Synsam AB’s shares gained as much as 13% on Thursday after the Swedish eyewear retailer reported second-quarter EBITDA of 513 million Swedish crowns, exceeding the 497 million crown consensus compiled by Modular Finance on behalf of the company.
Net sales rose 11.3% year-on-year to 2.05 billion crowns, topping the 2.0 billion crown estimate. Organic growth accelerated to 9.8% from 9.1% a year earlier, while gross margin improved to 73.6% from 73.1%, reflecting a stronger sales mix, reduced discounts and operational efficiencies in ordering processes.
Subscription-based sales of spectacles surged 16.6% during the quarter, underpinning the company’s growth trajectory. EBIT increased to 290 million crowns from 267 million crowns, though the EBIT margin narrowed to 13.9% from 14.2% a year ago due to depreciation from recent store openings and greenfield expansions. Profit after tax climbed to 192 million crowns from 114 million crowns, aided by a 35 million crown positive tax effect related to historical interest deductions.
Cash flow from operating activities rose to 435 million crowns from 413 million crowns, while net debt totaled 3.180 billion crowns at the end of the quarter, up from 3.040 billion crowns a year earlier.
The company also announced an exclusive two-year partnership with footballer Erling Haaland, featuring a dedicated eyewear and sunglasses collection. The collaboration marks Synsam’s expansion into online sales across select European markets.
Synsam spent 42 million crowns to repurchase 761,000 shares after the reporting period, part of a broader capital-structure adjustment that is expected to increase net debt by 200 million crowns by 2026. Eight directly owned stores were opened during the quarter.
