• Net sales amounted to SEK 2,735.9 million, which was 3% lower than last year (SEK 2,815.1 million). Currency changes affected net sales positively by 2% and acquired business by 1%.
  • Operating result amounted to SEK 518.7 (547.2) million.
  • Result for the period amounted to SEK 366.4 (446.2) million.
  • Earnings per share amounted to SEK 2.76 (3.36). *
  • Cash flow from operating activities amounted to SEK 753.5 (-232.9) million.


  • Net sales amounted to SEK 9,512.9 million, which was 8% higher than last year (SEK 8,843.6 million). Currency changes affected net sales positively by 4% and acquired business by 6%.
  • Operating result amounted to SEK 1,577.2 (1,505.1) million.
  • Result for the period amounted to SEK 1,119.0 (1,168.8) million.
  • Earnings per share amounted to SEK 8.43 (8.81). *
  • Cash flow from operating activities amounted to SEK 963.8 (-360.0) million.
  • Equity ratio amounted to 60.2 (53.8) %.
  • Net debt to equity ratio amounted to 31.4 (39.5) %.

*Recalculated with regard to the 2:1 share split carried out in June 2023.


The board proposes that the general meeting decide on a dividend of SEK 3.50 per share, with half-yearly payments of SEK 1.75 per share each.


October – December

4th quarter continued with very strong margins and cash flow

Despite a challenging market, we managed well even though we saw a decline in net sales of 3%. I am very satisfied with the fact that we delivered SEK 518.7 million in operating result, even if it meant a reduction in the quarter of SEK 28.5 million, it is still the second highest quarterly profit in our history and our operating margin amounted to 19.0%.

As we said earlier, we worked on achieving a good cash flow and it is gratifying that the cash flow from operating activities amounted to SEK 753.5 million in the quarter, which is an improvement of SEK 986.4 million compared to the year before.

Looking at our different sales channels, promo only had a marginal decline while retail was weaker. Of our segments, Corporate was at the same level as last year, despite reduced prices for basic products (which we communicated in the last quarterly report) and increased its operating result. Sports & Leisure and Gifts & Home Furnishings, which are more dependent on the retail trade, decreased both in terms of net sales and operating result. It shows once again how our different sales channels and segments complement each other.

The fourth quarter was definitely one that continued to position us for the future.

Full Year 2023

New all-time high in both net sales and operating result

For the full year, net sales increased by 8% to SEK 9,512.9 million, which is an all-time high. Operating result increased by SEK 72.1 million to SEK 1,577.2 million, also an all-time high. The operating margin amounted to 16.6% and once again exceeded our current target of 15.0%. The board is now working on a review of our financial goals.

Cash flow improved significantly as we had planned and previously communicated. For the full year, cash flow from operating activities amounted to SEK 963.8 million, an improvement of SEK 1,323.8 million compared to the previous year.

The challenging market situation, mainly in the retail trade, during the second half of the year is also reflected in the full-year figures. Despite this, we had a growth in retail sales of 1%, while promo to increase by 12%. In the past year, as a supplier to retail companies, we were affected by both reduced consumer sales and our retail customer’s need to focus on reducing their excess inventories. New purchases have been very limited because of this.

In summary I am pleased to say that 2023 was the best year ever and a year where we continued to gain market share and strengthen ourselves for the future. 

Cash flow and balance sheet

Thanks to the strong cash flow, we finished 2023 with a very strong balance sheet. Equity now amounts to almost SEK 6.5 billion and the equity ratio to just over 60%, which is a new record level. This puts us in a secure position allowing for great opportunities going forward.

The future

We are well equipped for continued profitable growth through organic growth, geographical growth, and also acquisitions. We have a very strong organization with good products. We are well ahead in sustainability. Our brands continue to strengthen every year along with a very solid balance sheet.

We have also more than proven that our concepts work internationally, where the Swedish share of net sales is now only 21% of the total. The retail market for us as a supplier will likely start to improve in the next few quarters, even if the consumer market continues to be challenging. This is due to several of our customers having to reduce their inventories significantly during the past year.

We continue to have tremendous growth opportunities in our promo sales channel. This also applies to the retail trade with Craft, especially shoes and Teamwear, and as we grow the Team market. This relatively new market opens up for merchandise where our range and brands become extremely competitive together. We are better equipped than ever for a successful future!

Many thanks to all employees, to the board, to our resellers and not least to all end consumers who buy our products!

Torsten Jansson, CEO


CEO and Group CEO
Torsten Jansson
Phone: +46 31–712 89 01

Deputy CEO
Göran Härstedt
Phone: +46 (0) 70– 362 56 11

Lars Jönsson
Phone: +46 31–712 89 12

This information is information that New Wave Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons detailed above, at 7.00 a.m. CET on February 8, 2024.

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