Hammarby football and Craft - the biggest
collaboration in the club's history.
JANUARY - DECEMBER
NET SALES
COSTS AND DEPRECIATION
Net sales amounted to SEK 6,290.6 million, which was 12 %
higher than last year (SEK 5,597.3 million). Exchange rates have
affected the turnover positively by SEK 185.4 million which
corresponds to 3 %. Of the Group's sales channels, promo
increased by 16 % and retail by 8 %.
External costs have increased by SEK 207.5 million and
amounted to SEK -1,336.4 (-1,128.9) million. The increase
is primarily attributable to increased marketing activities
and improvement measures in our distribution centers but
also volume-related costs have contributed to the increase.
Personnel costs amounted to SEK 1,063.0 million which is
SEK 122.7 million higher than last year (SEK -940.3 million).
The increase is related to the increased number of employees,
mostly in sales, warehouses and customer service. Currency
changes increased the cost by SEK 61.6 million.
The Group had turnover growth in all regions. Of our sales channels,
promo had growth in all regions, while retail increased in five out
of six regions (only retail in Southern Europe decreased slightly).
Turnover in Sweden increased by 5 %, the United States increased
by 11 % (9 % in local currency), Nordic Countries increased by
11 %. Turnover in Central and Southern Europe increased by 11 %
(5 % in local currency) and 14 % (8 % in local currency) respec-
tively, as well as Other Countries which increased by 46 %. The
improvement in Other Countries is related to Asia and Canada.
Depreciation and write-downs were higher compared to last
year and amounted to SEK -77.9 (-65.3) million. The increase is
primarily related to investments in new and existing buildings as
well as IT investment.
GROSS PROFIT
OPERATING MARGIN
The gross profit margin improved compared with last year
and amounted to 46.6 (46.1) %. Improvement occurred in all
segments. The Group has a well-balanced stock and a good level
of service.
The operating margin amounted to 7.7 (8.4) % where the slightly
lower margin is attributable to the cost increases associated with
increased activities in sales and marketing as well as improvements
in our distribution centers.
OTHER OPERATING INCOME AND OTHER
OPERATING EXPENSES
NET FINANCIAL ITEMS AND TAXES
Net financial items improved by SEK 11.0 million compared
to last year and amounted to SEK -40.9 (-51.9) million.
The improvement is related to lower interest costs.
Other operating income increased by SEK 23.6 million to SEK
74.8 (51.2) 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 19.6 million and amounted to SEK -44.8
(-25.2) million. The net total of above items amounted to SEK
30.0 (26.0) million.
Income taxes in absolute terms amounted to SEK -81.8 (-63.2)
million and the tax rate amounted to 18.5 (15.1) %. The lower
tax rate last year is primarily due to a change in deferred tax
liabilities, which was related to a change in the corporate tax rate
in the United States.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 360.0 (354.0) million and
earnings per share amounted to SEK 5.48 (5.34).
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