COMMENTS
SUMMARY OF THE QUARTER OCTOBER - DECEMBER
Net sales increased by 4% (1% in local currencies). The Corporate segment grew by 7% and increased in all
regions except Sweden. Sports & Leisure increased by 3%, with all regions except the US growing. Gifts &
Home Furnishings decreased by 5%, which is mainly related to Sweden.
The promo sales channel increased by 7%, while retail was at the same level as last year. The improvement in
promo took place mainly in the Corporate segment, but Sports & Leisure also increased slightly.
The gross profit margin improved slightly compared to the previous
year and amounted to 46.7 (46.4)%.
Cash flow from operating activities amounted to SEK 286.7 (174.4)
million. The higher cash flow is primarily an effect of improved
operating result and the timing of goods purchases. Inventories
increased by SEK 327.0 million and amounted to SEK 3,557.9
(3,230.9) million, of which the exchange rate change when tran-
slated to SEK has increased the value by SEK 67.8 million. Apart
from currency changes, the increase is mainly attributable to new
product ranges.
The Group's external costs decreased during the quarter. Most of the
decrease is related to the new accounting standard IFRS 16, but also
excluding the effects from this standard, external costs decreased.
Personnel costs increased due to exchange rate changes when tran-
slated to SEK and were at the same level in local currencies. The
Group's costs decreased as a proportion of net sales (also excluding
IFRS 16).
Operating profit improved by SEK 30.9 million compared to the
previous year and amounted to SEK 240.3 (209.4) million. Result
for the period amounted to SEK 165.9 (158.9) million.
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