Interim Report 9 months - 1 January-30 September 2023

Published31 Oct 2023


  • Net sales declined by 13 percent to MSEK 1,529 (1,750). Currency-adjusted sales declined by 15 percent.
  • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK 0 (-1) amounted to MSEK 180 (223) 1).
  • Operating profit amounted to MSEK 129 (163) 1), corresponding to an operating margin of 8.5 percent (9.3).
  • Profit after financial items totalled MSEK 113 (148).
  • Profit after tax amounted to MSEK 79 (101).
  • Earnings per share before and after dilution totalled SEK 0.32 (0.16). 2)
  • Cash flow from operating activities amounted to MSEK 229 (136). 3)


  • Net sales declined by 12 percent to MSEK 4,538 (5,166). Currency-adjusted sales declined by 15 percent.
  • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK 0 (-29) amounted to MSEK 477 (534) 1).
  • Operating profit amounted to MSEK 290 (312) 1), corresponding to an operating margin of 6.4 percent (6.0).
  • Profit after financial items totalled MSEK 248 (272).
  • Profit after tax amounted to MSEK 173 (185).
  • Earnings per share before and after dilution totalled SEK 0.73 (0.48). 2)
  • Cash flow from operating activities amounted to MSEK 434 (73). 3)
  • The equity/assets ratio at the end of the period was 51 percent (47). 2)
  • Net debt excluding lease liabilities amounted to MSEK 306 (806).


1) EBITDA and operating profit for the comparative periods were charged with non-recurring items of MSEK -1 (third quarter of 2022) and MSEK -29 and MSEK -39, 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.
  • At the end of September, ITAB initiated a share buyback program with a maximum purchase amount of MSEK 50 until the 2024 Annual General Meeting.


President’s comments –

The sales trend for ITAB’s solutions to retailers has been varied across our different geographic markets during the first nine months of the year. The demand for and interest in our loss prevention measures was considerable, while the sales of more traditional shop fittings were lower. At the same time, we have continued to compensate for the economic climate during the year with an improved gross margin thanks to our favourable product mix and the implementation of efficiency measures to lower costs. Combined with activities to reduce our working capital, this strong margin enabled us to report a robust cash flow of MSEK 434 (73) for the nine-month reporting period. Ahead of the coming quarters, we are now also seeing some signs of retailers being slightly more willing to invest and once again plan for the future.

So far this year, customers have been more cautious in investing in traditional checkouts and shop fittings. This is primarily a result of the current uncertain economic situation with increased interest rates and the impact this has had on consumer behaviour and future priorities. At the same time, interest in our efficient and modern solutions to combat theft and shrinkage, in increasing the level of self-service, and in measures to enhance efficiency and lower costs remains substantial. In the past few months, we have also seen some indications of customers becoming more willing to invest in previously postponed projects with the aim of improving the consumer experience in their stores.

Overall, currency-adjusted net sales for the year have declined by 15 percent during the reporting period. The negative economic effects have been clearest in our geographic markets in northern and central Europe as well as in the UK. However, we have also seen increased interest for our offer from customers in particularly Australia and the US during the year.

We can confirm that underlying profitability in the form of both our gross margin and our EBITDA margin continues to improve, and that our other profit margins are in line with the preceding year. Our margins have been positively impacted in the past year primarily by our favourable product mix with increased sales of our technical solutions, services and energy-efficient lighting systems as well as price adjustments and a review of the cost structure, while lower sales and capacity utilisation in our production facilities have had a negative impact. However, the comparative figures for the preceding year in this interim report for the third quarter were our highest operating profit for a single quarter since 2017, which, combined with over 10 percent lower sales this year, makes it difficult to report a positive earnings trend for the year to date compared with the previous year.

Although we are currently seeing some signs of a recovery among our customers, the uncertainty concerning future developments remains considerable. Our primary short-term focus will thus remain on operational efficiency as we carry out targeted sales efforts, enhance the efficiency of our operations and reduce our 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, 31 October 2023


ITAB Shop Concept AB (publ)


Webcast presentation on 31 October 2023 at 10:30 a.m. CET
ITAB arranges a webcast presentation today, 31 October 2023 at 10:30 a.m. CET, in which Andréas Elgaard, President & CEO, and Ulrika Bergmo Sköld, CFO, will present the Interim Report for the third 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). The information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CET on 31 October 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 Q3 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 6.3 billion and approximately 2,700 employees. ITAB’s share is listed on Nasdaq Stockholm.