OCTOBER - DECEMBER
NET SALES
COSTS AND DEPRECIATION
Net sales amounted to SEK 1,943.4 million, which was 19 % higher
than last year (SEK 1,630.3 million). Exchange rates affected sales
positively by SEK 88.5 million, which corresponds to 5 %.
The Group has previously decided to increase the level of service
and to continue with a high level of activity with regard to sales
and marketing efforts. These activities have resulted in higher
costs and is expected to affect even the coming quarter.
Net sales in Sweden increased by 7 % and the improvement
occurred in both sales channels. USA increased by 33 % and both
sales channels had good growth. Exchange rate changes when
converted into SEK, affected net sales positively and sales in local
currency increased by 24 %. Other Nordic countries had growth
of 15 % and even here increased in both sales channels. Net sales
in Central and Southern Europe has increased by 10 % and 17 %
respectively, which is related to both promo and retail. Here too,
changes in exchange rates impacted positively and net sales in local
currency increased by 5 % and 12 % respectively. Other countries
increased by 55 %, which is related to our operations in Asia and
Canada as well as the promo sales channel.
External costs increased by SEK 85.7 million to SEK
-390.6 (-304.9) million. The increase is mainly related to the
above-mentioned efforts but also volume related costs have
contributed. Personnel costs increased by SEK 35.8 million and
amounted to SEK -298.0 (-262.2) million, which is mainly due
to an increase in the number of employees, mostly in sales, ware-
houses and customer service. Exchange rates have increased the
above costs by SEK 30.7 million.
Depreciation and write-downs was slightly higher than last year
and amounted to SEK -21,6 (-18,2) million.
GROSS PROFIT
OPERATING MARGIN
The gross profit margin improved and amounted to 46.4 (45.6) %.
The higher margin is attributable to the operating segments
Corporate* and Gifts & Home Furnishings. Sports & Leisure is
at the same level as last year. The operating margin increased compared to last year and
amounted to 10.8 (10.6) %. The increase is related to higher
growth and improved gross profit margin.
OTHER OPERATING INCOME AND OTHER
OPERATING EXPENSES Net financial items amounted to SEK -12.8 (-13.1) million and
this improvement is attributable to lower interest costs.
NET FINANCIAL ITEMS AND TAXES
Other operating income increased by SEK 5.4 million to SEK 28.3
(22.9) million. Other operating income is mainly attributable to
operating currency gains but also invoiced expense and should
be compared to the result row "other operating expenses" where
mainly currency losses are reported. Other operating expenses
increased by SEK 3.7 million and amounted to SEK -9.8 (-6.1)
million. The net total of above items amounted to SEK 18.5 (16.8)
million.
Tax on profit for the period amounted to SEK -37.7
(-12.6) million. Last year was positively impacted by a change in
deferred tax liabilities and tax assets, which was primarily attribu-
table to a reduction in the corporate tax rate in the United States.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 158,9 (146,8) million.
Earnings per share amounted to SEK 2.42 (2.20).
* The segment Corporate Promo has been renamed to Corporate.
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