As previously communicated, Björn Borg AB estimates that the outbreak of the Corona virus will have substantial negative financial impact on the Björn Borg Group’s business.
The extent of such impact is difficult to assess, but the company continues to see negative financial effects of the outbreak and therefore estimates that both the turnover and the operating profit, partly during the first quarter, but mainly during the second and third quarters in 2020, will be less than the corresponding periods during 2019. Björn Borg maintain the long-term financial objectives previously communicated but assess that they will not be possible to meet for 2020.
Björn Borg continues to take extensive measures to minimize the negative effects of the outbreak, including the previously announced short-term layoffs and the withdrawal of the proposal for dividend to shareholders. The Björn Borg Group further continues to take measures, in all markets, to reduce operational costs.
Björn Borg has, despite the strained situation, a good financial position with satisfactory liquidity. The interest-bearing net debt is as of today at the same level as on December 31, 2019.
This information is information that Björn Borg AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 3 pm CET on April 22, 2020.
For further information, please contact:
Henrik Bunge, CEO
Tel: +46 70 234 76 20
Heiner Olbrich, Chairman of the Board
Tel: +49 171 339 11 91