Intense quarter characterised by important measures

The market has remained cautious during the quarter with a high level of campaign activity. Lower interest in the winter sale had a major impact on the Group during the quarter, while the new collections were well received by our customers. The MQ Group has had a weak quarter in terms of sales and has also been affected by non-recurring costs for the structural action programme and by write-downs of intangible assets.  

Second quarter (December 2018–February 2019)  

  •  Net sales amounted to SEK 424 million (448), down 5.4 per cent. Like-for-like sales declined 5.0 per cent (according to HUI Research like-for-like sales for the market as a whole declined by 1.6 per cent). 
  •  The gross margin was 49.6 per cent (50.6). 
  •  Operating profit/loss amounted to SEK -528 million, including a non-recurring item for writing down intangible assets of SEK -500 million (-4), which equates to an operating margin of -124.7 per cent (-1.0). Non-recurring costs for the structural action programme burdened the quarter by SEK 7 million. 
  •  Operating profit/loss excluding write-down of intangible assets amounted to SEK -28 million (-4), which equates to an operating margin of -6.7 per cent (-1.0). 
  •  Profit/loss for the period amounted to SEK -522 million (-3), including a non-recurring item for writing down intangible assets of SEK -500 million, which equates to SEK -14.86 (-0.09) per share after dilution.  
  •  Profit/loss for the period excluding write-down of intangible assets amounted to SEK -22 million (-3), which equates to SEK -0.63 (-0.09) per share after dilution.  
  •  Cash flow from operating activities was SEK -7 million (26). 

First six months (September 2018–February 2019) 

  •  Net sales amounted to SEK 826 million (877), down 5.8 per cent. Like-for-like sales declined 6.0 per cent (according to HUI Research like-for-like sales for the market as a whole declined by 2.7 per cent). 
  •  The gross margin was 55.2 per cent (56.2). 
  •  Operating profit/loss amounted to SEK -516 million (31), including a non-recurring item for writing down intangible assets of SEK -500 million, which equates to an operating margin of -62.5 per cent (3.6). Non-recurring costs for the structural action programme burdened the period by SEK 7 million. 
  •  Operating profit/loss excluding write-down of intangible assets amounted to SEK -16 million (31), which equates to an operating margin of -2.0 per cent (3.6). 
  •  Profit/loss for the period amounted to SEK -514 million (24), including a non-recurring item for writing down intangible assets of SEK -500 million, which equates to SEK -14.61 (0.68) per share after dilution.  
  •  Profit/loss for the period excluding write-down of intangible assets amounted to SEK -14 million (24), which equates to SEK -0.39 (0.68) per share after dilution.  
  •  Cash flow from operating activities was SEK -23 million (20).  

For more information, please contact:
Ingvar Larsson, President and CEO: +46 (0)31-388 80 70
Ola Wahlström, CFO: +46 (0)31-388 80 80

This information is information that MQ Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at March 15 2019 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 170 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 

About Us

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 select mix 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 comprise of stores as well as online shopping. The MQ Holding share has been listed on Nasdaq Stockholm since 18 June 2010. For more information, see www.mq.se

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