FIRST QUARTER, JANUARY 1 – MARCH 31, 2010
- The Group’s net sales decreased by 10 percent to SEK 148.4 million (164.7).
- The gross profit margin increased to 51.6 percent (49.3).
- Operating profit decreased to SEK 36.0 million (37.6), or by 4 percent.
- Profit after tax decreased to SEK 25.8 million (28.9), or by 11 percent.
- Earnings per share decreased to SEK 1.03 (1.15). Fully diluted earnings per share amounted to SEK 1.01 (1.15).
- Brand sales decreased (excluding VAT) by 24 percent to SEK 461 million (602).
- In April a letter of intent was signed with a new distributor in France.
COMMENT FROM THE PRESIDENT
“The first quarter of the year shared similarities with the end of 2009, with declining brand sales and consolidated revenue, but at the same time we are seeing positive signs. We have continued to improve in areas that we consider crucial to reaching our goal to be the best in the world in fashion underwear, including an increased number of new products, impactful campaigns and a new distributor in France”, said Arthur Engel.
For further information, please contact:
Arthur Engel, President and CEO, telephone +46 8 506 33 700
Johan Mark, CFO, telephone +46 8 506 33 700