COMMENTS
SUMMARY OF THE QUARTER JANUARY - MARCH
The Group had net sales growth of 18% (11% excluding currency changes). The improvement took place in all
segments, but mainly within Sports & Leisure and Corporate, which increased by 21% and 19%, respectively.
Sports & Leisure had growth in all regions but mainly in Sweden and the Nordic region. Corporate increased
mainly in the United States and the Nordic countries excluding Sweden, but the other regions also had good
growth. Gifts & Home Furnishings increased by 2% and sales increased primarily in the Nordic countries
excluding Sweden.
The promo sales channel increased by 19% and the improvement is related to Corporate and Sports & Leisure.
The retail sales channel increased by 17%, which is mainly attributable to Sports & Leisure.
Cash flow from operating activities amounted to SEK -65.1 (6.6)
million. The lower cash flow is primarily an effect of increased
inventory purchases and the payment thereof. Inventories increased
by SEK 535.0 million and amounted to SEK 3,345.3 (2,810.3)
million, of which exchange rates have increased the value by SEK
103.8 million. The increase is mainly attributable to new product
lines and inventory build-up in North America.
The gross profit margin improved compared with last year and
amounted to 47.1 (46.8) %.
The Group's costs increased compared with last year. External
costs have increased mainly due to an increase in market activities
and improvement measures in our distribution centers. Volume-
related costs have also contributed to the increase. The increase in
personnel costs is related to an increase in the number of employees
within sales, warehousing and customer service.
Operating result increased by SEK 27.4 million compared with last
year and amounted to SEK 46.0 million (18.6) and the result for
the period amounted to SEK 26.0 million (6.0).
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