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Tough market conditions hit Q2 financials at Bjorn Borg
21
Aug '14
Tough market conditions led to Swedish fashion retailer – Bjorn Borg, a marketer of innerwear and sportswear, witnessing decline across all key financial parameters including sales, net profit and EPS in the second quarter of 2014.

The Group’s net sales fell 8 percent to SEK 97.0 million in the second quarter of 2014, down from SEK 105.8 million from same quarter of 2013. Excluding currency effects, revenues were down 10 percent, from a year ago.

In the period April to June 2014, gross profit margin at Bjorn Borg slipped to 52.5 percent from 52.1 from corresponding quarter of 2013. Operating profit in the second quarter of 2014, amounted to SEK 0.5 million against SEK 0.9 million in prior year quarter.

Profit after tax declined to SEK 2.2 million in the quarter under review from SEK 3.4 million, a year earlier. Earnings per share amounted to SEK 0.15 compared to SEK 0.23.

Henrik Bunge, the new CEO at Bjorn Borg says, “During the second quarter we and our distributors experienced continued tough market conditions, particularly in our larger markets. On the positive side, our operations in Finland and England continue to perform well.”

He adds, “At the same time we have good cost control. Now I look forward to working with the team at Bjorn Borg to set a clear direction and to increase our focus on consumers.”

Fibre2fashion News Desk - India

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