Download - 2010 12-22 Q1 2010/2011 Results
Weak sales Q1 September 2010 – November 2010
2
Håkan Westin, CFO
Christian W. Jansson CEO
Agenda
• Q1 2010/2011
• Market situation
• Conclusions
• Questions
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Highlights Q1
• Like-for-like sales not up to our
expectations
• Good sales increase from new stores
• 15 stores opened
• Launch of Hampton Republic 27
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KappAhl Q1: Campaigns during period
Sentimental Journey
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5
• 360 stores
• 15 stores opened in Q1
• Significant contribution
from new stores in
sales and profit
• 44 new stores under
contract
• Total of 27 stores this
year
99
157 58
43
Prague
Warsaw
Stockholm
Helsinki Oslo
3
Stores November 2010
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Financial highlights, Q1 September - November 2010
• Net sales MSEK 1 341 (1 344), -0,2%
• Operating profit MSEK 146 (207), -29%
• Gross margin 63,4 (65,0)%
• Operating margin 10,9 (15,4)%
• Net profit MSEK 95 (178), equivalent to
SEK 1.27 (2.37) per share. Last year
included deferred taxes of MSEK 39.
• Cash flow from continuing operations
MSEK 60 (133)
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Income statement, Q1 September - November 2010
MSEK 2010/11 2009/10
Net Sales 1 341 1 344
Cost of goods sold -491 -470
Gross profit 850 874
Selling expenses -669 -630
Administrative expenses -35 -37
Operating profit 146 207
Financial income 0 0
Financial expense -17 -18
Profit before tax 129 189
Tax expense -34 -11
Net profit 95 178
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Sales, Q1 September - November 2010
MSEK %
Net sales Q1 2009/10 1 344
New stores net 5,8
Like For Like -3,1
Currency effect -2,9
Net sales Q1 2010/11 1 341 -0,2
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Sales breakdown, Q1 September - November 2010
MSEK Q1 10/11 Q1 09/10
Change
in SEK
Local
currency
Sweden 726 717 1,3% 1,3%
Norway 358 376 -4,8% 0,2%
Finland 152 166 -8,4% 1,6%
Poland 101 84 20,2% 25,5%
Czech Republic 4 1 300,0% 173,0%
Total 1 341 1 344 -0,2% -
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Present market situation
• Strong financial development in our
markets
– Industry is the driver
– Retail sales develop slower
– Fashion sales weaker than expected
• Increasing sourcing costs remains a
concern
• Private consumption expected to grow
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Sales growth
12
Gross margin
13
Operating margin excl. one-offs
14
Return on capital/employed
15
• Business concept – proven long term
stability
• Like-for-like – key focus going forward
• Strong gross margin
• Strong cash flow
– Reduced tax payment going forward
Key conclusion
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In store now
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