STOCKHOLM, May 23, 2024
/PRNewswire/ -- Marshall Group continued its strong revenue and
profit growth journey into the first quarter of 2024 with net sales
increasing 14 percent to SEK 978.0
million (857.4). Adjusted operating profit increased to
SEK 208.5 million (174.4), amounting
to an adjusted operating margin of 21.3 percent (20.3%)
Building on a historic and successful 2023, Marshall Group is
off to a great start in 2024 by introducing well-received product
updates, showing up for both musicians and music lovers and
delivering strong financial results.
"Despite the macro-economic uncertainties influencing consumer
spending and the geo-political tension causing turbulences across
the supply-chain, we managed to deliver our best first quarter to
date on top of an extremely strong comparable quarter in 2023.
Demand for Marshall products continues to be strong, and we have an
exceptional product portfolio and roadmap to lean into," says
Jeremy de Maillard, CEO, Marshall
Group.
During the first quarter of 2024 Marshall launched its first
collaboration with global lifestyle brand Patta, a limited edition
Emberton speaker that draws inspiration from Caribbean sound system culture. Marshall also
introduced the Marshall Funhouse at the SXSW festival in
Austin, Texas. A combination of
open-space carnival and music venue with live DJ's, multiple games,
local vendors, saw more than 16,000 visitors over three days and
hosted more than 40 live music shows, such as King Nun, Dream
Nails, Noah and the Loners, Kid Bookie, Dinosaur Jr. and The Black
Angels.
Earlier this year Marshall implemented a new distribution model
for amplification products in the EU and US markets opting for a
direct to retail model. This strategic distribution shift impacted
amp sales during the quarter as we transitioned to the new model
and laid the foundation for healthy long-term growth
of the category, bringing Marshall closer to its retailers and
providing guitarists with better access to Marshall products around
the world.
Pro forma numbers for the quarter, which include Marshall
Amplification and its subsidiaries for the first quarter of 2023,
showed 6 percent revenue growth compared to last year and an
adjusted operating margin of 21.1 percent.
"We are investing in the long-term success of the business
through a range of key initiatives while making sure we continue to
deliver on our near-term financial ambition. The team is doing a
fantastic job balancing these perspectives, taking challenges head
on while remaining focused on unlocking the long-term potential of
the business," says Martin Axhamre, CFO & Deputy CEO,
Marshall Group.
Marshall also launched an all-new digital experience on
marshall.com, offering one consistent brand experience for all
things Marshall, connecting musicians and music lovers with
Marshall's full product range.
In April, Marshall launched Major V and Minor IV, two icons from
the Marshall headphones portfolio reinvented with tons of new and
improved features.
For more information, please contact:
Frida Calderon, Senior
Communications Manager, Marshall
Group
press@marshall.com
About Marshall Group
Marshall Group is the audio, tech and design powerhouse uniting
musicians and music lovers through genre-breaking innovation.
Marshall, our flagship brand, is uniquely positioned with over 60
years of rock 'n' roll attitude on stage, at home and on the go.
Our iconic products are brought to life by a dedicated team of 800
passionate employees and sold in over 90 markets worldwide. Learn
more on marshall.com
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SOURCE Marshall Group