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MQ Holding Q2’FY14 net sales grow 5.3%

March 24, 2014 (Sweden)

MQ captures market shares and delivers strong earnings increase for second quarter.
Healthy sales in key months combined with Christmas shopping and sales, as well as early demand for spring fashion generated a strong second quarter for MQ. Earnings are significantly better than the year-earlier period. The positive trend from the first quarter continued and improved during the second quarter.
 
Second quarter (December 2013–February 2014)
-Net sales amounted to SEK 417 million (396), up 5.3 percent. Sales in comparable stores increased 3.4 percent (according to the Swedish Retail Institute Index, the market contracted by 0.4 percent.)
-The gross margin was 49.6 percent (49.5).
-Operating profit amounted to SEK 20 million (4), corresponding to an operating margin of 4.9 percent (0.9).
-Profit after tax amounted to SEK 14 million (1), corresponding to SEK 0.40 (0.02) per share after dilution.
-Cash flow from operating activities was SEK 49 million (34).
-First six months (September 2013 - February 2014)
-Net sales amounted to SEK 789 million (760), up 3.8 percent. Sales in comparable stores increased 1.6 percent (according to the Swedish Retail Institute Index, the market contracted by 1.3 percent.)
-The gross margin was 54.5 percent (54.8).
-Operating profit amounted to SEK 55 million (25), corresponding to an operating margin of 7.0 percent (3.2).
-Profit after tax amounted to SEK 39 million (14), corresponding to SEK 1.12 (0.40) per share after dilution.
-Cash flow from operating activities was 55 million (29).
 
Events during the second quarter
-No significant events occurred during the second quarter.
-Events after the end of the reporting period
 
MQ’s brand portfolio strengthened in March with three new brands; Sail Racing, Ilse Jacobsen and A-One. One store in Malmö closed; Malmö entré. MQ is one of Sweden’s leading retailers of fashion brands. Through a select mix of proprietary and external brands, MQ offers men’s and women’s clothes with a high fashion content in attractive stores. The store chain currently comprises 122 stores and the aim is to establish MQ as the leading retailer of fashion brands in the Nordic region. 
 

MQ Holding AB
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