NWG // 2020
January - September
Net sales
Net sales amounted to SEK 4,255.6 million , which was 13 % lower than last year ( SEK 4,879.3 million ). Exchange rate effects had no material impact on sales , and net sales in local currencies was also 13 % lower than the previous year .
Net sales in the US decreased by 39 %, which was related to Sports & Leisure and Corporate . In Sweden , net sales decreased by 10 %, with decreases in all segments . Sales in Central Europe decreased by 18 %, which was attributable to Corporate and Sports & Leisure . The Nordic countries excluding Sweden had 25 % lower net sales than last year , also related to Corporate and Sports & Leisure . Southern Europe increased by 21 %, attributable to several major trading shipments in the Corporate segment . Other countries increased by 24 %, 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 41.9 ( 46.3 )%. The lower margin is mainly related to increased trading business in the Corporate segment . However , Sports & Leisure and Gifts & Home Furnishings also had lower margins than the previous year .
Other operating income and other operating costs
Other operating income increased by SEK 71.1 million to SEK 116.7 ( 45.6 ) million . The increase is attributable to government support in connection with COVID-19 , see note 8 . 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 9.8 million and amounted to SEK -37.0 ( -27.2 ) million . The net of the above mentioned items amounted to SEK 79.7 ( 18.4 ) million .
Costs and depreciations
External costs decreased by SEK 278.7 million and amounted to SEK -690.3 ( -969.0 ) million . The decrease is related to savings and volume-related costs . Personnel costs decreased by SEK 129.4 million and amounted to SEK -722.8 ( -852.2 ) million , which is attributable to temporary lay-offs and reduced number of employees .
Exchange rate effects had no material impact on the above mentioned costs .
Amortizations , depreciations and write-downs were higher compared to last year and amounted to SEK -174.6 ( -159.5 ) million . The increase is mainly related to depreciations on right-of-use asset for leasing , which increased by SEK 15.9 million .
Operating result
Operating result amounted to SEK 262.3 ( 294.6 ) million and the decrease is related to the lower net sales and the gross profit margin .
Net financial items and tax
Net financial items amounted to SEK -50.5 ( -46.9 ) million , which is related to higher interest expenses .
Tax on result for the period amounted to SEK -57.0 ( -43.5 ) million . The increase is related to a negative change in deferred tax receivables , while the previous year included a positive change . Hence , the effective tax rate increased and amounted to 26.9 ( 17.6 )%.
Result for the period
Result for the period amounted to SEK 154.8 ( 204.1 ) million and earnings per share amounted to SEK 2.38 ( 3.13 ).
9 // Q3