Lower costs and reduced inventories
| Quarter 2 | (Dec-Feb) | Six months | (Sept-Feb) | |||
| 2011/2012 | 2010/2011 | Change | 2011/2012 | 2010/2011 | Change | |
| Net sales, SEK million | 1 119 | 1 188 | -69 | 2 312 | 2 529 | -217 |
| Operating profit excluding non-recurring costs, SEK million | -55 | 16 | -71 | -39 | 162 | -201 |
| Operating profit, SEK million | -138 | 16 | -154 | -122 | 162 | -284 |
| Gross profit margin, % | 51,9 | 57,2 | 55,3 | 60,5 | ||
| Operating margin, % | -12,3 | 1,3 | -5,3 | 6,4 | ||
| Profit after tax, SEK million | -163 | 1 | -164 | -174 | 96 | -270 |
| Earnings per share, SEK | -0,72 | 0,01 | -0,73 | -1,16 | 0,58 | -1,74 |
| Cash flow from operating activities, SEK million | 68 | -12 | 80 | 63 | 48 | 15 |
- Net sales decreased by 5.8 per cent for the quarter and 8.6 per cent for the half year.
- Earnings were reduced by non-recurring costs of SEK 83 million, including impairment loss on non-current assets.
- Actions has been started, focusing on regaining lost market share in business area Woman.
- The consolidated gross profit for 1-28 March was the same as last year.
“Our plan for 2012 gives priority to our Woman range, our Offer, our Stores and profitable Expansion. (…) We are continuing to work to our plan and expect to see an initial response to our work of change soon.”
Johan Åberg, President and CEO. Read the full CEO statement in the enclosed report.
A presentation and telephone conference will be held for analysts, media and investors today at 9.00 at Operaterrassen in Stockholm. To register attendance at Operaterrassen, or to view the webcast please go to www.kappahl.com/presentations. To participate by telephone please call +46 207 750 99 50 about 5 minutes before the start.
For further information, please contact:
Johan Åberg / President and CEO Tel. +46 706 09 99 73
Håkan Westin / CFO Tel. +46 704 71 56 64
For pictures and other information:
Annette Björklund / Head PR Tel. +46 704 71 55 42, annette.bjorklund@kappahl.com
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