NWG // 2020
July - September
Net sales
Net sales amounted to SEK 1,470.1 million , which was 13 % lower than last year ( SEK 1,685.5 million ). Exchange rate effects had a negative impact on sales and net sales in local currencies were 9 % lower than last year .
Net sales in the US decreased by 43 %, which was mainly related to Sports & Leisure . In Sweden , net sales increased by 4 %. The increase occurred in Gifts & Home Furnishings , while Corporate and Sports & Leisure were slightly lower than the previous year . Sales in Central Europe decreased by 15 %, mainly in the Corporate segment . The Nordic countries excluding Sweden had 19 % lower net sales than last year . The decrease was mainly attributable to the Corporate and Sports & Leisure segments . Southern Europe decreased by 10 %, which was related to Corporate . Other countries increased by 29 %, which was related to the trading business in Asia within the Corporate segment .
Gross profit
The gross profit margin was lower than the previous year and amounted to 42.6 ( 45.2 )%. The lower margin is mainly related to the Corporate segment and the larger share of trading shipments . Sports & Leisure was on par with last year , while Gifts & Home Furnishings had a lower margin than the previous year .
Other operating income and other operating costs
Other operating income increased by SEK 21.8 million to SEK 34.7 ( 12.9 ) million . The increase is mainly attributable to government support in connection with COVID-19 . In addition to these supports , other operating income include the operating currency gains and must be set against the income statement item other operating costs , where primarily operating currency losses are reported . Other operating costs increased by SEK 3.9 million and amounted to SEK -15.2 ( -11.3 ) million . The net of the above mentioned items amounted to SEK 19.5 ( 1.6 ) million .
Costs and depreciations
External costs decreased by SEK 108.7 million and amounted to SEK -191.6 ( -300.3 ) million . The decrease is an effect of cost savings and volume-related costs . Personnel costs decreased by SEK 57.9 million and amounted to SEK -220.8 ( -278.7 ) million . The decrease is related to temporary lay-offs and reduced number of employees . The exchange rate effects for the quarter have increased the above mentioned costs by SEK 18.7 million .
Amortizations , depreciations and write-downs were on par with the previous year and amounted to SEK -56.6 ( -55.7 ) million .
Operating result
Operating result was SEK 47.2 million better than last year and amounted to SEK 176.3 ( 129.1 ) million . The higher operating result is mainly related to cost savings . The operating margin also improved and amounted to 12.0 % compared to 7.7 % the previous year .
Net financial items and tax
Net financial items amounted to SEK -15.2 ( -17.0 ) million , which is related to lower net debt and thus lower interest expenses .
Tax on result for the period amounted to SEK -42.2 ( -17.6 ) million . The effective tax rate amounted to 26.2 ( 15.7 )%. The higher tax rate is related to a negative change in deferred tax receivables , while the previous year included a positive change .
Result for the period
Result for the period amounted to SEK 118.9 ( 94.4 ) million and earnings per share amounted to SEK 1.81 ( 1.45 ).
Kosta Boda
Art Hotel The hotel offers a variety of winter packages with focus on relaxation and quality time during Christmas in
Småland .
7 // Q3