Rapala VMC 1H 2023 Financial Results

Rapala VMC Corporation reported declining sales and profitability in the first half of 2023 amid challenging market conditions and high inventory liquidation at retail and distributor levels. Net sales decreased 21% to 117.9 MEUR with comparable operating profit declining 66% to 5.3 MEUR. The company initiated a cost-savings program targeting 6 MEUR in annual expense reductions and expects 2023 full-year results to remain significantly below prior year levels.