Swedish firm Bjorn Borg's net sales climb 6% in H1 FY23

Sales for the company's own e-commerce and e-tailers rose by 16 per cent to SEK 169.3 million in H1 FY23, with sales for its own e-commerce platform experiencing a substantial 36 per cent growth to SEK 70.9 million.

The gross profit margin also improved to 53.6 per cent from 51.9 per cent in H1 FY23. Operating profit grew by 14 per cent to SEK 39.5 million, or 20 per cent currency-neutral, to SEK 41.5 million. Profit after tax saw a 24 per cent surge to SEK 29.0 million, and earnings per share (EPS) before and after dilution were SEK 1.15, up from SEK 0.93, the company said in a media release.

For the second quarter of fiscal 2023 (Q2 FY23), the group's net sales increased by 3 per cent to SEK 165.6 million, though they decreased by 2 per cent when adjusted for currency fluctuations. Net sales for Bjorn Borg's own e-commerce and e-tailers soared by 47 per cent to SEK 76.5 million, with sales for its own e-commerce jumping 39 per cent to SEK 37.5 million.

In Q2 FY23, the gross profit margin was recorded at 55.6 per cent, or 56.7 per cent currency-neutral, an increase of 2.2 percentage points. The operating profit was SEK 8.1 million, a significant 55 per cent increase, or 50 per cent currency-neutral, to SEK 7.8 million. Profit after tax stood at SEK 4.2 million, a notable rise from the SEK 0.3 million in the previous year's quarter. Earnings per share before and after dilution amounted to SEK 0.17, compared to SEK 0.01.

“Above all, it’s our sports collection that makes me extremely proud, with an incredible development in our own e-commerce, not only during the second quarter of the year with an increase of 98 per cent, but for the entire first half of the year with an increase of 100 per cent,” said CEO Henrik Bunge.

Fibre2Fashion News Desk (DP)