2008 04-02 Q2 & Half-Year 2007/2008 Results

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2008 04-02 Q2 & Half-Year 2007/2008 Results

  1. 1. Second quarter &half-year reportDecember 1, 2007 to February 29, 2008 Another strong quarter Christian W. Jansson, President & CEO Håkan Westin, CFO 1
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  3. 3. Disclaimer These materials may not be copied, published,distributed or transmitted to third parties. These materials may contain forward-lookingstatements. If so, such statements are based on ourcurrent expectations and are subject to risks anduncertainties that could negatively affect ourbusiness. Please read our earnings report and ourmost recent annual report for a better understandingof these risks and uncertainties. These materials do not constitute or form part ofany offer or invitation to sell or issue, or anysolicitation of any offer to purchase or subscribe for,any securities, nor shall part, or all, of thesematerials or their distribution form the basis of, or berelied on in connection with, any contract orinvestment decision in relation to any securities.These materials and the information containedherein are not an offer of securities for sale in theUnited States and are not for publication ordistribution to persons in the United States. 3
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  5. 5. Number of stores 280 stores end February 133 44 2008 46 new stores under contract 85 18 5
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  7. 7. Financial highlights Q2 December 1, 2007 – February 29, 2008Net sales MSEK 1,132 (1,088), an increase of 4.0percent.Operating profit MSEK 118 (117). Excluding one-offs,an increase of 13.5 percent.Gross margin 59.6 (57.7) percent and operating margin10.4 (10.8) percent.Profit after taxes MSEK 74 (338), equivalent SEK 0.99(4.50) per share.Cash flow from operating activities MSEK 183 (104). 7
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  9. 9. Income statement Q2MSEK Dec-Feb 07/08 06/07Net sales 1,132 1,088Cost of goods sold -457 -460Gross profit 675 628Selling expenses -521 -488Administrative expenses -36 -36Other operating income 0 13Operating profit 118 117Financial income 3 10Financial expense -18 -33Profit before tax 103 94Tax expense -29 244Net profit 74 338 9
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  11. 11. Sales Q2 MSEK %Net sales Q2 2006/2007 1,088Currency effect +1.8New net stores +1.8Like For Like growth +0.4Net sales Q2 2007/2008 1,132 +4.0Beginning of period not satisfactoryContribution from new stores willincrease 11
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  13. 13. Profitability drivers Q2 (excl. one-offs) 2007/2008 Sales 104% Gross profit 107% Costs 106% Operating income 113% Further improved operating margin 13
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  15. 15. Financial highlights half-year September 1, 2007 – February 29, 2008 Net sales MSEK 2,379 (2,277), an increase of 4.5 percent. Operating profit MSEK 324 (303). Excluding one-offs, an increase of 11.7 percent. Gross margin 61.9 (60.1) percent and operating margin 13.6 (13.3) percent. Profit after taxes MSEK 212 (461), equivalent SEK 2.83 (6.14) per share. Cash flow from operating activities MSEK 379 (313). 15
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  17. 17. Income statement half-year MSEK Sept-Feb 07/08 06/07 Net sales 2,379 2,277 Cost of goods sold -907 -909 Gross profit 1,472 1,368 Selling expenses -1,079 -1,001 Administrative expenses -69 -77 Other operating income 0 13 Operating profit 324 303 Financial income 6 12 Financial expense -36 -49 Profit before tax 294 266 Tax expense -82 195 Net profit 212 461 17
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  19. 19. Sales half-year MSEK %Net sales 2006/2007 2,277Currency effect +2.2New net stores +1.1Like For Like growth +1.2Net sales 2007/2008 2,379 +4.5 19
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  21. 21. Sales breakdown half-year Growth MSEK 07/08 06/07 SEK Loc.cur. Sweden 1,315 1,297 1.4% 1.4% Norway 679 640 6.1% 0.0% Finland 278 255 9.0% 7.4% Poland 107 85 25.9% 16.2% Total 2,379 2,277 4.5% Poland Finland 4% (4%) 12% (11%) Sweden Norway 55% 29% (57%) (28%) 21
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  23. 23. Profitability drivers half-year (excl. one-offs) 2007/2008 Sales 105% Gross profit 108% Costs 106% Operating income 112% Further improved operating margin 23
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  25. 25. Cash flow, half-yearMSEK Sept-Feb 07/08 06/07Cash flow from operations before working capital changes 366 331Changes in working capital 13 -18 Cash flow from operating activities 379 313 Cash flow investing activities -115 -147 Cash flow after investments 264 166 Change in revolving credit 648 59 Dividends -825 -188 Cash flow from other financing activities -111 1,556Net cash flow for the period -24 1,593 25
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  27. 27. Future approach Maintain gross margin Continue store expansion program Establish additional markets 27
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  29. 29. Key conclusions Strong gross margin Excellent cash flow Contribution from new stores will increase 29
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  31. 31. 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. 31
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