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Reuters Published
June 15, 2025
Norwegian sports retailer XXL warned on Wednesday of a second-quarter loss due to weak demand, sending its shares down 6.4%.
Revenue from continued operations in the second quarter is expected at 1.9 billion Norwegian crowns ($179.12 million) down from 2.1 billion a year ago, driven by weak consumer sentiment and reduced demand for sporting goods in general, XXL said.
"The market is characterized by high inventory levels in the whole value chain, resulting in aggressive pricing and excessive campaigns," the company added.
Gross margin will likely drop to 30%-32% from a year-ago 37.9%, with a loss before interest, tax, depreciation and amortisation of between 25 million and 75 million crowns in the quarter, down from a year-ago profit of 205 million.
XXL said it had been granted temporary deferral of tax payments in Sweden, boosting its cash position by 345 million Swedish crowns, although the full amount must still be paid in monthly instalments in 2025.
"XXL expects to be in compliance with its .... financial covenants and is in constructive dialogues with its lending banks," the company said.