Interim Report 6 months - 1 January-30 June 2023

Published13 Jul 2023


  • Net sales declined by 12 percent to MSEK 1,504 (1,700). Currency-adjusted sales declined by 15 percent.
  • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK 0 (-17) increased by 11percent to MSEK 159 (143) 1).
  • Operating profit amounted to MSEK 91 (63) 1), corresponding to an operating margin of 6.0 percent (3.7).
  • Profit after financial items totalled MSEK 78 (44).
  • Profit after tax amounted to MSEK 53 (27).
  • Earnings per share before and after dilution totalled SEK 0.26 (0.07). 2)
  • Cash flow from operating activities amounted to MSEK 213 (-4). 3)



  • Net sales declined by 12 percent to MSEK 3,009 (3,416). Currency-adjusted sales declined by 15 percent.
  • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK 0 (-28) amounted to MSEK 297 (311) 1).
  • Operating profit amounted to MSEK 161 (149) 1), corresponding to an operating margin of 5.3 percent (4.4).
  • Profit after financial items totalled MSEK 135 (124).
  • Profit after tax amounted to MSEK 94 (84).
  • Earnings per share before and after dilution totalled SEK 0.41 (0.32). 2)
  • Cash flow from operating activities amounted to MSEK 205 (-63). 3)
  • The equity/assets ratio at the end of the period was 50 percent (46). 2)
  • Net debt excluding lease liabilities amounted to MSEK 489 (820). 3)


1) EBITDA and operating profit for the comparative periods were charged with non-recurring items of MSEK -17 (second quarter of 2022) and MSEK -28 and MSEK -38, respectively (full 2022 reporting period). Non-recurring items mainly consist of costs relating to transformation work under ITAB’s One ITAB strategy.
2) Including Discontinued Operations.
3) Comparative periods have not been restated related to Discontinued Operations.



  • In January, ITAB signed an agreement for the delivery of checkouts and merchandising solutions to a leading European grocery chain for a total value of at least MEUR 12 over three years.
  • In February, new partnerships were signed with Rapitag, Signatrix and Theory+Practice with the aim of strengthening ITAB’s ecosystem of partners.
  • ITAB participated in the world’s leading retail trade fair, EuroShop 2023, in Düsseldorf at the turn of the month February-March.
  • In March, ITAB launched Onred, a unique technology platform for retailers that links together the Group’s portfolio of digital and physical solutions for increased efficiency and an improved store experience.
  • In May, ITAB signed an agreement with a leading grocery chain in Argentina for the delivery of interiors and checkouts for a total value of approximately MEUR 13 MEUR over two year.
  • In cooperation with its local partner, ITAB began delivering smart gates for entrance and exit solutions in approximately 650 stores for one of Australia’s largest grocery chains. The value of the installed products amounts to approximately MEUR 25 for the Group over two years.


President’s comments –

The first half of 2023 was characterised by growing interest in our loss prevention solutions and low-energy lighting systems. The solutions clearly address retailers’ needs to reduce their costs while also improving the store experience. The current economic climate and interest rates are creating uncertainty and caution regarding new investment decisions among ITAB’s customers in most of our geographic markets, which had a negative impact on sales of the Group’s products and services. Currency-adjusted sales for the year to date declined by 15 percent compared with the preceding year. The measures we have taken have allowed us to successfully compensate for the lower sales and strengthen our gross margin with a favourable product mix and lower fixed costs. The reported operating margin for the reporting period increased to 5.3 percent (4.4), and our focus is on continuing to improve our profit trend in the coming quarters through cost adjustments and targeted sales initiatives.

The negative economic effects have been clearest in our geographic markets in northern and central Europe as well as the UK, while sales in southern Europe have been less affected so far. Rising inflation and interest rates, in combination with the war in Ukraine, are influencing consumer behaviour and customers’ willingness to invest. At the same time, this is creating a dynamic that means that our unique and modern solutions to improve our customers’ efficiency and competitiveness, not least by preventing theft and shrinkage and reducing energy consumption, are continuing to generate interest among retailers in a variety of segments all around the world. During the year, we have begun several new projects, including projects related to smart gates for entrance and exit solutions for grocery chains, efficient light­ing systems, and staffed checkouts and self-checkout solutions for retailers within and outside Europe. What makes these solutions unique is their mod­ern sensor technology together with self-learning software that creates a better experience for consumers while reducing shrinkage.

The decrease in sales had a negative impact on the profit trend, but we initiated activities to stimulate sales and adapt our prices already at the end of 2022. Our price adjustments, adaptation of the cost structure and beneficial product mix have strengthened our gross margin in the past year. We have reduced our fixed costs over the last few years, which has also helped. During the second quarter, our cash flow improved to MSEK 213, mainly driven by the gross margin and our operations’ efforts to reduce working capital with lower inventory levels.

In the short term, our clear focus will be on operational efficiency as we consciously drive sales efforts, enhance the efficiency of operations and reduce tied-up capital, concludes President & CEO Andréas Elgaard.

For the full President’s comments, refer to the Interim Report.


Due to the Russian regime’s invasion of Ukraine in February 2022, ITAB has decided to discontinue its operations in Russia, which corresponded to approximately 2.5 percent of the Group’s annual sales. In accordance with IFRS 5, ITAB’s Russian operations are recognised as Discontinued Operations in the Group’s financial reports until further notice. Other operations comprise Continuing Operations. Comments and figures pertain to Continuing Operations, unless otherwise stated. Comparative figures in the consolidated income statement have been restated. For more information, see Note 8 Discontinued Operations in the Interim Report.


Jönköping, 13 July 2023


ITAB Shop Concept AB (publ)


Webcast presentation on 13 July 2023 at 10:30 a.m. CEST
ITAB arranges a webcast presentation today, 13 July 2023 at 10:30 a.m. CEST, in which Andréas Elgaard, President & CEO, and Ulrika Bergmo Sköld, CFO, will present the Interim Report for the second quarter 2023 and answer any subsequent questions. Weblink and telephone numbers are available at


The information in this report is such that ITAB Shop Concept AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU Regulation No 596/2014) and is published in accordance with the Swedish Securities Act (2007:528). The information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CEST on 13 July 2023.
   This report is in all respects a translation of the Swedish original Interim Report. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.


file-iconITAB Interim Report Q2 2023 En
For further information, please contact:
Andréas Elgaard, President & CEO
Telephone: +46-732 32 16 35

Mats Karlqvist, Head of Investor Relations
Telephone: +46-70 660 31 32

ITAB Shop Concept AB (publ), Box 9054, SE-550 09 Jönköping, Sweden,

AT ITAB we help customers turn consumer brand experience into physical reality with our know-how, solutions, and ecosystem of partners. We co-create with our customers, efficient retail solutions that deliver convenient and inspiring consumer experiences. The offer includes consultative design services, custom-made interiors, checkout systems, consumer guidance solutions, professional lighting systems and interactive digital solutions for the physical store. ITAB has annual sales of approximately SEK 6.5 billion and approximately 2,700 employees. ITAB’s share is listed on Nasdaq Stockholm.