COMMENTS
SUMMARY OF THE QUARTER JULY - SEPTEMBER
Net sales increased by 17 % (9 % excl currency fluctuations) compared with last year. The Group had growth
in the segments Corporate Promo and Sports & Leisure, which increased by 25 % and 15 % respectively.
Corporate Promo increased primarily in the regions of USA and Other countries. Sports & Leisure had growth
primarily in Sweden and Central Europe. Gifts & Home Furnishings decreased by 5 % which was primarily
related to Sweden.
Sales channel promo increased by 23 %, which is related to the segments Corporate Promo and Sports &
Leisure. The sales channel retail, increased by 10 % and the improvement is primarily related to Sports & Leisure.
The gross profit margin decreased compared with last year and
amounted to 46.1 (47.9) %. The Groups finance net improved due to lower interest costs. Result
for the period amounted to SEK 88.4 (105.3) million.
External costs and personnel costs increased compared to last
year. The Group has during the quarter continued its planned
activities within sales and marketing. These activities have been done
in both sales channels but primarily in our retail sales channel. In
addition, a number of companies have made improvements in their
distributions centers in order to increase their service level. Also,
the number of employees within sales, distribution centers and
customer service continues to increase. Cash flow from operating activities amounted to
SEK -83.0 (-10.4) million. The lower cash flow is an effect of
lower operating result and higher purchases of goods. Inventories
increased by SEK 534.5 million and amounted to SEK 3,280.6
(2,746.1) million of which currency fluctuations increased the value
by SEK 93.2 million. Net debt increased by SEK 188.6 million
and amounted to SEK 1,910.5 (1,721.9) million. Net debt to equity
ratio and net debt in relation to working capital decreased to
58.4 (60.7) % and 59.4 (61.7) %.
Operating result decreased by SEK 25.5 million compared with last
year and amounted to SEK 117.5 (143.0) million.
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