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A weak quarter in a changing market

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The quarter was characterised by a changing market, with sales in physical stores falling 6.4% (Swedish Retail Institute Index, HUI). The cold winter weather has made it hard for sales of the spring range to gather momentum. The MQ Group reports a weak quarter in terms of sales, but a stable gross margin and excellent cost control. 

Second quarter (December 2017–February 2018)  

  •  Net sales amounted to SEK 448 million (496), down 9.7 per cent. Like-for-like sales declined 10.9 per cent (according to HUI like-for-like sales for the market as a whole declined by 6.4 per cent). 
  •  The gross margin was 50.6 per cent (51.0). 
  •  Operating loss was SEK -4 million (profit: 14), which corresponds to an operating margin of -1.0 per cent (+2.8). 
  •  Loss for the period amounted to SEK -3 million (profit: 10), which equates to SEK -0.09 (+0.29) per share after dilution.  
  •  Cash flow from operating activities was SEK 26 million (71). 

First six months (September 2017–February 2018) 

  •  Net sales amounted to SEK 877 million (930), down 5.7 per cent. Like-for-like sales declined 6.7 per cent (according to HUI like-for-like sales for the market as a whole declined by 4.3 per cent). 
  •  The gross margin was 56.2 per cent (56.6). 
  •  Operating profit was SEK 31 million (56), which corresponds to an operating margin of 3.6 per cent (6.0).  
  •  Profit for the period amounted to SEK 24 million (42), which equates to SEK 0.68 (1.21) per share after dilution.  
  •  Cash flow from operating activities was SEK 20 million (61). 

For more information, please contact:
Christina Ståhl, President and CEO: +46 (0)31-388 80 10
Tony Siberg, Deputy CEO and CFO: +46 (0)31-388 84 01

This information is information that MQ Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at March 16 2018 at 07:15 a.m. CET.  

MQ Holding AB owns and operates fashion stores under two business areas: MQ and Joy. MQ is Sweden’s largest retailer of fashion brands today. Through a combination of proprietary and external brands, MQ offers high-fashion menswear and womenswear in attractive stores. Joy targets fashion-conscious women at midlife who desire excellent quality, fit and comfort. The two business areas currently comprise a total of 175 stores as well as online shopping. The MQ Holding share has been listed on the NASDAQ OMX in Stockholm since 18 June 2010. For more information, see www.mq.se 

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