Profoto reports third-quarter sales up 50.4%

Stockholm-based lighting equipment maker Profoto Holding AB reported third-quarter net sales increased to SEK 189m (126), an increase of 50.4 percent. Adjusted for currency effects, net sales increased by 52.8 percent. For the nine months ending in September, net sales increased to SEK 514m (355), an increase of 44.9 percent. Adjusted for currency effects, net sales increased by 54.3 percent.

“The third quarter was good, as expected, for Profoto. As restrictions ease, and more countries open up, the demand for professional photography increases which also increases the demand for light shaping tools,” says Anders Hedebark, president and CEO.  “Historically, under more normal circumstances, the third quarter has been a slightly weaker quarter for Profoto. This year, however, it is clear that the reopening of societies has brought us continued good growth. Activities such as travel, weddings, and commercial photography drive the underlying demand for lighting used in professional photography. In the third quarter, such activities could begin, or at least be planned, in Europe and the US. Consequently, dealers and rental companies have been more optimistic and have started to place more orders. Whether this is in part a next stage inventory build-up, or will generate further resale is difficult to predict at this stage.”