Björn Borg Ab announces interim report for the first quarter from January 1 – March 31, 2014.
-The Group’s net sales increased by 9 percent to SEK 142.8 million (130.8). Excluding currency effects, sales rose by 8 percent.
-The gross profit margin was 52.8 percent (50.1).
-Operating profit amounted to SEK 19.0 million (9.2).
-Profit after tax amounted to SEK 15.6 million (6.0).
-Earnings per share before and after dilution amounted to SEK 0.62 (0.30).
-Brand sales (excluding VAT) decreased by 12 percent to SEK 382 million (432). Excluding currency effects, the decrease was 14 percent.
-During the quarter it was announced that Henrik Bunge has been appointed the new CEO of Björn Borg. Henrik Bunge will assume the position on August 1, 2014.
Henrik Fischer, Acting CEO, said, “This year’s first quarter was mixed. We saw increases in revenue, gross profit margin and operating margin, mainly because of shipment delays from the previous quarter until the first quarter of 2014. Better profitability in the Swedish wholesaling operations and a strong performance by our operations in England and Finland contributed positively at the same time that sales of our spring and summer collections decreased compared with the previous year.”