- The Group’s net sales increased by 6 percent to SEK 123.1 million (115.9). Excluding currency effects, sales increased by 7 percent.
- The gross profit margin was 52.4 percent (56.3). The change is attributable to the operations of Björn Borg Sport.
- Operating profit amounted to SEK 14.1 million (24.5) and was affected by approximately SEK 3.5 millionfrom investments in Björn Borg Sport and England as well as one-off expenses in connection with the move to a new office in Stockholm.
- Profit after tax amounted to SEK 49.0 million (17.6). This includes the recognition of deferred tax revenue of SEK 38.4 million.
- Earnings per share amounted to SEK 1.92 (0.70), excluding deferred tax revenue earnings per share amounted to SEK 0.40. Fully diluted earnings per share amounted to SEK 1.92 (0.70).
- Brand sales* (excluding VAT) decreased by 10 percent to SEK 384 million (428). The decrease excluding currency effects was 10 percent.
JANUARY 1 – DECEMBER 31, 2011
- The Group’s net sales were largely unchanged at SEK 536.5 million (536.0). Excluding currency effects, sales rose by 5 percent.
- The gross profit margin was 51.5 percent (53.6). The change is attributable to the operations of Björn Borg Sport.
- Operating profit amounted to SEK 83.7 million (126.0). The investments in Björn Borg Sport and operations in England, together with move-related expenses, affected profit by approximately SEK 17.2 million.
- Profit after tax amounted to SEK 100.2 million (90.8). This includes the recognition of deferred tax assets of SEK 38.4 million.
- Earnings per share amounted to SEK 4.19 (3.61), ex cluding deferred tax revenue earnings per share amounted to SEK 2.66. Fully diluted earnings per share amounted to SEK 4.19 (3.57).
- Brand sales* (excluding VAT) decreased by 3 percent to SEK 1,681 million (1,733). Excluding currency effects, sales increased by 1 percent.
- The Board of Directors has recommended that the Annual General Meeting approve a distribution of SEK 4.00 (5.20) per share, totaling SEK 100.6 million (130.8).
QUOTE FROM THE CEO
“Despite the weak retail market conditions Björn Borg reached unchanged net sales because of the larger investments for the future initiated in 2011. These investments affected our result negatively, but paves the way for future profitable growth. In 2012 we are taking another important step in our continued expansion by establishing Björn Borg in China,” said CEO 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 is required to make public the information in this report in accordance with the Securities Market Act.
The information was released for publication on February 9, 2012 at 7:30 am (CET).
