Tokmanni Group Oyj ($TOKMAN)

Good morning and welcome to Tokmanni Group first quarter 2026 results presentation. My name is Mika Rautiainen, and today, together with me is -- presenting the key figures from the first quarter is Tokmanni Group CFO, Mr. Tapio Arimo. I will first go through the key topics for the first quarter for Tokmanni Group and then Tapio will come and open up the key figures a little bit more detailed. Afterwards, it's time for questions. So let's get started. The first quarter for Tokmanni Group revenue growth continued. Of course, the concentration is a lot on Dollarstore in Sweden and in Denmark. The turnaround is in progress. Let's take a little bit closer look at that. This slide, we've been using already now for some time. As you can see, the revenue growth for both segments were basically on the same level. That's why there are no changes with the share of the revenues between -- with the 2 segments. However, I'd like to point out on the right-hand side, the sales share of private labels, which is already 26.9% compared with previous year's 23.5%. So remarkable growth with the private label sales. And of course, if you compare the amount of the shared products at the moment, it's 5,700 when last year at this time, it was 2,000. And about the store network, there was basically 1 opening during the first quarter. That was a Dollarstore opening in Sweden. In 1 year time, there is the net increase with the store network was 11 stores altogether. Tokmanni Group first quarter. The revenue increased by 6.4%. Increased customer visits drove especially Tokmanni segment revenue to the growth of 6.5%. Dollarstore segment revenue increased by 7.3% and the like-for-like basket size increased. However, the customer visits declined. I will come back to this a little bit later. Operating expenses increased, especially in Dollarstore due to new store openings and development actions. The group EBIT decreased especially due to increased operating expenses, which I will also touch a little bit later with Dollarstore segment. Cash flow for the quarter was almost in the all-time best level. It was minus -- however, minus during the first quarter, minus EUR 13.7 million compared to previous year's minus EUR 75.2 million. Now the Middle East conflict is -- well, first of all, it didn't have any impact during the first quarter. However, starting actually already in March, but basically already in April, there are some increasing costs. And this is especially for the fuel surcharges, meaning that the outbound freight services are already on a higher level for the whole group. Later on, there will be also like purchase price increases, especially in those products which are related to oil prices, basically plastic, polyester and so on. These price -- purchase price increases we will be facing mainly during the second half of this year. But basically, the fluctuation of the oil prices will, of course, affect on the outbound freight services. Obviously, at the moment, it looks as the fuel prices are a little bit coming down. But obviously, it's varying basically daily as we all know. So this is the situation or these are the effects for Tokmanni Group when it comes to the Middle East conflict. And then about the Tokmanni segment for the first quarter. Revenue increased by 6.5% due to increased customer visits. The like-for-like customer visits was 5.2%. So we were actually very happy regarding the Tokmanni segment performance during the first quarter. Sales of apparel due to, well, traditional good winter and outdoor products, these were very good. Of course, the timing of Easter was supporting also Tokmanni segment sales. However, in March, the garden season is still on a very low level. So the effect wasn't that strong. But anyway, of course, Easter chocolates and so on, they were selling, of course, a lot more during the first quarter compared this year with the second quarter. And of course, Easter decorations. These were the product groups which grew most. The low-price program, actually, you can see the picture, the Suomen Halvin, the lowest price in Finland, we started this at the beginning of the year, actually in February. It was very, very successful. But of course, it had a slightly negative impact on gross margin. But this is something that a discounter has to, every now and then, keep reminding the customers about the discounted price level. This was very successful with Tokmanni during the first quarter. And of course, it has -- we've continued with this during the second quarter as well. Comparable gross profit improved by EUR 2.1 million. Operating expenses were well in control. Comparable EBIT improved for the third consecutive quarter for Tokmanni segment. And this is, of course, something we're very happy about, even though it was a small improvement and still the EBIT for the first quarter is traditionally on minus, but we're able to improve the performance of Tokmanni segment. And then, of course, an important thing also for Tokmanni segment is the SPAR operations. Tokmanni EUROSPAR stores are performing very well. Sales growth has been double digit during the first quarter 2026. And if we take a look -- a little bit closer look on the EUROSPAR supermarkets together with Tokmanni, we had a first opening last year June, then in October and in November. So obviously, right after the starting -- right after the openings, we -- of course, we faced very good sales increase. But obviously, it's more important how the sales look at the moment. And as I said, this year, during the first quarter, the first 3 stores, which were basically the pilot stores for Tokmanni SPAR operations, the sales increase has been double digit. That's something we're extremely happy. We opened the fourth store in Jarvenpaa in March. And actually yesterday in Joensuu, we opened the fifth store. And in Iisalmi, we will open the sixth Tokmanni EUROSPAR in June next month. So basically, the SPAR operations are proceeding. And as we call it ourselves, the first 3 were basically testing, learning, of course, the fourth as well. But at the moment, it looks very promising and that's why we will be proceeding even faster now after -- especially -- well, after the Iisalmi in June and then after the summer holidays. And then let's step to Dollarstore segment. Revenue grew by 7.3% and reached EUR 106.4 million, supported by the new store openings. In local currencies, revenue increased by 3.1%. With Dollarstore, the sales of leisure, home electronics and obviously, the same story with Easter timing, the Easter chocolate and decoration grew most during the first quarter. The issue actually for Dollarstore during the first quarter was the like-for-like customer visits, which decreased by 7.4%. And this was basically mainly coming from January and February, where basically last year, we were having very, very strong sales operations and we were not able to reach the same customer levels as previous year. Then, of course, in March already, while the launch of the Billigast campaign started, then we were able to perform much better. Comparable gross profit improved to EUR 36.5 million from EUR 33.4 million, but the operating expenses increased mainly due to these store openings and the development actions. So the comparable EBIT was negative EUR 10.5 million compared with previous year's negative EUR 7.8 million. Basically, the development actions, they have been causing especially during -- well, during the last 6 months, quite a lot of additional costs. The development actions are basically concerning the commercial process, the supply chain process, the store operations and of course, IT development as well. So there has been quite a lot of additional costs, especially while putting the same process in place in Dollarstore that we have in Tokmanni at the moment. Let's take a little bit closer look at this Dollarstore turnaround. So we started the Billigast campaign in March and obviously, the results from March were already very, very promising. And the results also from March were already better compared with previous year. The broader assortment as well as the new elements of the concept, we've been working on this for -- now for a bit over -- well, obviously, we've been working for 1.5 years, but -- especially with the new concepts, but we opened the first concept in Erikslund last September. And the second pilot store was opened in March in Kallered, close to Gothenburg. Now we had very good start with Erikslund store, but the Erikslund store is actually -- it's -- compared the average size for Dollarstore, it was quite big, 4,000 square meters. With Kallered, we obviously made some amendments because that's clearly smaller, 2,600 square meters, which is the average size for Dollarstore. And I have to say that the results from these 2 pilot stores are very promising, both in sales and in margin, especially this Kallered is quite important for us because it represents basically an average Dollarstore. And Kallered at the moment is on the top sellers of Dollarstore and the profitability level is on the very top. So we're very satisfied with, let's say, the concept development in Dollarstore and we will start rolling out the new assortment and the new elements in the concept in phases, in different phases during '26, '27. Actually, the first phase will start next week. And then the second phase will be done after -- right after the summer holidays. And then the first -- the third phase will take place in the beginning of next year when especially products coming from Far East, apparel, DIY, home electronics, we are able to launch them in this new concept. Something else regarding the development of Dollarstore, the commercial planning process is ongoing. And nowadays, we're doing this together, Tokmanni and Dollarstore segment. And the first joint commercial plan will be launched actually next week together with the launch of the first phase of this rollout of the new concept. The group supply chain management is proceeding also very well. First steps of harmonizing data systems and processes are already in place. Obviously, we still have a lot to do, but we are very confident regarding the fact that we're able to do this harmonization during this year. Obviously, part of this will be done during the second half, but during the first half, we are able to proceed already very well. And of course, last but definitely not least, the group IT is rolling out, for example, the common store IT infrastructure and harmonizing applications, which is obviously a big job. So the turnaround process is definitely speeding up and we will be very happy with the new launch -- the phases of the new launch of the new concept with the broader assortment with these Dollarstores and of course, Big Dollar in Denmark. That's about the Dollarstore. And Tapio, please, could you please join me and share some light with the key figures?

All right. Thank you, Mika and good morning, everyone, on my behalf as well. So looking at our key figures, like Mika mentioned, we had a pretty good quarter in terms of revenue growth. So total growth, 6.4% compared to last year's 0.8% growth. And our total sales reached EUR 363.6 million. Also, our like-for-like revenue on a group level increased by 2.5% as compared to the slight decline of 1.9% last year. And this like-for-like revenue growth was driven by Tokmanni segment. Also, our comparable gross margin or gross profit increased by EUR 4.8 million from a year ago and was EUR 120.2 million. And the gross margin declined slightly to 33.1 percentage points. Our comparable EBIT, which is normal to be negative on the first quarter was negative EUR 13.7 million this year compared to EUR 11.2 million last year and the margin was negative 3.8% of revenue. One of the most positive things about this quarter, obviously, was our cash flow, which continued to be extremely strong and amounted to minus EUR 13.7 million as opposed to minus EUR 75 million a year ago. And our earnings per share diluted was on last year's level, at EUR 0.32 negative. So moving on to the revenue components. So as said, the majority of the growth came from Tokmanni segment and the percentage growth in Tokmanni segment was 6.5 percentage points. And in the Dollarstore, in local currencies, the revenue grew by 3.1%. And like said, on a like-for-like basis, on the Dollarstore, the revenue growth was clearly negative for last quarter. Then when we look at our sales mix, so both Tokmanni and Dollarstore visible here and really positive development in Tokmanni segment that the share of the non-grocery sales actually increased slightly in quarter 1 and this was driven by the, I would say, more normal or even good winter season in Finland and which increased obviously the sale of winter-related products. For example, clothing and gear related to shoveling snow and so on. And that drove up the percentage slightly. Dollarstore, also the share of non-grocery increased slightly and similar reasons there as well compared to last year. And obviously, we also had more of the Tokmanni private label assortment on sale at Dollarstore, which is mostly non-grocery. Looking at our private label sales. So there, we had a very good quarter. Again, the share of private labels increased by more than 3 percentage points to 26.9%. And again, driven by the strong performance of winter-related products, for example, clothing, which is -- a majority is private label sales. Then when you look at our gross profit, as said, the absolute gross profit increased by EUR 4.8 million and the relative gross margin declined slightly. At Tokmanni, the decline was more marked, but the absolute comparable gross profit, of course, grew and the very successful campaigning that we did during the quarter, especially since we launched the Suomen Halvin, that had a slightly negative impact on the comparable gross margin. And also our customers continue to be very cautious with the purchasing and the proportion of purchases of discount products was on a quite high level in Q1 and that just sort of highlights the tough economic situation in Finland. In Dollarstore, the gross margin also increased clearly, EUR 3.1 million and also the gross margin increased by 0.6 percentage points. And that, of course, is good development. And hopefully, we see that trend continuing also going forward. And that change obviously driven in large part by the share of increase in the private label sales at Dollarstore. Then our operating expenses. So there, the development on a group level is slightly positive as relating to net sales. And that again has been driven by Tokmanni segment, where the percentage of expenses to revenue declined to 26 percentage points from 26.8% a year ago. Whereas in Dollarstore, the expenses continue to grow faster than sales. As Mika explained, we have had obviously a lot of cost in all the development activities we are doing there. And of course, we have many new stores from a year ago. So that obviously drives up expenses as well. Then when you look at our comparable EBIT, so for Tokmanni segment, EBIT was negative minus or negative EUR 2.2 million, which is a slight improvement from a year ago. Obviously, we're very happy with the direction of the improvement and this is now the third quarter in a row that we've been able to improve the comparable EBIT in the Tokmanni segment. Then the development was different at Dollarstore where the losses grew to EUR 10.5 million. And obviously, we're not happy with that kind of development. So we are doing a lot of activities to turn around Dollarstore, as Mika was highlighting earlier. Then on inventory management. So that continued to be on a very good level. So the inventories are still clearly lower than a year ago, even though we have 11 more stores today than we had a year ago. And we've been able to improve the inventory management with work and with improvement in our systems and fine-tuning the parameters in the system, so to speak, so that we actually have more inventory in the stores relative to the central warehouses because, obviously, the stores need to be full and enticing to consumers. So we want to have the stores as much inventory as possible. And of course, in the warehouse is where the good sign available for sale, we want to minimize the inventories in the warehouses. And the total inventory was EUR 456.5 million compared to EUR 481.2 million a year ago. And actually, both segments managed to decrease their inventories, which is obviously good news. Then when we look at our financing, also here, I would say we're making steady progress, especially with the interest-bearing debt. You can see the last 5 quarters, there is a fairly steady decline in the amount of debt from banks and financial institutions. And as we've said, we are working to bring that down over time. And then the, let's say, the IFR lease debt, that has a little bit of a life of its own depending on new leases and renewals of leases and so on. But this quarter, it came down slightly. Of course, the way it's structured, we are paying down interest-bearing lease liability around EUR 10 million every month and then new leases and renewals of leases, of course, then increase that figure as they happen. So we are doing some operational activities to ensure that also that number stays in control. So it will fluctuate somewhat and it may go up or down a little bit, but we are trying to, let's say, contain that number also. And also, of course, continuing to work on the bank debt slowly coming down over the coming quarters. Our net debt to comparable EBITDA, which is the only covenant on our net debt. Again, that increased slightly from Q4. So it's now at 4.17, but I would say, a very modest increase. So we are on -- let's say, financial position for us is good and we have flexibility if need be to increase that number also. But obviously, that's not what we are aiming to do. And our net debt, including IFRS liabilities, was EUR 279 million at the end of Q1, which is down significantly from a year ago of EUR 355.5 million. And also worth to note here, we made a slight adjustment in the definition of cash. So previously, we had credit card receivables that have a duration of typically 1 business day. We had classified those in other receivables. And now we have made a change to classify them as cash. So there's a slight change in the historic figures starting from Q4 2024, but it's a very minor impact. Then looking at our cash flow. Again, I'm very happy with the cash flow. So negative $13.7 million compared to last year of negative EUR 75.2 million and the year before that of negative $40 million. So that is a reflection of the hard work that we are doing in managing our working capital. Then looking at our capital expenditure, that is on a, I would say, normal level. So total was $5.3 million in the first quarter, divided to Dollarstore $1.4 million and Tokmanni $3.9 million. And again, this fluctuates a little bit quarter-over-quarter, but that's sort of annualized total level expect to be somewhere around EUR 30 million plus/minus some million. So nothing out of the ordinary here. Then I'll invite Mika back to talk a little bit about our guidance and actions.

Sure. Thanks, Tapio, for opening up the figures. Please don't go any place because, like, I think that we're ending up soon with the questions. Yes, regarding the Tokmanni Group's guidance for 2026. Based on the progress for 2026, the beginning of 2026, we keep the guidance unchanged, meaning that we expect the revenue to be in the range of EUR 1.78 billion to EUR 1.86 billion. And EBIT, we expect to be in the range of EUR 85 million to EUR 105 million. And this is basically the actions we're concentrating during 2026. The actions are to -- basically to improve Tokmanni Group profitability. There are the action points regarding -- related to sources of growth, which are low price program. We already -- both -- we spoke about it, about Dollarstore, which we also told during this presentation and SPAR. Obviously, the profitability will be improved while putting the -- combining the volumes and doing the joint buying together. Obviously, cost control is in the DNA for discounters and inventory management. As Tapio was explaining, it's very well in control at the moment. So these are exactly the actions that we are concentrating. Obviously, there are also sources of success, which is like one company, which is especially important for Tokmanni Group. The work transformation and productivity, obviously, with several different ways is affecting also Tokmanni Group and we're taking here quite a lot of actions at the moment. And one of our basically most important values, better together, of course, is guiding all the work that we're doing. So this is basically the first quarter 2026 result presentation. And now it's time for questions.

Please let's get started. And the first one to have questions, it's Maria Wikstrom.

Yes. Perfect. I have 3 questions. I'd like to start with the Dollarstore. And of course, I mean, the traffic figure was disappointing. And wanting to see if you have made a better analysis, I mean, from the credit card data that if you actually have lost these clients? Or is it more that the clients don't come into your store as often as they did in the past?

Well, in Dollarstore, we -- the biggest loss of customers took place in January, February. Last year, we were selling out basically a lot of Christmas winter products during January, February with minus 70% discount. We had a lot of customers coming in. And this year, we didn't have this strong sales. So obviously, that had the biggest effect on the customer visits. Again, in March already where we were a little bit like referring already closer to the -- to previous year's numbers, we were able to have a lot better month. So that's basically the background situation. Now with Dollarstore, as I was explaining, we've had this pilot store and we are now rolling out towards this kind of store concept with broader assortment and so on. Obviously, we need to do quite a lot of work to get, of course, all the old customers back to visit Dollarstore. Already in Kallered, we -- even though it's a new store, we were -- we are very happy. And based on the customers' reactions also to the store, we are very happy regarding that. But we -- obviously, we need to do quite a lot of work with marketing and that's also part of the plan starting from next week. It was a pretty wide answer to your first question. I hope that was okay.

Yes. And I actually wanted to continue from there. I'm curious about your initial experiences, I mean, from 2 pilot stores. What are currently the products from Tokmanni assortment that are also selling well in Sweden?

Yes. Well, first of all, if I go a little bit back with the pilot stores. In Erikslund, we had -- well, there, we got some reactions from customers or yes, also feedback, which product groups were not working that well and that we changed to Kallered. And now we're very happy with the Kallered operations. It's -- we've added almost 50% with the SKU level compared with Dollarstore -- with a typical Dollarstore, meaning that the SKU level is closer to 18,000. And well, it's -- obviously, Dollarstore has very, very -- traditionally very strong product groups like washing papers and cleaning, this kind of -- and party, this kind of product groups, but the strong product groups from Tokmanni are also now doing pretty well in Kallered. And that is apparel, which is basically everyday clothing, DIY, storage, outdoor leisure, car accessories. It's basically in several categories where we are having a very, very good sales growth compared with, let's say, a typical Dollarstore.

And then my final question is your inventory levels are now down year-over-year, I mean, just ahead of the kind of high season for your sales. So is the balance sheet driving your business decisions, I mean, having lower inventories? Or is it -- I mean, deliberately, you just wanted to bring down the inventory levels?

The balance sheet is not driving the business. So it's the business that's driving the business. So -- but of course, the fact that, for example, we have implemented RELEX a year ago now at Tokmanni and -- or over a year ago, it started and we're continuing to fine-tune it and improve the, let's say, forecasting capabilities. So obviously, the better we are able to forecast, the better -- the less inventory we need of specific products because we can be more sure that we have the right amount in a way. And it's also, like I was discussing the balance between -- because you always want to have the stores full of products. If you can do that with less central warehouse inventory, that obviously helps in managing the total inventory. So roughly 2/3 of the inventory is in stores and then 1/3 is in the warehouse or on the way. So that's roughly the split.

Yes. If I may add to that, that's -- the launch of RELEX a year ago has been improving Tokmanni segment inventory management a lot. And especially with Dollarstore, we've changed the business model where basically we're not using the local traders that much, the local wholesalers that much, but we're importing directly to our Orebro warehouse. I think this inventory management, especially with -- starting from the Orebro warehouse has been on an extremely good level this year. So I think that the -- as Tapio mentioned, the balance sheet is not driving the business, but very happy about the inventory management that Tokmanni Group is now doing in -- both in Finland and in Sweden. I think that both -- the stores in all countries, whether it's in Denmark, Sweden or in Finland, I think that they have more products at the moment, or the inventory values are on a higher level compared with previous year. But the warehouses are on a lower level. That's, of course, a good sign. And the next one is Arttu Heikura.

It's Arttu at Inderes. A couple of questions. Could you elaborate on the Dollarstore concept renewal phases? And how many stores are renewed during this year?

Well, we're actually doing that -- it's not like store by store. It's product group by product group. So the first phase, we're able to do -- now starting from next week or actually, we've been preparing that for quite some time now. Unfortunately, a big part of that has been done manually because we don't have the systems in place yet. But anyway, we're able to do the first phase to all stores now during the first half. And that, of course, has -- that includes new product groups for Dollarstore and also products from Tokmanni. And then the second phase will take place and that's also like product groups, that will take place after summer and then we'll already have the systems in place. So the whole process will be automated. And then the third phase, in the beginning of next year when we'll have the products coming from Far East, as I mentioned, apparel, home electronics, DIY, that's the third phase and that they will always come to all stores. So we will basically be increasing the assortment of all Dollarstores in 3 phases.

Okay. That's clear. And then do you expect fixed costs to further increase due to this renewal process?

There's always some slight extra cost, of course, when you do these things.

Especially in IC, yes, there is.

Yes. Yes. But I don't expect significant increase, let's put it that way.

Okay. And then about Tokmanni segment, it seems that the price program has been harming the segment's gross margin during the Q1. So do you think that the same pattern will continue also in Q2 and going forward?

Well, as you noticed that -- yes, well, it has been working -- from our perspective, it has been working very well. The competition, of course, in Finland is very, very hard and the situation, let's say, the economic situation in Finland hasn't been that good. So from a discounter point, the Suomen Halvin has been -- we consider it a success because more than 5% like-for-like customer growth, very good sales increase in the Finnish environment. And yes -- but yes, there has been -- the gross margin has been lower. Of course, we're able to -- the more we learn about it, the more we are able to manage it as well because let's put it this way, the Suomen Halvin and all the products that we've been labeling with Suomen Halvin, they've been extremely popular among our customers. So now we know a lot more about it. But yes, maybe it shows also a little bit the situation in Finland that, let's say, the customers' concentration is very much on price at the moment.

All right. Then about the increased purchase prices, which are kind of going to affect you in H2. So what is your appetite to increase customer prices due to that?

Well, it's -- especially when it's like products which are related to the oil price like plastic, for example and things like this, I believe that the same goes with all retailers in this area. So we'll be following quite closely what's happening in the market. And yes, we -- at the moment, we're all the time having basically the price negotiations and there are a lot of issues regarding this, but it's not that simple and not that clear. We're talking about, let's say, with -- at the moment, my estimation, that's my personal estimation, but just yesterday when I was having the discussion with our Far East personnel, we were talking about like with, let's say, plastic-related products, 2% to 3%, maybe 4% increase with price. So it's not that significant price increase. I'd say that the bigger impact at the moment comes via the outbound freight services, because that's happening right at the moment.

Okay. Okay. That's clear. Well, then about the assumptions behind the guidance. So Q1 was -- I mean, your profit decreased, so -- and you are kind of expecting your profit to improve. So has there been any changes behind the assumptions on the guidance? And if you could elaborate more about how do you think that your profit will improve going forward?

Well, basically, as already mentioned with the guidance part, based on the progress of -- in the beginning of 2026, we keep the guidance unchanged. Obviously, that basically includes the turnaround happened also in Dollarstore and we're confident that that's what's happening at the moment. And the next one is Miika Ihamaki.

It's Miika from DNB Carnegie. Just on the confidence on the turnaround at Dollarstores. So I understand that you've been now testing those broader assortments in -- at 2 pilot stores, mentioned early results look promising in both sales and margin. That said, we're talking about around 150 stores. So it will likely take time before these improvements show up meaningfully in your overall numbers, as you discussed as well, separated into those bases. And then presumably, there can be also some extra costs. And after the deeper losses this quarter and with around 10 new Dollarstore openings this year, adding to that underlying cost base. So my key question here is that, what gives you confidence that Dollarstore profitability will improve this year?

Yes. Well, first of all, as I mentioned, this Kallered opening, we've been very satisfied with that. We had to change the assortment from the Erikslund, which is also like one of the biggest stores in sales for Dollarstore. However, it's also like -- the size of the store is one of the biggest in Dollarstore. But anyway, with Kallered, we're happy with the progress. It might be a little bit too early to say, but it's the most profitable store in Dollarstore. So that's, of course, giving us quite a lot of confidence. And yes, of course, it would be nice to be able to roll out everything, all stores to this, let's say, to this Kallered type of a store as soon as possible, but we have to take it in phases. And we do believe that when we are doing that in phases, the stores are able to deliver and execute changes. And obviously, we will be inviting quite a lot of new customers with the new assortment. Based on all these things, that's what's making us pretty confident with the situation.

Then my second question is on timing of Easter, which likely benefited your Q1 sales. So do you have any estimate, or can you quantify how much was the contribution to Q1 revenue and gross profit? And how should we think about the magnitude of reversal heading into Q2 2026, especially on Tokmanni Finland?

Yes. Well, first of all, obviously, the Easter, let's say, Easter chocolates and decorations, that was definitely giving positive impact on the first quarter. But I have to say that during this, let's say, spring time -- for retailers like Tokmanni Group, let's say, the spring seasonal effects, in this case, meaning weather, has quite a lot to do with the total picture. For example, previous year, we didn't have a springtime at all. Actually, in the beginning of April, last year was pretty good. And then May, June in the whole of Nordics were pretty lousy weather-wise. And since we are very strong with garden, the garden has an effect. And especially if Easter is -- the timing is in April and the weather is good, it has a very, very strong effect on business. In this case, when it's actually affecting on more towards March, then the garden effect is not that strong. But definitely, Easter chocolates, decoration, things like this were positive on the first quarter side. Then at the moment, the second quarter and let's say, the spring season, luckily enough, it looks pretty promising at the moment. So it's very difficult to start quantifying it in any ways. But yes, let's put it this way. Of course, development for the spring season in all Nordic countries is very good at the moment.

Okay. My final question is that if you can remind of your covenants tied to your net debt-to-EBITDA ratio?

Yes. We haven't disclosed that number, but let's say there is still some headroom in the figures. So...

And the next one is Svante Krokfors.

A couple of questions left from my side. First one is, you mentioned about the negative development in like-for-like customer visits for Dollarstore has some effects from that -- or very strong comps. But have you made some investigations or surveys into why customers should come to your store in the same manner as in previous years, apart from what you can read from your credit card data?

Well, yes, as already mentioned, we didn't have the sales -- we didn't have as strong sales as we had actually previous year. That had a lot to do with the fact. And obviously, based on what the customers, especially in Sweden, are telling us, it's -- they are missing some of the entry-level products, which unfortunately, we're not able to continue selling due to the fact that these are -- the quality level is quite, let's put it this way, questionable. So in a way, we've increased the quality level and at the same time, the price level has been slightly higher. At the same time, the customers coming to our stores are basically very happy regarding the new assortment. And that's why, for example, the basket size is increasing very well in Dollarstore. But basically, it is a little bit of a change from an entry-level operator to more quality operator. And this, of course, will take some time. But at the moment, the first results and especially I'm referring again to the pilot stores, these are so good that like we are confident with the future.

And apart from changing to a bit higher quality, is there some other measures that you have to increase the customer traffic from perhaps consumers with slightly more purchasing power than Dollarstore customers have had?

Well, obviously, we are in a very interesting position with Dollarstore because we are now launching new products for all Swedish and Danish customers and we will be telling about that very strongly to all customers in Sweden and in Denmark. So we will expect to have quite a positive impact with the strong marketing plans that we're having.

And then about the rollout of new products phase by phase into Dollarstore network. Have you made some analysis on how -- I mean, I think you said that you do it on product group level. So do you have an estimation of how much the kind of average price will go up in the different categories after this has been done?

It's like new products. It's not necessarily higher-priced products. It's almost like 50% more SKUs when we're talking about after 3 phases. So I'm not sure. For example, there will be some coming from some dry food products, which actually Tokmanni is also having in Finland. So these are one of -- these are very, let's say, low-priced or let's say, the price point is very low for these products. So we are having -- so I don't consider the price point to go higher. Assortment will be broader and more interesting. And are there any more questions? I guess not. So thank you very much. This actually happens to be my last result presentation. So thank you very much. And the next one in August will be led by the new Tokmanni Group CEO, Mr. Sampo Paallysaho. Thank you very much.