Profoto reports third-quarter sales up 24 percent

Profoto Holding AB reported third-quarter sales of SEK 235 million, representing growth of 24 percent compared to the corresponding quarter last year. Organic sales growth totaled 6.5 percent for the quarter and 5.1 percent for the year, the company said, adding the component delivery issues reported for the second quarter have been resolved.

Year-to-date sales are SEK 618 million, an increase of 20.1 percent. Organic growth totaled 5.1 percent.

Key markets are doing well

“As we previously communicated, an important part of Profoto’s post-pandemic recovery has been the extent to which societies have opened up,” says Anders Hedebark, president and CEO. “It is therefore a positive indication that China, where many regions have had lockdowns, started opening up again during the quarter. The US market showed continued strength in the third quarter, with studio products accounting for a high proportion of sales.

“At the same time, there are countervailing forces in the market, such as inflation, rising electricity prices, and rising interest rates. The negative outlook for the world economy has led to a cautious approach to investments among freelance photographers. Many e-commerce companies have also seen declining demand, which results in delayed investment decisions. The general concern about the world economy was particularly noticeable in Europe, where we had very low organic growth during the quarter and almost all growth was attributable to the acquisition of StyleShoots. Many distributors in the region held off buying, to avoid building up stocks.”