EXEC: Sweden’s WeSports Group Sees Top-Line Jump 52 Percent on Solid Retail Gains and Acquisitions

WS WeSports Group, the Malmö, Sweden-based manufacturer of sports equipment and parent of specialty retailers, HockeySports, RunningXpert and other retailers supporting active sports lifestyle consumers, is reporting that net sales for first quarter increased 51.8 percent year-over-year (y/y) to SEK 960.5 million, compared to  SEK 632.9 in the 2015 Q1 period. Organic currency-adjusted (ca) growth increased 14.7 percent y/y.

The growth was attributed to, among other things, strong sales in cross-country and alpine equipment during the beginning of the quarter, as well as a strong end to the quarter with good turnover in cycling and running, together with full-year effects from companies acquired after March 2025.

“The snowy winter created good opportunities for our specialist winter sports companies, with companies like Pölder Sport and Skicom (Bromma Skidsport and Udens Sport) succeeding well in planning, inventory management and sales to meet the high demand,” stated company CEO Ted Sporre in the company’s quarterly report. “The winter climate led to lower demand for e.g. our cycling companies, but this changed in March when warmer temperatures contributed to a strong end to the quarter. Among others, Cykelkraft, the companies in benefit bikes (Bikelease and BENY Local), as well as RunningXpert within running, contributed to strong growth during this early part of the spring season. This illustrates the benefit of our diversification across different sports and companies, where we meet customers’ needs regardless of the season and weather conditions.”

During the quarter, WeSports Group acquired shares and obtained a controlling influence over NG Partners AB which operates e-commerce and retail stores within golf, Renew Group Sweden AB which owns and operates the floorball brands Unihoc and Zone, and Greenspire Invest AS which operates bicycle stores in Oslo under the Birk Sport brand.

Since the end of the quarter, the company has increased its ownership stakes by acquiring the remaining shares in Bikelease Sweden AB in which the ownership stake has increased from 60 to 100 percent, and in Skicom Sweden AB (Bromma Skidsport and Udens Sport) in which it has increased from 51 to 80 percent.

Since the end of the quarter, Vartex AB has acquired the racket sport specialist TennisShopen Scandinavia AB, which will be integrated with WeSports Group’s specialist retailers within racket sports. During 2025, the company generated sales of around SEK 15 million.

Profitability
Adjusted gross profit amounted to SEK 341.8 million, or Adjusted gross margin to 35.6 percent of net sales, in Q1, compared to SEK 218.1 million, or 34.5 percent of net sales, in the year-ago quarter. The 110 basis-point y/y improvement in the gross margin was partly driven by increased sales of seasonally strong products during the beginning of the quarter, combined with an increased share of own and controlled brands. In addition, newly added companies contributed a positive mix effect compared to the previous year, which offset the negative impact of the distribution business during the previous first quarter 2025.

Personnel costs increased by 53.4 percent y/y and amounted to SEK 115.2 million during the quarter. Other external costs increased by 46.6 percent and amounted to SEK 162.9 million. Personnel costs in relation to total sales increased by 10 basis points, while other external costs decreased by 60 basis points compared to the first quarter of 2025. During the quarter, costs were reallocated from other external costs to personnel costs as a result of parts of the Group’s warehouse management being taken over in-house. This, along with acquisitions of companies with what are, to some extent, different cost allocations explains the change between personnel and other external costs. Overall, the quarter was said to be characterized by strong cost control along with a general increase in leverage in efficiency, which contributed to the decrease in total operating expenses in relation to revenue.

Adjusted EBITA increased SEK 18.8 million to SEK 38.4 million. or 4.0 percent of net sales in Q1, compared to Adjusted EBITA of SEK 19.6 million, or 3.1 percent of net sales, in the prior-year Q1 period. Strong sales growth with increased gross margins, combined with increased leverage on both variable costs such as outbound freight, marketing and warehouse handling costs, together with a lower fixed cost base in relation to sales reportedly contributed to the increased profitability. Additionally, acquired companies were said to have contributed a changed margin mix to the increased adjusted EBITA margin in the quarter.

Profit for the period amounted to SEK 7.8 million, compared to SEK 4.3 million in Q1 2025. Earnings per share before dilution amounted to SEK 0.28 in Q1, compared to SEK 0.27 in Q1 2025.

“During the quarter, we continued our focus on profitability and cash flow,” Sporree continued. “Inventory build-up ahead of the upcoming high season is typical for the first quarter, but also a deliberate prioritization to secure supply and capture growth opportunities in an uncertain macro environment. Given this, it is natural that the cash flow during the first quarter is negative, but above all we achieve a major improvement compared to last year. This, together with an improved inventory turnover rate, demonstrates that our initiatives are yielding results.”

Balance Sheet and Cash Flow Summary

• Net cash amount to SEK 11.9 million at quarter-end.
• Cash flow from operating activities amounted to negative SEK 11.9 million in Q1, compared to negative SEK 65.3 million in the year-ago period.
• Cash conversion amounted to negative 68.3 percent of adjusted EBITDAaL, compared to negative SEK 352.7 million in the 2025 first quarter.

Outlook
Sporre said the geopolitical situation and uncertainty in the Middle East currently have no material impact on the Group’s operational activities or supply chains.

“Thanks to a high degree of diversification and a strong Nordic base, WeSports Group is well positioned in the current market environment,” he noted. “Historically, periods of reduced travel and changing mobility patterns have also driven demand shifts to our advantage. We continue to see potential for increased penetration within our mobility businesses – particularly in bicycles, e-bikes and cargo bikes – as consumers prioritize local activities and cost-efficient transportation alternatives. We are closely monitoring the development and maintain a high level of operational preparedness to manage different scenarios. We remain committed to driving our strategy with a focus on profitable growth, while currently maintaining a strong financial position with net cash. In addition, we continue to see a sports and health trend that remains strong.”

He said that together, this lays the foundation for reaching the company’s financial targets – net sales of SEK 10 billion in 2031 and an adjusted EBITA margin of 7-8 percent.

企业动态：瑞典威体育集团零售业务稳健增长叠加收购动作，营收大涨 52%

瑞典马尔默的威体育集团（WeSports Group） 是一家运动装备制造商，同时控股多家专业运动零售品牌，旗下包括 HockeySports、RunningXpert 等面向运动生活方式消费群体的零售商。集团公布，今年第一季度净销售额同比增长 51.8%，达到 9.605 亿瑞典克朗；去年同期销售额为 6.329 亿瑞典克朗。剔除汇率影响后，内生营收同比增长 14.7%。

本次业绩增长主要得益于季初越野滑雪、高山滑雪装备销量火爆，季末自行车与跑步品类营业额回暖；此外，2025 年 3 月后完成收购的企业在本季度实现完整并表，也拉动了整体业绩。

集团首席执行官泰德・斯波雷在季度报告中表示：“这个冬季降雪充沛，为旗下冬季运动专业门店创造了良好商机。Pölder Sport、Skicom（含 Bromma Skidsport、Udens Sport）等企业凭借出色的规划、库存管理与销售能力，顺利承接了旺盛的市场需求。冬季寒冷天气一度导致自行车相关业务需求走弱，但 3 月气温回升，带动季度末业绩强势反弹。春季初期，Cykelkraft、自行车租赁板块（Bikelease、BENY Local）以及跑步品类零售商 RunningXpert 均实现大幅增长。这也体现出集团多运动品类、多品牌布局的优势，无论季节与天气变化，都能持续满足消费者需求。”

本季度内，威体育集团完成多项股权收购并取得控制权：拿下高尔夫电商及线下零售企业NG Partners AB、拥有旱地冰球品牌 Unihoc 与 Zone 的瑞典锐纽集团（Renew Group Sweden AB），以及在挪威奥斯陆运营 Birk Sport 自行车门店的格林斯皮尔投资公司（Greenspire Invest AS）。

本季度结束后，集团继续增持股权：将瑞典 Bikelease 公司持股比例从 60% 提升至100%，实现全资控股；瑞典 Skicom 公司（含 Bromma Skidsport、Udens Sport）持股比例由 51% 增至80%。

季度末，集团旗下 Vartex AB 收购球拍运动专业零售商斯堪的纳维亚网球商店（TennisShopen Scandinavia AB），后续将并入集团球拍运动零售板块。该企业 2025 年销售额约 1500 万瑞典克朗。

盈利情况

本季度调整后毛利润为 3.418 亿瑞典克朗，调整后毛利率达 35.6%；去年同期毛利润 2.181 亿瑞典克朗，毛利率 34.5%。毛利率同比提升 110 个基点，一方面是季初季节性热销产品销量走高，另一方面自有品牌及控股品牌销售占比有所提升。同时，新并入企业优化了产品结构，抵消了 2025 年一季度分销业务带来的盈利拖累。

本季度人力成本同比上涨 53.4%，达 1.152 亿瑞典克朗；其他外部成本同比增长 46.6%，为 1.629 亿瑞典克朗。对比 2025 年一季度，人力成本占总营收比重上升 10 个基点，其他外部成本占比下降 60 个基点。该变化主要源于集团部分仓储业务转为自主运营，相关费用从外部成本划转至人力成本，叠加收购企业成本核算口径存在差异。整体来看，本季度集团成本管控成效显著，运营效率持续提升，总运营费用占营收比重有所下降。

本季度调整后息税摊销前利润（EBITA）增至 3840 万瑞典克朗，同比增加 1880 万瑞典克朗，占净销售额比重为 4.0%；去年同期该项利润为 1960 万瑞典克朗，占比 3.1%。营收高增、毛利率改善，加上货运、营销、仓储等变动成本效率提升，固定成本占比下降，共同推动盈利能力走强。此外，收购企业带来的盈利结构变化，也进一步推高了本季度调整后息税摊销前利润率。

本季度净利润 780 万瑞典克朗，2025 年一季度为 430 万瑞典克朗。本季度摊薄前每股收益 0.28 瑞典克朗，去年同期为 0.27 瑞典克朗。

斯波雷表示：“本季度我们依旧聚焦盈利水平与现金流管理。一季度向来是旺季前的备货周期，主动增加库存，是为了在宏观环境不确定的背景下保障供货、抢抓增长机遇。因此一季度现金流为负值属于正常情况，但相较去年已有大幅改善，叠加库存周转率提升，足以证明各项经营举措落地见效。”

资产负债与现金流概要

季度末集团净现金余额 1190 万瑞典克朗。

本季度经营活动现金流为负 1190 万瑞典克朗，去年同期为负 6530 万瑞典克朗。

现金转化率为调整后息税折旧摊销前利润（aL）的负 68.3%，2025 年一季度该项数值为负 3.527 亿瑞典克朗。

业绩展望

斯波雷称，目前地缘政治局势及中东地区的不确定性，尚未对集团日常运营与供应链造成实质性影响。

“依托多元化业务布局与稳固的北欧本土市场，威体育集团在当前环境下具备良好发展基础。从过往经验来看，出行方式转变、出行频次降低的阶段，反而会为我们带来需求增量。如今消费者更青睐本地休闲活动与高性价比出行方式，集团出行板块业务 —— 尤其是普通自行车、电动自行车、货运自行车，仍有较大渗透空间。我们将密切跟踪市场动态，保持高度运营弹性以应对各类市场变化。集团坚持走盈利增长路线，目前现金流状况稳健，同时全民运动、健康消费的热潮仍在延续。”

他表示，以上有利条件将为集团达成长期财务目标提供支撑：力争 2031 年实现销售额 100 亿瑞典克朗，调整后息税摊销前利润率达到7%–8%。

｜消息来源：https://sgbonline.com/exec-wesports-group-top-line-jumps-52-percent-on-solid-retail-gains-and-acquisitions/