FIRST QUARTER, JANUARY 1 – MARCH 31, 2011
- The Group’s net sales increased by 2 percent to SEK 151.3 million (148.4). Excluding currency effects, sales rose by 6 percent.
- The gross profit margin decreased to 50.4 percent (51.6).
- Operating profit amounted to SEK 28.4 million (36.0), a decrease of 21 percent.
- Profit after tax amounted to SEK 20.7 million (25.8), a decrease of 20 percent.
- Earnings per share decreased to SEK 0.89 (1.03).
Fully diluted earnings per share amounted to SEK 0.88 (1.01).
- Brand sales (excluding VAT) increased by 1 percent excluding currency effects. Using current exchange rates sales decreased by 6 percent to SEK 431 million (461).
- A new subsidiary in the Netherlands, Björn Borg Sport, was established together with the Dutch distributor to produce fashionable and functional sportswear.
- In-house distribution of footwear in the Baltic countries was launched during the first quarter.
QUOTE FROM THE PRESIDENT
“During the first quarter of the year the Group’s sales excluding currency effects rose by 6 percent year-onyear. We saw good growth in several of our new markets, which account for a growing share of total brand sales. The first quarter was highlighted by the startup of a new clothing company, Björn Borg Sport, where we see good future growth opportunities, as well as investments in our operations in England and e-commerce. The decrease in operating profit compared to last year is mainly a consequence of increased costs for these ventures” says Arthur Engel.
For further information, please contact:
Arthur Engel, President and CEO, telephone +46 8 506 33 700
Magnus Teeling, CFO, telephone +46 8 506 33 700
Björn Borg AB
SE-118 30 Stockholm, Sweden
Björn Borg is required to make public the information in this report in accordance with the Securities Market Act. The information was released for publication on May 4, 2011 at 7:30 am (CET).