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Continued growth under challenging conditions, IC Companys
11
May '11
The Board of Directors and the Executive Board of IC Companys A/S have considered and approved the interim financial report for the period 1 July 2010 – 31 March 2011.

Q3 2010/11 has been marked by a positive development where 10 out of 11 Group brands reported growth. The brands InWear, Part Two, By Malene Birger, Saint Tropez and Designers Remix have all reported double-digit growth rates.

Group geographic markets All Group geographic markets reported growth for Q3 2010/11. The segments Sweden, Norway, Central Europe as well as Rest of the World reported double-digit growth rates.

After having experienced setbacks over an extended period, the segment Denmark reported growth once again even though this growth rate did not attained the same level as reported by other Scandinavian markets. In both Sweden and Norway the consumers have a notably more positive outlook than consumers in Denmark. Furthermore, improved sales currencies have helped boost growth in Norway and Sweden.

Wholesale segment Total wholesale revenue for Q3 2010/11 amounted to DKK 748 million (DKK 669 million) corresponding to an increase of 12%. Pre-order revenue increased by 10% while in-season sales rose by 21%. Franchise revenue rose by 16% compared to last fi nancial year.

Wholesale revenue for Q3 2010/11 amounted to DKK 155 million (DKK 151 million) corresponding to an increase of 2% and a profi t margin of 20.7% (22.6%). The reduced profi t margin is attributable to a signifi cant pressure on the Group's gross margin as a consequence of rising sourcing costs and a more fi erce competition in the wholesale market.

During Q3 2010/11 the Group opened 4 new franchise stores and closed down 6 stores. In total this results in a net infl ux of 100 square metres.

The Group thereby offers services for 156 franchise stores with a total store area of 24,000 square metres.

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