KappAhl Q2 2010/2011 presentation

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KappAhl Q2 2010/2011 presentation

  1. 1. September 2010 – February 2011
  2. 2. Agenda • Q2 and half year 2010/2011Christian W. Jansson CEO • Production conditions • Present market situation • Going forward • Questions Håkan Westin, CFO 2
  3. 3. Highlights• Like-for-like sales not up to our expectations• Stable gross margin• Good cost control 3
  4. 4. Campaigns during period 4
  5. 5. Stores February 2011• 360 stores• 54 new stores under contract• Total of 25 stores this year 5
  6. 6. Financial highlights, Q2Dec 2010 - Feb 2011• Net sales MSEK 1 188 (1 256), a decrease of 5.4 percent• Operating profit MSEK 16 (76)• Gross margin 57.2 (57.7) percent• Operating margin 1.3 (6.1) percent 6
  7. 7. Income statement, Q2Dec 2010 - Feb 2011MSEK 2010/11 2009/10Net Sales 1 188 1 256Cost of goods sold -508 -531Gross profit 680 725Selling expenses -624 -615Administrative expenses -40 -34Operating profit 16 76Financial income 0 1Financial expense -15 -23Profit before tax 1 54Tax expense 0 -20Net profit 1 34 7
  8. 8. Sales, Q2Dec 2010 - Feb 2011 MSEK %Net sales 2009/10 1 256New stores net 3.5Like For Like -4.6Currency effect -4.3Net sales 2010/11 1 188 -5.4 8
  9. 9. Financial highlightsQ1-Q2 Sept 2010 - Feb 2011• Net sales MSEK 2 529 (2 600), a decrease of 2.7 percent• Operating profit MSEK 162 (283)• Gross margin 60.5 (61,5) percent• Operating margin 6.4 (10.9) percent 9
  10. 10. Income statement, Q1-Q2Sept 2010 - Feb 2011MSEK 2010/11 2009/10Net Sales 2 529 2 600Cost of goods sold -999 -1 001Gross profit 1 530 1 599Selling expenses -1 293 -1 245Administrative expenses -75 -71Operating profit 162 283Financial income 0 1Financial expense -32 -41Profit before tax 130 243Tax expense -34 -31Net profit 96 212 10
  11. 11. Cash flow, Q1-Q2Sept 2010 - Feb 2011MSEK 2010/11 2009/10Cash flow from continuing 174 281operations before changes inworking capitalChanges in working capital -126 11Cash flow from continuing 48 292operationsCash flow from investment activities -97 -103Cash flow after investments -49 189Change bank overdraft facility 292 -102Dividend -244 -94Cash flow for the period -1 -7 11
  12. 12. Sales, Q1-Q2Sept 2010 - Feb 2011 MSEK %Net sales 2009/10 2 600New stores net 4.6Like For Like -3.7Currency effect -3.6Net sales 2010/11 2 529 -2,7 12
  13. 13. Sales breakdown, Q1-Q2 Sept 2010 - Feb 2011 Change LocalMSEK 2010/11 2009/10 in SEK currencySweden 1 365 1 365 0% 0%Norway 671 732 -8.3% -1.8%Finland 297 336 -11.6% -0.5%Poland 188 164 14.3% 23.2%Czech Republic 8 3 166.7% 169.3%Total 2 529 2 600 -2.7% 13
  14. 14. Production conditions• Shortage of capacity• Sharply increasing cotton prices – The future market indicates a lower price later this year• Increasing salaries 14
  15. 15. Present market conditions• Weak market – Good purchase power – Improving labor market But – Increasing energy prices – Higher interest rates 15
  16. 16. Going forward• Continue to develop the business concept• New advertising and store expressions• Customer loyalty program• E-commerce• Focus on design• Cost containment• Reduced stock• Expansion plans continues 16
  17. 17. DisclaimerThese materials may not be copied, published, distributed ortransmitted to third parties.These materials may contain forward-looking statements. If so,such statements are based on our current expectations and aresubject to risks and uncertainties that could negatively affect ourbusiness. Please read our earnings report and our most recentannual report for a better understanding of these risks anduncertainties.These materials do not constitute or form part of any offer orinvitation to sell or issue, or any solicitation of any offer to purchaseor subscribe for, any securities, nor shall part, or all, of thesematerials or their distribution form the basis of, or be relied on inconnection with, any contract or investment decision in relation toany securities. These materials and the information containedherein are not an offer of securities for sale in the United Statesand are not for publication or distribution to persons in the UnitedStates. 17
  18. 18. Spring 2011 – Design by KappAhl Royal wedding 18

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