Correction: Matas Interim report Q1 2022/23

Company announcement no. 08 2022/23
Allerød, 17 August 2022

Interim report – Q1 2022/23

(1 April – 30 June 2022)


Rising customer traffic drives revenue and earnings growth

  • Matas grew revenue by 3.2% to DKK 1,054 million in Q1 2022/23.
  • EBITDA before special items grew by 3.1% to DKK 192 million reflecting an unchanged EBITDA margin before special items of 18.2%.
  • Profit after tax grew by 27.7% to DKK 69.1 million mainly due to a decline in amortisation, related to the fully amortised Matas Brand Trademark.
  • Matas maintains its guidance for the financial year 2022/23.

Gregers Wedell-Wedellsborg, CEO of Matas A/S:

“We are pleased to see growth in Q1 driven by our customers shopping more frequently across all of our channels. We are pursuing a strategy of offering consumers a bigger and broader assortment. Therefore, we introduced 21 new brands and expanded the assortment in both health and beauty with thousands of new products in the quarter.

At the same time, we are responding to changing consumer sentiments by providing more value and convenience to our 1.7 million Club Matas members and our 58,000 Club Matas Plus subscribers with faster delivery, more advantages and convenient shopping in the Club Matas app.”

Q1 2022/23 highlights

  • Matas generated total revenue of DKK 1,053 million in Q1 2022/23, a year-on-year increase of 3.2% from DKK 1,021 million in Q1 2021/22. Retail sales were up by 2.9% to DKK 1,029 million, while underlying like-for-like sales grew by 2.9%.
  • Revenue was up across all sales channels. Growing sales by DKK 28 million, the physical stores recorded the largest absolute increase, while wholesale delivered the largest relative increase at 16%. Online sales maintained the high level from Q1 2021/22.
  • Footfall was strong, and the number of transactions increased by 8.3% to 5.5 million, while the average basket size fell by 4.7% to DKK 187 per transaction.
  • Gross profit for Q1 2022/23 was DKK 466 million, up from DKK 453 million in Q1 2021/22. The gross margin for Q1 2022/23 was 44.2%, down from 44.4% in the year-earlier period due to changes in product mix and introduction of new brands.
  • EBITDA before special items came to DKK 192 million and EBITDA margin before special items was 18.2%, unchanged from Q1 2021/22.
  • The total amortisation, depreciation and impairment charges were down by DKK 19 million to DKK 89 million in Q1 2022/23. During Q4 of 2021/22 the Matas Brand trademark that was valued at approximately DKK 1.1 billion was fully amortised, reducing the quarterly amortisation and depreciation by DKK 18 million.
  • Profit for the period was DKK 69 million after tax, against DKK 54 million in Q1 2021/22.
  • Cash generated from operations was an inflow of DKK 145 million in Q1 2022/23 against an inflow of DKK 88 million in Q1 2021/22.
Gross profit466.1453.12.9%
EBITDA before special items191.5185.73.1%
Profit after tax69.154.127.7%
Free cash flow98.6(5.4) 
Underlying like-for-like revenue growth2.9%5.9% 
Gross margin44.2%44.4% 
EBITDA margin before special items18.2%18.2% 
Net interest-bearing debt/EBITDA before special items1.92.1 


Video conference
Matas will host a video conference for investors and analysts on Wednesday, 17 August at 10:00 a.m. CEST. The video conference and the presentation can be accessed from Matas’ investor website:

Video conference access numbers for investors and analysts:

DK: +45 78 76 84 90

UK: +44 203 769 6819

US: +1 646 787 0157

PIN for all countries: 915912

Link to webcast:


Gregers Wedell-Wedellsborg
CEO, tel +45 48 16 55 55

Per Johannesen Madsen
CFO, tel +45 48 16 55 55

Klaus Fridorf
Head of Communication, tel +45 61 20 19 97

Frederikke Linde
Head of Investor Relations, tel. +45 60 62 60 87


Forward-looking statements
This interim report contains statements relating to the future, including statements regarding Matas Group’s future operating results, financial position, cash flows, business strategy and future targets. Such statements are based on Management’s reasonable expectations and forecasts at the time of release of this report. Forward-looking statements are subject to risks and uncertainties and a number of other factors, many of which are beyond Matas Group’s control. This may have the effect that actual results may differ significantly from the expectations expressed in the report. Without being exhaustive, such factors include general economic and commercial factors, including market and competitive conditions, supplier issues and financial and regulatory issues as well as any effects of healthcare measures that are not specifically mentioned above.