2008 12-17 Q1 2008/2009 Results
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2008 12-17 Q1 2008/2009 Results

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2008 12-17 Q1 2008/2009 Results 2008 12-17 Q1 2008/2009 Results Presentation Transcript

  • KappAhl First Quarter Report 2008/09 September 1 to November 30, 2008 1
  • Disclaimer• These materials may not be copied, published, distributed or transmitted to third parties.• These materials may contain forward-looking statements. If so, such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read our earnings report and our most recent annual report for a better understanding of these risks and uncertainties.• These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States. 2
  • First Quarter Report September 1 to November 30, 2008/09 Agenda • Introduction • Q1 2008 – Highlights – Income Statement – Net Sales – Profitability drivers – Sales breakdown Christian W. Jansson, – Cash flow President & CEO • Store expansion aligned to plan • Future approach • Key conclusions Håkan Westin, CFO 3
  • First Quarter Report September 1 to November 30, 2008/09• Market under pressure• Increased market shares• Net sales MSEK 1 266 (1 247) Christian W. Jansson,• Operating profit MSEK 176 (206) President & CEO• Continuing strong gross margin• Inventory in balance Håkan Westin, CFO 4
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  • Financial Highlights – Q1 September 1 to November 30, 2008 – Net sales 1 266 (1 247) MSEK, an increase of 1.5 percent – Operating profit MSEK 176 (206), a decrease of 15 percent – Gross margin 64.3 (63.9) percent and operating margin 13.9 (16.5) percent – Profit after taxes MSEK 113 (138), or SEK 1.51 (1.84) per share – Cash flow from continuing operations MSEK 127 (196) 6
  • Income Statement – Q1MSEK Sept-Nov 2008/09 2007/08Net sales 1266 1247Cost of goods sold -452 -450Gross profit 814 797Selling expenses -605 -558Administrative expenses -33 -33Other operating income - -Operating profit 176 206Financial income 3 3Financial expense -22 -18Profit before tax 157 191Tax expense -44 -53Net profit 113 138 7
  • Net Sales – Q1Sept-Nov MSEK %Net sales Q1 2007/08 1 247Currency effect +0.1New net stores +5.0Like For Like -3.6Net sales Q1 2008/09 1 266 +1.5! Increasing growth from new stores! End of period weaker than beginning! Increased market shares 8
  • Profitability drivers – Q1 2008/09 Sales 102% Gross profit 102% Costs 108% Operating income 85% ! Sales increase not enough to offset cost increase 9
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  • Sales breakdown - Q1 September 1 to November 30, 2008/09MSEK 2008/09 2007/08 Change SEK Local 1,315 currency 679Sweden 700 701 -0.1% -0.1% 278Norway 340 357 -4.8% -2.7% 107Finland 153 137 11.7% 5,1%Polen 73 52 40.4% 27.0%Totalt 1 267 1 247 1.5% Poland Finland 5% (4%) 12% (12%) Sweden Norway 55% (56%) 28% (28%) 11
  • Cash flow – Q1September 1 to November 30, 2008/09MSEK 2008/09 2007/08Cash flow from continuing operations 194 227before changes in working capitalChanges in working capital -67 -31Cash flow from operating activities 127 196Cash flow from investment activities -104 -69Cash flow from investing activities 23 127Change bank overdraft facility -31 -75Other from financial activities 0 -3Cash flow from financing activities -31 -78Cash flow for the period -8 49 12
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  • Store expansionEnd November 2008;306 stores and 53 new contracts,of which 23 in Poland • Present stores • Opening stores 14
  • Future approach! Maintain gross margin with focus on gross profit! Continuing store expansion program! Establish additional markets! Increased focus on cost containment 15
  • Key conclusions! Market under pressure! Increased market shares! Strong gross margin! Contribution from new stores will increase, the expansion aligned to plan 16
  • You look great We don’t believe in selling a lifestyle. You have one already. We don’t believe in expensive collections for an exclusive few. We believe in fashion that suits you.We don’t believe in eternal youth, however we believe that people mature, grow wiser and even more beautiful. Take it as a compliment. 17
  • Questions? 18
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