Monnari Trade (MON) today released preliminary sales figures for 1Q24 of 72.1 mpln (66.5 mpln), a q/q growth of 8.8%. What is somewhat interesting is that this growth (which is just above the 10-year CAGR) has occurred despite that the number of showrooms (q/q) have been decreasing by 8.6% to 213 (from 233). This, of course, suggests a margin improvement during Q1.
Perhaps even more interesting is that during the first quarter of the year, the chairman and major shareholder Misztal purchased about 550k shares (2.1% of NOSH) over the market at prices between 5.10 – 5.40 PLN; totaling 2.85 million PLN. This, while the company has, on a weekly basis through continuous "micro-purchases", repurchased 0.60% of the outstanding shares so far in 2024, totaling about 0.8 million PLN.
MON will release its annual report on 2024-04-26 and the first quarter report of the year on 2024-05-24. Lastly, I just found a well-researched write-up on the company from late 2023 by Bebop Value.
(Disclaimer: at the time of publication, the writer owns shares in the mentioned company)
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