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Welcome!
Presentation
Second Quarter Report for the period
Q2 Dec 2008 – Febr 2009
Q1-Q2 Sept 2008 – Febr 2009
Håkan Westin, CFO
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Introduction
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Q2 2008/09•
Highlights
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Income Statement
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Cash Flow, Sales
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Profitability drivers
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Q1-Q2 2008/09•
Highlights
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Income Statement
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Cash Flow, Sales
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Sales breakdown
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Profitability drivers
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Present market situation
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Future approach
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Key conclusions
Second Quarter Report
Christian W. Jansson, CEO
Highlights - Second Quarter Report December 2008 to February 2009
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Increased market shares in a weaker market
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Net sales MSEK 1 168 (1 132)•
Operating profit MSEK 65 (118)
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Balanced stock level
Stores per February 2009
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304 operating stores (+ 24) •
50 new stores under contract
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13 new stores during Q1-Q2, 29 for the full year
87
140 51
26
Advertising spring 2009 – focusing trousers
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Net sales MSEK 1 168 (1 132), an increase of 3.2 percent.
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Operating profit MSEK 65 (118), a decrease of 45 percent.
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Gross margin 58.0 (59.6) percent and operating margin 5.6 (10.4) percent.
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Net profit MSEK 34 (74), equivalent SEK 0.45 (0.99) per share.
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Cash flow from continuing operations MSEK 133 (183).
Second Quarter Report December 2008 to February 2009
MSEK 2008/09 2007/08Net sales 1168 1132Cost of goods sold -490 -4457Gross profit 678 675Selling expenses -574 -521Administrative expenses -39 -36Other operating income - -Operating profit 65 118Financial income 3 3Financial expense -21 -18Profit before tax 47 103Tax expense -13 -29Net profit 34 74
Income Statement - Q2 December 2008 to February 2009
Cash flow – Q2 December 2008 to February 2009
MSEK 2008/09 2007/08Cash flow from continuing operations before changes in working capital
94 139
Changes in working capital 39 44Cash flow from continuing operations 133 183Cash flow from investment activities -62 -46Cash flow after investments 71 137Change bank overdraft facility 258 615Dividend / Redemption of shares -338 -825Other from financial activities -80 -210Cash flow for the period -9 -73
Sales - Q2 December 2008 to February 2009
MSEK %
Net sales Q2 2007/08 1 168
New stores net +5.1
Like For Like -4.3
Currency effect +2.4
Net sales Q2 2008/09 1 132 +3.2
2008/09Sales 3.2%
Gross profit 0.4%
Costs 10.0%
Operating income -44.9%
Profitability drivers - Q2 December 2008 to February 2009
Cost increase due to• new stores• existing operation
- rent• currency effect
Advertising spring 2009 – focusing trousers
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Net sales 2 434 (2 379) MSEK, an increase of 2.3 percent.
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Operating profit 241 (324) MSEK, a decrease of 25.6 percent.
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Gross margin 61.3 (61.9) percent and operating margin 9.9 (13.6) percent.
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Net profit 147 (212) MSEK, equivalent SEK 1.96 (2.83) per share.
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Cash flow from continuing operations MSEK 260 (379).
Financial Highlights – Q1-Q2 September 2008 to February 2009
MSEK 2008/09 2007/08Net sales 2 434 2 379Cost of goods sold -942 -907Gross profit 1 492 1 472Selling expenses -1 179 -1 079Administrative expenses -72 -69Other operating income - -Operating profit 241 324Financial income 6 6Financial expense -43 -36Profit before tax 204 294Tax expense -57 -82Net profit 147 212
Income Statement – Q1-Q2 September 2008 to February 2009
Cash flow– Q1-Q2 September 2008 to February 28 2009
MSEK 2008/09 2007/08Cash flow from continuing operations before changes in working capital
288 366
Changes in working capital -28 13Cash flow from continuing operations 260 379Cash flow from investment activities -166 -115Cash flow after investments 94 264Change bank overdraft facility 227 537Dividend / Redemption of shares -338 -825Other from financial activities -111 -288Cash flow for the period -17 -24
Sales – Q1-Q2 September 2008 to February 2009
MSEK %Net sales 2007/08 2 434New stores net +4.8Like For Like -3.9Currency effect +1.4Net sales 2008/09 2 379 +2.3
1,315679278
107
MSEK 2008/09 2007/08 Growth
SEK Local currency
Sweden 1 315 1 315 0,2% 0,2%
Norway 666 679 -1.9% -1.9%
Finland 318 278 14.4% 3.2%
Polen 135 107 10.7% 16.1%
Totalt 2 434 1 132 3,2%
Sales breakdown per country – Q1-Q2 September 2008 to February 2009
Finland13% (12%)
Sweden54% (55%)Norway
27% (28%)
Poland6% (5%)
2008/09Sales 2.3%
Gross profit 1.4%
Costs 9.0%
Operating income -25.6%
Profitability drivers – Q1-Q2 September 2008 to February 2009
Cost increase due to• new stores• existing operation
- rent• currency effect
The market will be weak going forward
Our concept help us to increase market shares
Our expansion with new stores is long term important to fulfill the strategy for profitable growth
Comments on the present market situation
Maintain gross margin
Continuing strong store expansion program
Ongoing daily cost containment
Future approach
A decreasing demand in the market
Our concept help us to increase market shares
Strong gross margin
Key conclusions
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These materials may contain forward-looking statements. If so, such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read our earnings report and our most recent annual report for a better understanding of these risks and uncertainties.
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These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States.
Disclaimer
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