BJÖRN BORG AB YEAR-END REPORT JANUARY – DECEMBER 2010
STRONG FOURTH QUARTER
OCTOBER 31 – DECEMBER 31, 2010
• The Group’s net sales increased by 13 percent to SEK 115.9 million (102.2). Excluding currency effects, sales rose by 15 percent.
• The gross profit margin increased to 56.3 percent (55.7).
• Operating profit amounted to SEK 24.5 million (19.4), an increase of 26 percent.
• Profit after tax amounted to SEK 17.6 million (13.5), an increase of 29 percent.
• Earnings per share increased to SEK 0.70 (0.54). Fully diluted earnings per share amounted to SEK 0.70 (0.53).
• Brand sales (excluding VAT) increased by 4 percent to SEK 428 million (410). Excluding currency effects, sales increased by 12 percent.
JANUARY 1 – DECEMBER 31, 2010
• The Group’s net sales increased by 3 percent to SEK 536.0 million (519.9). Excluding currency effects, sales rose by 7 percent.
• The gross profit margin increased to 53.6 percent (51.3).
• Operating profit amounted to SEK 126.0 million (112.6), an increase of 12 percent.
• Profit after tax amounted to SEK 90.8 million (80.9), an increase of 12 percent.
• Earnings per share increased to SEK 3.61 (3.22). Fully diluted earnings per share amounted to SEK 3.57 (3.21).
• Brand sales (excluding VAT) decreased by 7 percent to SEK 1,733 million (1,872). Excluding currency effects, sales decreased by 1 percent.
• The Board of Directors has decided to recommend that the Annual General Meeting approve a distribution of SEK 5.20 per share. For 2009, a dividend of SEK 5.00 per share was paid.
QUOTE FROM THE PRESIDENT
“In 2010 we implemented several important changes to focus on underwear and ensure our continued profitable growth. We have adapted the organization, accelerated the pace of product development and modified our cooperations with distributors. We have also licensed out the product areas to improve their prospects. For the Group, the last quarter of the year generated positive sales and earnings trends. On the other hand, we saw several markets in Southern Europe have a tough time financially, and it will take time to raise volumes in the newly established markets,” says Arthur Engel, President.
For further information, please contact:
Arthur Engel, President and CEO, telephone +46 8 506 33 700
Magnus Teeling, CFO, telephone +46 8 506 33 700
Björn Borg is required to make public the information in this report in accordance with the Securities Market Act.
The information was released for publication on February 24, 2011 at 7:30 am (CET).
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