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Swedish clothing company, Bjorn Borg reports profits



  

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Wednesday, 04 May 2011
Clothes company Bjorn Borg reported a profit after tax of SEK 20.7 million for the first quarter of 2011. This compares with profits of Skr25.8million same period in the past year. Earnings per share amounted to SEK 0.89 unlike Skr1.03 same time last year.

Clothes company Bjorn Borg reported a profit before tax of SEK 28 million (35) for the first quarter of 2011. Analysts had expected the result of Skr33 million, according to SIX Estimates. The outcome was thus 15 percent lower than expectations.

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Operating profit was Skr28 million unlike Skr36million same period last year, compared with the expected Skr32 million.

Profit after tax was SEK 21 million unlike Skr26million same period last year corresponding to SEK 0.88 per share diluted unlike Skr1.01in the past same period a year ago. Expected net income was 24 million.

Net revenue was Skr151 million against Skr148. Analysts in SIX Estimates compilation had on average expected Skr152 million. Brand sales were Skr 431 million against Skr461million.

”During the first quarter of the year the Group’s sales excluding currency effects rose by 6 percent year-on year.
We saw good growth in several of our new markets, which account for a growing share of total brand sales.
The first quarter was highlighted by the startup of a new clothing company, Bj�rn Borg Sport, where we see good future growth opportunities, as well as investments in our operations in England and e-commerce. The decrease in operating profit compared to last year is mainly a consequence of increased costs for these ventures” says Arthur Engel, Presdent in a statement.

FIRST QUARTER,
JANUARY 1 – MARCH 31, 2011

The Group’s net sales increased by 2 percent to SEK 151.3 million (148.4). Excluding currency effects, sales rose by 6 percent.
The gross profit margin decreased to 50.4 percent (51.6).
Operating profit amounted to SEK 28.4 million (36.0), a decrease of 21 percent.
Profit after tax amounted to SEK 20.7 million (25.8), a decrease of 20 percent.
Earnings per share decreased to SEK 0.89 (1.03).
Fully diluted earnings per share amounted to SEK 0.88 (1.01).
Brand sales (excluding VAT) increased by 1 percent excluding currency effects. Using current exchange rates sales decreased by 6 percent to SEK 431 million (461).
A new subsidiary in the Netherlands, Bj�rn Borg Sport, was established together with the Dutch distributor to produce fashionable and functional sportswear.
In-house distribution of footwear in the Baltic countries was launched during the first quarter.

By scancomark.se Team


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