Q1 FY20: Odd Molly operating revenue dips to SEK 67 mn

12 May '20

1 min read

Pic: Odd Molly

Odd Molly International, a designer and seller of fashion and other lifestyle products for girls, reported its first quarter (Q1) FY20 operating revenue of SEK 67 million compared to revenue of SEK 86.2 million in same period prior year. Net loss for the quarter ended on March 31, 2020 were SEK 7.3 million compared to loss of SEK 19.2 million in Q1 FY19.

Company reported that the outbreak of the Covid-19 and its spread of infection has affected Odd Molly’s operations, mainly in the form of reduced traffic to the company’s eight own physical stores and to retailers’ stores, as well as delayed deliveries of goods from certain producers. Online sales, which account for more than half of the company’s total turnover, are an important factor in mitigating the impact from the physical channels.

Gross profit margin in Q1 FY20 was 52.3 per cent (Q1 FY19: 49.3 per cent). Operating loss during the quarter were SEK 5.9 million (Q1 FY19: SEK 17.6 million).

Wholesale business during the quarter fell 30 per cent to SEK 28.8 million (Q1 FY19: SEK 41.3 million) affected by general decline in market.

Fibre2Fashion News Desk (JL)

More Fashion News - Sweden...