Today’s sudden drop seems to be due to a large block trade. We’ll see if there will be more of these, as according to that announcement, the lock-ups expire on Friday.
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It’s been quiet in the Rusta thread! The stock has been hovering around the 70 kronor mark for a while, and tomorrow there will be excitement and volatility again when the 24/25 Q2 results are published (note the different fiscal year).
According to TradingView, EPS expectations are 0.24SEK.
The results will be published at 8:00 AM Finnish time, and the webcast can be accessed at 10:00 AM.
https://www.inderes.fi/releases/invitation-to-presentation-of-rustas-second-quarter-202425
https://www.inderes.fi/videos/rusta-webcast-with-teleconference-q224
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Rusta increased sales during the second quarter 2024/25, August to October, despite negative currency effects and price reductions for customers. Net sales increased by 3.1 percent (14.4) compared to the same quarter last year and amounted to MSEK 2,723 (2,642). The EBITA margin was 4.9 percent (5.3). However, excluding currency effects, profitability was improved due to a strengthened gross margin and a reduced share of operating expenses. Rusta also revises its forecast for store openings upward, from 40–60 to 50–80 new stores over the next three years.
Summary of the second quarter 2024/25:
- Net sales amounted to MSEK 2,723 (2,642), an increase of 3.1% (14.4%)
- Net sales excl. currency effects increased during the quarter by 5.1% (13.2%)
- LFL sales excl. currency effects increased by 0.8% (9.3%)
- Gross profit increased by 3.6% and amounted to MSEK 1,195 (1,153) and the gross margin was 43.9% (43.6%)
- EBITA amounted to MSEK 135 (141) and the EBITA margin was 4.9% (5.3%)
- Net profit for the quarter amounted to MSEK 58 (69)
- Cash flow from operating activities amounted to MSEK -2 (-3)
- There were five (three) new stores opened during the quarter
Sales hit the forecasts really well, as usual. All in all, a perfectly acceptable report. Nothing horrible jumps out at first glance, I’ll have to listen to that webcast on the way home from work this afternoon.
And I didn’t notice that the “guidance” for store openings was raised:
Rusta also revises its forecast for store openings upward, from 40–60 to 50–80 new stores over the next three years.
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Arttu has written a comment on Rusta’s report, partly from Tokmanni’s perspective.
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@Arhi_Kivilahti has made tweets and a post about Rusta + Puuilo. 
https://x.com/ArhiKivilahti/status/1866750708143346003
Link to the post:
https://www.kaupantila.fi/p/puuilolla-ja-rustalla-kasvu-hidastuu
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Rusta increased sales during the third quarter of 2024/25, November to January. Net sales increased by 7.3 percent (7.0) compared to the same quarter last year and amounted to MSEK 3,483 (3,247). Rusta’s wide Christmas offer and strong price position resulted in increased customer visitation and sales. Sweden, Rusta’s largest market, continued to perform well during the quarter and is our fastest growing market. Our pipeline of new stores increased to 44, while Club Rusta expanded to over 6.2 million members, an increase of 12.8%.
Summary of the third quarter 2024/2025:
- Net sales amounted to MSEK 3,483 (3,247), an increase of 7.3% (7.0%)
- Net sales excl. currency effects increased during the quarter by 7.6% (7.4%)
- LFL sales excl. currency effects increased by 4.3% (3.1%)
- Gross profit increased by 5.1% and amounted to MSEK 1,514 (1,440) and the gross margin was 43.5% (44.3%)
- EBITA increased by 3.6% and amounted to MSEK 383 (369) and the EBITA-margin was 11.0% (11.4%)
- Net profit for the quarter amounted to MSEK 257 (243)
- Cash flow from operating activities amounted to MSEK 247 (598)
- Earnings per share before dilution amounted to SEK 1.7 (1.6)
- There was one (three) new store opened during the quarter
Göran Westerberg, CEO of Rusta, comments on the quarter:
“Rusta continues to grow during the important third quarter, driven by both an expanding customer base and rising average ticket value. In our largest market Sweden, the growth rate accelerates, which we attribute to our strong offering combined with improved consumer confidence. We have a continued high inflow of approved new stores, which will increasingly contribute to Rusta’s future growth. As we approach the spring season, we look forward to welcoming a record number of customers to our 220 stores, all offering truly low prices.”
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Arttu has written his thoughts on Rusta’s results.
The Nordic discount retailer Rusta reported Q3’25 sales and earnings (November-January) in line with expectations. Earnings improved due to revenue growth and good control of fixed costs. The development of Tokmanni, which we follow, was quite favorable at the end of the year, as its growth in Sweden was in line with Rusta, and in Finland, Tokmanni, in our estimation, surpassed Rusta’s development.
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Long-time CEO to be replaced. Apparently, there’s no particular drama involved, and the “notice period” is a year. The stock market today responded with a hefty -6% drop.
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Summary of the fourth quarter 2024/2025:
- Net sales amounted to MSEK 2,553 (2,268), an increase of 12.6% (2.9%)
- Net sales excl. currency effects increased during the quarter by 14.5% (3.1%)
- LFL sales excl. currency effects increased by 8.6% (-0.5%)
- Gross profit increased by 7.0% and amounted to MSEK 1,044 (976) and the gross margin was 40.9% (43.0%)
- EBITA amounted to MSEK -15 (-47) and the EBITA-margin was -0.6% (-2.1%)
- Net profit for the quarter amounted to MSEK -69 (-92)
- Cash flow from operating activities amounted to MSEK 272 (37)
- Earnings per share before dilution amounted to SEK -0,5 (-0.6)
- There were six (four) new stores opened during the quarter
Phew, that was a pretty decent earnings report! 
The market has been challenging, and especially for Tokmanni, things have been a bit tougher. It seems that Rusta’s growth has continued quite impressively, even though some sales margins had to be sacrificed.
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Net sales excluding currency effects increased by 6.0 percent (3.5). Net sales amounted to MSEK 3,174 (3,069), an increase of 3.4 percent (3.7). The company’s two largest segments, Sweden and Norway, performed strongly during the quarter with more customers, higher average ticket values and continued improvements to the product mix. However, the Other markets segment noted a decline in sales due to weaker market conditions in Finland during the quarter. Earnings were negatively impacted by currency effects, which are considered temporary. The comparative figures from the same quarter last year include a larger one-off compensation received from Tietoevry for the operational disruptions in 2024, which complicates comparability. Rusta’s pipeline of new stores remains at a record high, and the autumn season commences with a total of six store openings.
Summary of the first quarter 2025/2026:
- Net sales amounted to MSEK 3,174 (3,069), an increase by 3.4% (3.7%)
- Net sales excl. currency effects increased during the quarter by 6.0% (3.5%)
- LFL sales excl. currency effects increased by 1.2% (0.2%)
- Gross profit increased by 0.6% and amounted to MSEK 1,350 (1,343) and the gross margin was 42.6% (43.8%)
- EBITA amounted to MSEK 280 (351) and the EBITA-margin was 8.8% (11.4%)
- Net profit for the quarter amounted to MSEK 174 (231)
- Cash flow from operating activities amounted to MSEK 472 (606)
- Earnings per share before dilution amounted to SEK 1.1 (1.5)
- There were no (1) new stores open during the quarter
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@Arhi_Kivilahti Writing about Rusta’s results. No slowdown in store openings.
Over the next three years, the company believes it will open 50-80 stores. As an interesting detail, the company states that the payback period for a new store would be, on average, one year
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Rusta’s new CEO is recruited from H&M. Cathrine Wigzell will take over as the new CEO after Göran Westerberg on June 1, 2026.
News about Rusta’s new CEO published by EFN on 3/12/2025:
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Great EPS and revenue beat against forecasts. It’s nice to beat forecasts now that I’ve sold my entire position to patient investors. 
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Q3 is out, looks like it’s developing well. Happy to be along for the ride.
- Net sales amounted to MSEK 3,796 (3,483), an increase of 9.0% (7.3%)
- Net sales excl. currency effects increased during the quarter by 10.5% (7.6%)
- LFL sales excl. currency effects increased by 6.5% (4.3%)
- Gross profit increased by 10.4% and amounted to MSEK 1,672 (1,514) and the gross margin was 44.1% (43.5%)
- EBITA amounted to MSEK 476 (383) and the EBITA-margin was 12.5% (11.0%)
- Net profit for the quarter amounted to MSEK 330 (257)
- Cash flow from operating activities amounted to MSEK 865 (247)
- Earnings per share before dilution amounted to SEK 2.2 (1.7)
- There was one (one) new store opened during the quarter
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Lucas Mattsson interviewed Rusta’s CEO Cathrine Wigzell and CFO Sofie Malmunger
Interim report Q4 25/26: Growth across all segments, improved profitability and increased dividend
Rusta increased sales across all segments and improved profitability during the fourth quarter of 2025/26, February to April, despite very strong comparables. Net sales amounted to MSEK 2,679 (2,553) during the quarter, an increase of 4.9 percent. Excluding currency effects, net sales increased by 5.8 percent. Profitability continued to improve during the quarter, driven by a favorable product mix and positive currency effects. Rusta concludes a strong financial year 2025/26 with growth, increased profitability and a continued high expansion pace. The Board of Directors proposes an increased dividend of SEK 1.80 per share for the financial year, up from SEK 1.45 per share in the previous year.
Summary of the fourth quarter 2025/2026:
Figures in brackets refer to the fourth quarter 2024/2025.
- Net sales amounted to MSEK 2,679 (2,553), an increase of 4.9% (12.6%)
- Net sales excl. currency effects increased during the quarter by 5.8% (14.5%)
- LFL sales excl. currency effects increased by 2.1% (8.6%)
- Gross profit increased by 8.7% and amounted to MSEK 1,134 (1,044) and the gross margin was 42.3% (40.9%)
- EBITA amounted to MSEK 0 (-15) and the EBITA-margin was 0.0% (-0.6%)
- Net profit for the quarter amounted to MSEK -61 (-69)
- Cash flow from operating activities amounted to MSEK 175 (272)
- Earnings per share before dilution amounted to SEK -0.4 (-0.5)
- There were eight (six) new stores opened during the quarter
Summary of the financial year 2025/2026:
Figures in brackets refer to the financial year 2024/2025.
- Net sales amounted to MSEK 12,597 (11,828), an increase of 6.5% (6.4%)
- Net sales excl. currency effects increased during the period by 8.0% (7.3%)
- LFL sales excl. currency effects increased by 5.0% (3.2%)
- Gross profit increased by 7.5% and amounted to MSEK 5,476 (5,095) and the gross margin was 43.5% (43.1%)
- EBITA amounted to MSEK 953 (853) and the EBITA-margin was 7.6% (7.2%)
- Net profit for the period amounted to MSEK 549 (476)
- Cash flow from operating activities amounted to MSEK 1,663 (1,123)
- Earnings per share before dilution amounted to SEK 3.6 (3.1)
- There were 14 (13) new stores opened during the period
- The Board of Directors proposes a dividend of SEK 1.80 (1.45) per share
Cathrine Wigzell, CEO of Rusta, comments on the quarter and the full year:
“I am pleased to report a solid fourth quarter in my first interim report as CEO of Rusta. All segments increased sales despite very strong comparables, and both customer traffic and the average ticket grew. Profitability improved, driven by a favorable product mix and positive currency effects. We have a strong financial position and we maintain a high expansion pace with a total of eight store openings during the quarter. Our strategy remains unchanged, and we will continue to drive Rusta’s expansion through new store openings while further developing our concept and assortment to reach even more customers.
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Hi!
We have published an Aktiebrief (Equity Letter) on Rusta today, available in Finnish, Swedish, and Danish. For those of you unfamiliar with the Aktiebrief concept, its purpose is to deliver concise and accessible content that makes it quick and easy to discover new investment ideas and understand the investment cases.
Rusta Aktiebrief (Finnish): Osakebriiffi: Rusta - Inderes
Rusta Aktiebrief (Swedish): Aktiebrief: Rusta - Inderes
Rusta Aktiebrief (Danish): Aktiebrev: Rusta - Inderes
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