For the quarter to achieve an
operating result of SEK 46.0
million and a result for the period
of SEK 26.0 million pleases me.
CEO COMMENTS
It is gratifying that 2019 started just as good as 2018 ended. Sales
growth of 18 %, of which 11 % in local currencies, is strong! It was
also the 19th consecutive quarter of sales growth showing that we
are in a period of strong development! Operating result rose from
SEK 18.6 million to SEK 46.0 million and result for the period
increased from SEK 6.0 million to SEK 26.0 million. Both results
are all-time high for a first quarter.
NET SALES
All our three segments had growth. Sports & Leisure continued to
develop very strongly and showed 21 % growth. Corporate was not
far behind with growth of 19 % and Gifts & Home Furnishings
managed to cross the zero line, even if growth was a modest 2 %.
The Group's net sales passed some milestones as it was the first time
we crossed the SEK 1.5 billion for a first quarter – and the first time
we crossed the SEK 6.5 billion on a rolling 12 months (SEK 6,523
million). We probably had a somewhat positive effect compared
to the previous year as Easter this year is in the second quarter.
THE FUTURE
I still feel that we stand very strong! Even in the future there can be
quarters that are less favorable but I am confident that the invest-
ments we have already made will generate growth in both sales and
result for many years to come! It is a tremendous benefit for me
to lead such a strong and driven organisation which we currently
have and skilled staff are essential for success. We also have a
number of strong brands, good products, high level of service etc.
which makes it even better!
RESULT
The first quarter is always the weakest but it is still very nice to
begin the year well. For the quarter to achieve an operating result
of SEK 46.0 million and a result for the period of SEK 26.0 million
pleases me. We also pass a milestone in terms of operating result
and for the first time we passed SEK 500 million on a rolling
12-month period.
Thank you all for the first quarter!
BALANCE SHEET
IFRS 16, which we report according to for the first time, affects the
comparison between the years and the new standard has resulted
in an increase in net debt by SEK 633.2 million. In addition, the
quarter was affected significantly by changes in exchange rates
which increased stock by SEK 103.8 million. But I am satisfied
that we have a strong balance sheet with an equity ratio of almost
46 % despite IFRS 16.
Torsten Jansson, CEO
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