HÄMEENLINNA, Finland, Aug. 11, 2022 /PRNewswire/ --
Kamux Corporation, Inside information, 11.8.2022 at 18:20
Profit warning: Kamux lowers its full-year 2022 financial guidance
Kamux lowers its full-year 2022 guidance on revenue and operating profit. The rationale for updating the outlook is the weakened consumer confidence caused by the war in Ukraine and its effects. This has led to a stronger than anticipated contraction in the demand for used cars in all Kamux's operating countries from March 2022 onwards. The weakened demand and the measures taken to address the inventory to match the current demand have also had a negative impact on Kamux's profitability.
Kamux's updated outlook for 2022 is as follows:
In 2022, Kamux expects its revenue to be over EUR 1,000 million. The company expects its adjusted operating profit to be approximately EUR 23-30 million.
Previously, Kamux expected its revenue to be at least EUR 1,100 million and adjusted operating profit to increase from the previous year.
For more information:
Juha Kalliokoski, CEO, Tel. +358 40 185 8633
Marko Lehtonen, CFO, Tel. +358 50 575 2006
Kamux is a retail chain specializing in the sale of used cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 78 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold over 400,000 used cars, 68,429 of which were sold in 2021. Kamux's revenue reached EUR 937.4 million in 2021. In 2021, Kamux's average number of employees was 848 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd.
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