is expected to be in the range of EUR 160-170 million. The upgrade is based on the company’s better than expected financial performance during the third quarter, in particular towards the end of the quarter. A central factor is that Fiskars has so far successfully mitigated the global supply chain challenges, which have previously been highlighted as a material risk for the full-year financial performance.

June 23, Fiskars upgrades its outlook for 2021

Fiskars upgrades its outlook for 2021 as the company’s financial performance in the second quarter has been better than previously expected. The company now expects the comparable EBITA for 2021 to be in the range of EUR 140-160 million.

April 19, Fiskars upgrades its outlook for 2021

Fiskars upgrades its outlook for 2021 as the company expects the strong momentum in the first quarter to continue. The company now expects the comparable EBITA for 2021 to be in the range of EUR 130 – 145 million.

March 24, Fiskars upgrades its outlook for 2021 thanks to a strong start to the year

Fiskars’ outlook for 2021 has improved as a result of the better than expected performance during the first quarter. The company now expects the comparable EBITA to be lower than in 2020, but above EUR 120 million.

Financial Statement Release 2020

In 2021, comparable EBITA is expected to be lower than in 2020, but above EUR 110 million.

Visibility continues to be low due to the COVID-19 pandemic, which is profoundly impacting consumers’ lives in terms of changes in for example disposable income, purchasing choices and consumer behavior. These may bring challenges as well as opportunities for Fiskars Group. The majority of the savings in 2020 were temporary in nature and impacted for example marketing. To ensure sustainable business in the long-term, similar temporary cost savings cannot be maintained for a prolonged period of time. Furthermore, the benefits from the ongoing Restructuring and Transformation programs are expected to fully materialize in 2022. More detailed discussion on potential risks and uncertainties can be found in the Risks and business uncertainties -section of this Financial Statement Release.

Outlook for 2020 reinstated on October 13, 2020

In 2020, Fiskars expects the comparable EBITA to increase from 2019.

Outlook for 2020 withdrawn on March 19, 2020

Fiskars Corporation has withdrawn its guidance on the outlook for 2020, which was issued on February 5, 2020. Due to the COVID-19 outbreak, the comparable EBITA is unlikely to increase in 2020. The situation continues to evolve rapidly, at this time it is not possible to make reasoned estimates on the potential impact for the full year. Fiskars expects to guide the outlook for the full year 2020, once a more reliable estimate can be made.

Financial statement release 2019

In 2020, Fiskars expects the comparable EBITA to increase from 2019. Fluctuations in currency rates might have a considerable impact on comparable EBITA.

Fiskars continues to invest in future growth and is focused on improving profitability through the ongoing transformation programs, which are expected to be completed by the end of 2021. Therefore, the company is not providing an outlook for comparable net sales for 2020.

Furthermore, there are uncertainties in several key markets, such as potential changes in tariffs or repercussions from the novel corona virus outbreak that could have an impact on the full year development.

Items affecting comparability in EBITA includes restructuring costs, impairment charges, integration related costs, acquisitions and divestments, and gain and loss from the sale of businesses.

October 16, 2019 Fiskars lowers its outlook for comparable net sales in 2019

Fiskars lowers its comparable net sales guidance for the full year 2019. Fiskars now expects that the comparable net sales will be below the previous year’s level. Previously, Fiskars expected comparable net sales to be at the same level as in 2018. Fiskars continues to expect that in 2019, the comparable EBITA will be below the previous year’s level.

Half-year financial statement 2019

OUTLOOK FOR COMPARABLE EBITA IN 2019 UPDATED (MAY 17, 2019)
In 2019, Fiskars expects the Group’s comparable net sales to be at the same level as in 2018 and comparable EBITA to be below the previous year’s level.


The outlook is influenced by the company’s investments in growth initiatives that are expected to add sustainable value in the long-term. In addition, there are continued material risks relating to changes in the operating environment, e.g. Brexit and potential further increases to the U.S. tariffs. An unfavorable outcome of these risks might have a significant impact on the comparable net sales and comparable EBITA. Furthermore, fluctuations in currency rates might also have a considerable impact on comparable EBITA.

Comparable net sales excludes the impact of exchange rates, acquisitions and divestments. Items affecting comparability in EBITA include restructuring costs, impairment charges, integration related costs, acquisitions
and divestments, and gain and loss from the sale of businesses.

May 17, 2019 Fiskars lowers its outlook for comparable EBITA in 2019, comparable net sales outlook unchanged

Fiskars Corporation lowers its guidance for the comparable EBITA for the full year 2019. Fiskars now expects that the comparable EBITA will be below the previous year’s level. Previously, Fiskars expected comparable net sales and comparable EBITA to be at the same level as in 2018.

Interim report Q1 2019

In 2019, Fiskars Group expects the comparable net sales and comparable EBITA to be at the same level as in 2018. The outlook is influenced by the company’s investments in growth initiatives that are expected to add sustainable value in the long-term. In addition, there are material risks relating to changes in the operating environment, e.g. Brexit and the U.S. tariffs. An unfavorable outcome of these risks might have a significant impact on the comparable net sales and comparable EBITA. Furthermore, fluctuations in currency rates might also have a considerable impact on comparable EBITA.

Comparable net sales excludes the impact of exchange rates, acquisitions and divestments. Items affecting comparability in EBITA include restructuring costs, impairment charges, integration related costs, acquisitions and divestments, and gain and loss from the sale of business.

Financial statement release 2018

In 2019, Fiskars Group expects the comparable net sales and comparable EBITA to be at the same level as in 2018.
The outlook is influenced by the company’s investments in growth initiatives that are expected to add sustainable value in the long-term. In addition, there are material risks relating to changes in the operating environment, e.g. Brexit and the U.S. tariffs. An unfavorable outcome of these risks might have a significant impact on the comparable net sales and comparable EBITA. Furthermore, fluctuations in currency rates might also have a considerable impact on comparable EBITA.

Comparable net sales excludes the impact of exchange rates, acquisitions and divestments. Items affecting comparability in EBITA include restructuring costs, impairment charges, integration related costs, acquisitions and divestments, and gain and loss from the sale of businesses.

Interim report January–September 2018

In 2018, Fiskars expects the Group’s comparable net sales to be slightly below the previous year. Comparable EBITA is expected to increase from 2017. The fourth quarter of the year is significant both in terms of net sales and profitability.

Comparable net sales excludes the impact of exchange rates, acquisitions and divestments. Items affecting comparability in EBITA include restructuring costs, impairment charges, integration related costs, acquisitions and divestments, and gain and loss from the sale of businesses.

July 18, 2018 Fiskars lowers its outlook for net sales in 2018, EBITA outlook unchanged

Fiskars Group lowers its comparable net sales guidance for the full year 2018. Fiskars now expects that the comparable net sales will be slightly below the previous year. Previously, Fiskars expected comparable net sales to increase from 2017. Fiskars continues to expect that in 2018, the comparable EBITA will increase from 2017.

Interim report January–March 2018

Outlook for 2018 unchanged:

In 2018, Fiskars expects the Group’s comparable net sales and comparable EBITA to increase from 2017.

Financial statement release 2017

In 2018, Fiskars expects the Group’s comparable net sales and comparable EBITA to increase from the year 2017.

The comparable net sales excludes the impact of exchange rates, acquisitions and divestments. Items affecting comparability in EBITA excludes restructuring costs, impairment charges, integration related costs, acquisitions and divestments, and gain and loss from the sale of businesses.

Interim report January–September 2017

Outlook for 2017 specified: Fiskars expects the Group’s net 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. Should the weakening of the U.S. dollar continue during the remainder of the year, the net sales, excluding the net sales of businesses divested in 2016, may stay at the same level with the previous year, due to the translation exposure. Fiskars expects the comparable net sales to increase from the previous year.

Half year financial report January–June 2017

Outlook for 2017 unchanged: Fiskars expects the Group’s net sales, excluding 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. The comparable EBITA excludes restructuring costs, impairment charges, integration related costs, and gain and loss from the sale of businesses.

Fiskars operates globally with a considerable part of the business in the U.S. Translation exposure may have a material impact on reported financial figures. The fourth quarter is significant both in terms of net sales and profitability.

Fiskars’ Other segment includes investments, which are treated as financial assets at fair value through profit or loss. This increases the volatility of Fiskars’ financial items and taxes in the profit and loss statement and thus the volatility of Fiskars’ net results and earnings per share.

Interim report January–March 2017

Fiskars expects the Group’s net sales, excluding 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. The comparable EBITA excludes restructuring costs, impairment charges, integration related costs, and gain and loss from the sale of businesses.

Fiskars operates globally with a considerable part of the business in the U.S. Translation exposure may have a material impact on reported financial figures. The fourth quarter is significant both in terms of net sales and profitability.

Fiskars’ Other segment includes investments, which are treated as financial assets at fair value through profit or loss. This increases the volatility of Fiskars’ financial items and taxes in the profit and loss statement and thus the volatility of Fiskars’ net results and earnings per share.

Financial statement release 2016

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

Fiskars operates globally, with a considerable part of the business in the U.S. Translation exposure may have a material impact on reported financial figures. The fourth quarter is significant both in terms of net sales and adjusted operating profit. The adjusted EBITA excludes restructuring costs, impairment charges, integration related costs, and gain and loss from the sale of businesses.

Fiskars’ Other segment includes investments, which are treated as financial assets at fair value through profit or loss. This increases the volatility of Fiskars’ financial items in the profit and loss statement and thus the volatility of Fiskars’ net results and earnings per share.

Interim Report January–September 2016

Fiskars expects the Group’s 2016 net sales and adjusted operating profit to increase from the previous year, despite the divestments, continued economic uncertainty – particularly in some of the company’s key markets – and the increased costs due to unfavorable exchange rates in 2016.

The majority of the increase in net sales and adjusted operating profit is expected from the addition of the English & Crystal Living business, which is now a part of Fiskars for the full-year 2016. Due to seasonality, the majority of the operating profit in the Living business is delivered during the second half of the year, whereas in the divested businesses all of the profits were delivered during the first half of the year. Fiskars continues to sharpen focus on its core businesses, build brand equity and bring innovative new products to the market, with the goal to accelerate profitable growth.

The adjusted operating profit excludes restructuring costs, impairment charges, integration related costs, and profit impact from the sale of businesses.

Fiskars’ Other segment includes investments, which are treated as financial assets at fair value through profit or loss. This increases the volatility of Fiskars’ financial items in the profit and loss statement and thus the volatility of Fiskars’ net results and earnings per share.

Half Year Report January–June 2016

Fiskars expects the Group’s 2016 net sales and adjusted operating profit to increase from the previous year, despite the divestments, continued economic uncertainty – particularly in some of the company’s key markets – and the increased costs due to unfavorable exchange rates in 2016.

The majority of the increase in net sales and adjusted operating profit is expected from the addition of the English & Crystal Living business, which is now a part of Fiskars for the full-year 2016. Due to seasonality, the majority of the operating profit in the Living business is delivered during the second half of the year, whereas in the divested businesses all of the profits were delivered during the first half of the year. Fiskars continues to sharpen focus on its core businesses, build brand equity and bring innovative new products to the market, with the goal to accelerate profitable growth.

The adjusted operating profit excludes restructuring costs, impairment charges, integration related costs, and profit impact from the sale of businesses. Fiskars’ Other segment includes investments, which are treated as financial assets at fair value through profit or loss. This increases the volatility of Fiskars’ financial items in the profit and loss statement and thus the volatility of Fiskars’ net results and earnings per share.

Financial statement release 2015

Fiskars expects the Group’s 2016 net sales and adjusted operating profit to increase from the previous year, despite the divested businesses, continued economic uncertainty particularly in some of the company’s key markets and despite the increased costs due to unfavorable exchange rates in 2016. The majority of the increase in net sales and adjusted operating profit is expected from the addition of the English & Crystal Living business, which is now a part of Fiskars for the full-year 2016. Fiskars continues to seek growth through targeted investments in brands and new product development as well as sharpen its focus on core businesses. The adjusted operating profit excludes restructuring costs, impairment charges and integration related costs.

Fiskars’ Other segment includes investments, which are treated as financial assets at fair value through profit or loss. This increases the volatility of Fiskars’ financial items in the profit and loss statement and thus the volatility of Fiskars’ net results