Home / Knowledge / News / Apparel/Garments / MQ CEO not satisfied with sales development
MQ CEO not satisfied with sales development
22
Dec '10
MQ Holding AB, one of Sweden's leading branded fashion wear chains announced Interim Report 2010.

First quarter (September-November 2010)

• Net sales amounted to SEK 368 million (355), up 3.8 percent. Sales in comparable stores fell 1.0 percent.
• Gross margin was SEK 64.5 percent (64.7).
• Operating profit totalled SEK 54 million (46), representing an operating margin of 14.8 percent (13.1).
• Profit after tax amounted to SEK 38 million (19), or SEK 1.08 SEK (0.87) per share after dilution.
• Cash flow from operating activities totalled SEK 23 million (21).

Events during the first quarter

• Launch in Norway, with the first store in central Oslo – considerable publicity, and the venture is progressing as planned.
• Three new stores in Sweden – Bromma, Växjö and an outlet store at Kungens Kurva.
• Launch of MQ's e-trade unit as a supplement to the chain's 110 street stores.
• Recruitment of a design manager for the newly created position, effective 1 February 2011. The executive management team was strengthened with the inclusion of the Market Manager and Sales Manager during the quarter.

Events after the end of the reporting period

• MQ's second store in Norway opened in Drammen on 9 December 2010

Johan Elfner, CEO's statement The first quarter of 2010/2011 showed a 17 percent improvement in operating profit as a result of increased sales, retained high gross margin and good cost control. The increase in total sales during the quarter was driven by new stores. At the same time, like-for-like sales fell 1 percent.

Still, this was better than the Swedish fashion market as a whole which reported a 2.6 percent decline. Despite that we are not satisfied with the sales development, however we see that our efforts strengthening the offering - primarily in women's fashions - has begun to gain interest among consumers.

To further increase the company's competencies, the executive management team has been strengthened within design, market communication and sales. With the strengthened management, MQ will have a focused structure and a better position to create the most attractive brand-mix for men and women in the Nordic.

During the quarter, four new MQ-stores were opened; three in Sweden and one in Norway. A second store opened recently on the Norwegian market - this time in Drammen. The launch in Norway is progressing according to plan and we continue to see considerable potential in Norway.

Right now, the focus for MQ is to increase sales in existing stores while maintaining good cost control, as well as seize those opportunities identified for new openings in the market.

Click here for more details

MQ Holding AB


Must ReadView All

Europe fights against microplastic release from textiles

Textiles | On 18th Jan 2018

Europe fights against microplastic release from textiles

The European Commission, the institution of the European Union, has...

Egypt starts building biggest textile city in Al-Sadat

Textiles | On 18th Jan 2018

Egypt starts building biggest textile city in Al-Sadat

Egypt has started construction of the biggest city for textiles and...

Vietnam targets $20 bn from export of footwear, bags

Apparel/Garments | On 18th Jan 2018

Vietnam targets $20 bn from export of footwear, bags

Vietnam targets to earn around $20 billion from the export of...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Top executives
Textile industry, India

The event should be organised every year

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.8%
No
13.5%
Skip
17.7%

Total Votes: 96

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.5%
No
29.2%
Skip
7.3%

Total Votes: 96

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.5%
No
9.4%
Skip
3.1%

Total Votes: 96

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.3%
No
8.3%
Skip
9.4%

Total Votes: 96


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search