Rapala VMC Corporation updated earnings outlook for the full year 2023. Full year comparable operating profit (excluding mark-to-market valuations of operative currency derivatives and other items affecting comparability) for 2023 is expected to be significantly below the previous year. Profitability will be significantly below last year due to challenging market conditions caused by prolonged destocking at retail and wholesale levels.

This is a result of supply chain bottlenecks and a shift in consumer spending, leading to decreased sales in major markets. Pre-sales for the upcoming winter season have also been below expectations. To mitigate the impact of lower turnover, the Group has already started implementing cost-savings.

These include, among other measures, a restructuring of the Helsinki headquarters which was finalized in June. Previous Outlook for 2023 (issued on February 10, 2023): Group expects 2023 full year comparable operating profit (excluding mark-to-market valuations of operative currency derivatives and other items affecting comparability) to decrease from 2022.