New Wave expects higher sales for 2008

21 Apr '08

2 min read

New Wave Group AB announces interim report for the period 1 January - 31 March, 2008.

The period 1 January – 31 March 2008:
• Sales increased by 33 % to MSEK 1 015 (760), organic growth amounted to 8 %.
• The result after tax decreased by MSEK 23.7 to MSEK -15.0 (8.7).
• The result per share amounted to SEK -0.22 (0.13).
• The operating margin amounted to 1.5 (3.5) %.
• The result after finance net decreased by MSEK 28.3 to MSEK -16.5 (11.8).
• Acquired units have contributed with MSEK 197 in sales and MSEK -15 in result after finance net.

Significant events during the quarter:
• The work with introducing the brands New Wave/Clique in the USA and Cutter & Buck in Europe is going well. The sales work has started within the business area Promo. Costs for establishing the brands have been taken during the quarter.
• The disturbance in production at Orrefors Kosta Boda AB that affected negatively during the fourth quarter last year has decreased but it has also effected this quarter negatively. The weak USD has also affected the result in Orrefors Kosta Boda Inc negatively.
• Despite the weak market in the USA, Cutter & Buck is developing according to the original expectations.

Views on 2008:
• The work with regard to increasing efficiency and profitability and decreasing the working capital tied up in stock and accounts receivable continues.
• For 2008 New Wave is expecting higher sales and result then the previous year.

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