COMMENTS
SUMMARY OF THE QUARTER JULY - SEPTEMBER
Net sales increased by 9 % (5 % in local currencies). The Group experienced growth in all segments and
regions. Sport & Leisure increased by 11%, mainly in Sweden and Southern Europe. Corporate increased by
6 %, mainly in the US and Southern Europe regions. Gifts & Home Furnishings increased by 8%, with Sweden
accounting for most of the improvement.
The promo sales channel increased by 7 % and retail increased by 11 %. The improvement occurred in all
segments.
The gross profit margin was slightly lower than in the previous year
and amounted to 45.2 (46.1) %.
Cash flow from operating activities amounted to SEK -131.1 (-83.0)
million. The lower cash flow is primarily an effect of the timing of
payments for goods purchased. Inventories increased by SEK 510.6
million and amounted to SEK 3,791.2 (3,280.6) million, of which
the exchange rate change when translated to SEK has increased
the value by SEK 146.1 million. Apart from currency changes, the
increase is mainly attributable to new product ranges.
Excluding the new accounting standard IFRS 16, the Group's
costs increased slightly. The increase in external costs is related to
exchange rate fluctuations, while personnel costs increased due to
more employees in primarily warehousing and sales. However, the
Group's costs decreased as a proportion of net sales (also excluding
IFRS 16).
Operating profit improved by SEK 11.6 million compared to the
previous year and amounted to SEK 129.1 (117.5) million and result
for the period amounted to SEK 94.4 (88.4) million.
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