COMMENTS
SUMMARY OF THE QUARTER APRIL - JUNE
Sales increased by 11 % (9 % excluding currency fluctuations) compared with last year. The promo sales
channel increased its sales by 15 % and retail increase by 5 %. The expanded sales and marketing activities
that the Group made has mainly been related to our sales channel promo. Sales channel improvement takes
place primarily within the segments Corporate Promo and Sports & Leisure.
The Group had growth in all segments and regions. The Corporate Promo segment increased by 15 % and
Sports & Leisure increased by 7 %, where both segments had growth in all regions. Gifts & Home Furnishings
had a growth of 5 % where the improvement was primarily related to the regions of Sweden and other Nordic
countries.
Cash flow from operating activities amounted to SEK 124.6
(50.1) million. The increased cash flow is a result of the increased
operating result as well as the timing of payments for purchases.
Inventories increased by SEK 407.6 million and amounted to
SEK 2,988.5 (2,580.9) million, of which exchange rates have
increased the value by SEK 113.1 million. Net debt increased by
SEK 84.6 million to SEK 1,798.5 (1,713.9) million. The net debt to
equity ratio and net debt in relation to working capital decreased to
55.8 (61.7) % and 58.6 (63.7) %.
The gross profit margin improved compared with last year and
amounted to 47.2 (45.6) %.
The Group's external costs increased compared to last year and are
attributable to the increased activities made in sales and marketing.
Even staff costs have increased, which is a result of an increased
number of employees in sales, inventory and customer service.
Operating result increased by SEK 26.9 million compared with
last year and amounted to SEK 137.3 (110.4) million. The Group's
net financial items have improved and the result for the period
amounted to SEK 106.8 million which is an increase of 39 %
compared with last year (SEK 77.1 million).
5