Stock Exchange Announcement

15 May 2008


IC Companys A/S - Interim Report Q3 2007/08

Revenue increased DKK  138 million  or 14%  to DKK  1,104 million  in
third quarter of  the financial year.  Operating profit increased  by
5 % to  DKK  153 million.  Order  intake for  the  autumn  collection
2008/09 is  completed by  a  10% growth.  2007/08 full  year  revenue
guidance is  in the  region of  DKK 3,750  million and  an  operating
profit in the region of DKK 375 million.

At its meeting on 14 May 2008  the Board of Directors of IC  Companys
A/S considered and adopted the  interim financial statements for  the
period 1 January - 31 March 2008.

Revenue in the third quarter reached DKK 1,104 million (DKK 966
million) equivalent to a 14% growth. Year-to-date revenue was DKK
3,119 million (DKK 2,770 million) corresponding to a 13% growth.

Gross profit in the third quarter came to DKK 664 million (DKK 576
million) equal to a 60.1% gross margin (59.6%). Year-to-date gross
margin is 60.7% (58.6%).

Costs came to DKK 511 million (DKK 431 million) in the third quarter,
equivalent to a 19% rise.  The cost development is effected by
non-recurring costs amounting to DKK 20 million.

Operating profit in the third quarter increased by 5% to DKK 153
million (DKK 145 million) which corresponds to an EBIT margin of
13.8% (15.0%). Year-to-date operating profit came to DKK 453 million
(DKK 378 million) equivalent to an EBIT margin of 14.5% (13.7%).

Earnings per share were DKK 5.9 (DKK 5.2) in the third quarter
equivalent to a 13% growth. Year-to-date, growth in earnings per
share is 25% to DKK 17.4.

Order intake for the autumn 2008/09 collection is completed showing a
10% growth. In local currencies, growth in order intake is 11%. As
such, the growth in order intake turned out higher than the previous
guidance of 6% - 8%.

Full year guidance 2007/08

2007/08 full year  revenue guidance  is in  the region  of DKK  3,750
million (previously  DKK  3,750 -  3,800  million) and  an  operating
profit in the  region of DKK  375 million (previously  DKK 400 -  440
million). The result is affected by non-recurring costs amounting  to
DKK 20 million and deteriorating  retail revenue and in-season  sales
in March and April.

Direct sales promoting investments in the form of showrooms,
refurbishments and opening new stores will be carried through in the
region of DKK 110 - 120 million  (previously DKK 130 -140 million).
In addition, investments in the IT platform and warehouse facilities
will be carried out in the financial year 2007/08 in the region of
DKK 15 - 25 million (previously DKK 20 - 30 million).

The previously announced share buyback programme of DKK 200 million
is retained. The third and last programme of DKK 47 million will be
initiated 15 May 2008.


Further INFORMATION
Chris
Bigler
Chief                                                       Financial
Officer
Tel                   +                    45                    3266
7017

Henrik Steensgaard
Investor Relations Manager
Tel + 45 3266 7409

financial highlights and key ratios


Disclaimer
This announcement contains future-orientated statements regarding the
Company's future development  and results and  other statements  that
are not historic facts.  Such statements are  based on the  currently
well-founded prerequisites and  expectations of  the management  that
may prove erroneous. The actual results may deviate considerably from
what has been outlined as  planned, assumed, assessed or forecast  in
this announcement.

This announcement is a translation  from the Danish language. In  the
event of any discrepancy between the Danish and English versions, the
Danish version shall prevail.


summary


Changes to the Executive Board
In line  with IC  Companys  A/S' continued  ambition to  develop  the
company further, the Board of Directors has, as previously announced,
appointed Niels  Mikkelsen  as  new Chief  Executive  Officer.  Niels
Mikkelsen takes up  the position 1  August 2008, at  which point  the
company's CEO,  Henrik Theilbjørn,  resigns. Henrik  Theilbjørn  will
carry out  his  responsibilities  until  Niels  Mikkelsen  joins  the
company.

Niels Mikkelsen, 43, comes from a  position at Esprit de Corp.  Since
1998, Niels Mikkelsen has been responsible for the Nordic and  Baltic
countries, where he has generated a significant growth in turnover as
well as in earnings.  From 1996 to 1998,  Niels Mikkelsen worked  for
InWear Group  (today  IC  Companys A/S),  most  recently  as  Country
Manager for Denmark.

In connection with  the above,  CFO Chris Bigler,  38, was  appointed
member of the Executive  Board. Chris Bigler,  38, has been  employed
with IC Companys since 2002 and  since 2004 as CFO. Chris Bigler  has
thus since  2004 had  a significant  role in  the turnaround  of  the
company. Today  Chris  Bigler  has the  responsibility  for  finance,
administration, Risk Management,  Treasury, Shared Service,  Investor
Relations as well as the entire IT area.

As previously announced, COO Mikkel  Vendelin Olesen has accepted  an
offer to become Chief Executive Officer outside the group.  Therefore
he resigns from  his position  in IC Companys  A/S as  at 31  October
2008.  Mikkel   Vendelin   Olesen   will  carry   out   his   current
responsibilities in the group until he resigns by the end of  October
2008.

In consultation with Niels Mikkelsen  and Chris Bigler, the Board  of
Directors will assess the short term need of filling the position  as
Chief Operating Officer.

The changes to the Executive Board will have no effect on initiatives
already launched.

Initiatives launched
The Group has  recently launched  a 3-year  investment programme  for
Jackpot and Cottonfield in Eastern Europe (Poland, the Czech Republic
and Hungary). Jackpot and Cottonfield,  which in these countries  are
exclusively distributed via own retail, have seen a very  encouraging
development during the past years.  Retail revenue in Eastern  Europe
for these brands is  expected to double over  the 3-year period  from
the current  level of  DKK 150  million. In  2008/09, 20  - 30  store
openings are planned.

The Group  has  adjusted the  sales  organisation in  China.  Revenue
growth in  China  has not  matched  investments in  distribution  and
organisation,  which   has  resulted   in   an  adjustment   of   the
organisation.  No further store openings are expected in China  until
2009. The Group operates  a total of 35  concessions and 8  franchise
stores in China.

The Group has decentralised an internal marketing bureau, which until
now carried  out  tasks  for primarily  InWear,  Jackpot,  Matinique,
Cottonfield and Part  Two. Consequently, a  number of employees  have
been transferred to the relevant brand organisations. The  initiative
results in  a  simpler  group  organisation,  strengthens  the  brand
organisation and  anchors the  identity  building activities  in  the
brand organisation. Subsequently, the Group has also begun  divesting
an internal  PR  department in  an  external company,  of  which  the
management hitherto will take  over ownership. The cost-savings  from
these initiatives is expected to amount to a total of DKK 10  million
in 2008/09.

The resource allocation  to the  Group brands in  the ongoing  budget
process for  2008/09  is  highly  differentiated  between  the  Group
brands. In this process, it is also planned to capitalise on the vast
number of investments made  in the Group's  shared platform over  the
past years. Therefore, zero  growth is expected in  the costs of  the
shared platform.


Revenue development

Revenue in  the third  quarter rose  to DKK  1,104 million  (DKK  966
million), which  is  equivalent to  14%  growth. Revenue  growth  was
affected positively by net store openings amounting to DKK 20 million
and adversely affected by exchange rate conversion of DKK 3  million.


Sales performance own brands:


Growth was generated in the Group brands in the third quarter 2007/08
at a  combined  rate  of  14%. Peak  Performance,  Tiger  of  Sweden,
Cottonfield, Matinique,  Part Two,  By  Malene Birger  and  Designers
Remix Collection  advanced  by  double-digit  growth  rates,  whereas
InWear, Saint Tropez and Soaked in Luxury declined.

Sales performance for own brands market breakdown:


Sweden, Denmark,  Norway, Belgium,  Finland, Germany,  Schwitzerland,
Canada, Poland, Austria  and France all  achieve double-digit  growth
rates in the third quarter 2007/08.

The Group's Russian partner is  consolidating after several years  of
significant growth.  Against this  background, a  modest setback  for
Russia is forecast for the full year 2007/08.

In Spain the  Group's operations  are primarily  agent-based and  the
Group has tightened credit lines and in the same process reviewed the
customer portfolio,  which has  caused a  revenue fall  in the  third
quarter. A  setback in  Spain is  expected throughout  the full  year
2007/08.

Distribution channels

Wholesale operation
In the third quarter, wholesale revenue reached DKK 831 million  (DKK
728 million) representing a combined  14% growth. The total  preorder
revenue in the  third quarter  moved up  by 15%  and in-season  sales
increased by 5%. This includes franchise revenue, which rose 41%.

Wholesale profit  in  the third  quarter  increased 16%  to  DKK  204
million (DKK 177  million) which  corresponds to  a wholesale  profit
margin of 24.8% (24.3%).

Growth in order intake for the autumn 2008/09 collection was 10%.  In
local currencies the  growth in  order intake  is 11%.  As such,  the
growth in order intake was higher  than the guidance indicating 6%  -
8%. This is  mainly due to  higher growth than  was expected in  Peak
Performance, By  Malene Birger,  Part  Two, Matinique  and  Designers
Remix Collection.



Peak Performance, Tiger  of Sweden,  Matinique, Part  Two, By  Malene
Birger, Soaked in Luxury and Designers Remix Collection all  advanced
by double-digit growth rates, whereas InWear, Jackpot and Cottonfield
declined.

Order intake for the summer  2008/09 collection started in  mid-April
and completion is expected by the end of May 2008.

Retail operation
In the third quarter, retail revenue came to DKK 242 million (DKK 211
million) corresponding  to  a  15%  growth.  Revenue  was  positively
affected by scheduled net store openings and expansions amounting  to
DKK 20 million.

In  the  third  quarter  2007/08,  development  in  same-store  sales
(organic revenue development) achieved a combined 7% growth. Compared
to previous  quarters, the  growth  rate is  lower, which  is  solely
attributable to the development in March, during which the same-store
growth seen isolated was negative  by 4%. This development  continued
throughout April with a negative growth  of 2%, whereas the first  14
days of  May saw  a positive  upturn as  compared to  last year.  The
accumulated growth in same-store sales  for the first nine months  of
the financial year is 11%.

Retail profit in the third quarter  achieved a loss of DKK 3  million
DKK (a  loss  of DKK  1  million).  The negative  development  is  to
significant degree affected by the  retail activities for InWear  and
Cottonfield in China, where the organisation, as mentioned above,  is
now adjusted. Furthermore,  more inventory write-downs  in the  third
quarter resulted in a lower  retail gross margin as measured  against
last year.

The  Group's  retail  operations  constitute  37,000  square   metres
distributed between 234 locations.

Outlet operation
Outlet revenue in the  third quarter reached DKK  31 million (DKK  27
million), corresponding to a 14% growth. Outlet profit for the  third
quarter increased DKK  2 million,  equivalent to a  profit margin  of
12.8% (7.8%).

Outlet operation forms an integral part of the Group's business model
for the profitable sale of  residual post-season products. The  Group
operates 24 outlet stores.


Earnings development

Increasing gross profit
For the third quarter, gross profit reached DKK 664 million (DKK  576
million) which corresponds to an  increase of 15%. The third  quarter
achieved a gross margin of 60.1% (59.6%).

The Group's  sourcing currencies  in the  third quarter  2007/08  are
hedged at a lower exchange rate  than in the same period in  2006/07.
Seen isolated this benefits the  Group's gross margin by  1.2%-points
in the third quarter 2007/08.

As  previously  announced  the  gross  margin  improvement  from  the
combined effect of the development in sourcing currencies is expected
to be  at the  level of  1.0% -  1.2%-points in  the second  half  of
2007/08 and  combined 1.5  - 1.8%-points  for the  full year  2007/08
relative to 2006/07.

Increasing operating costs
Costs were DKK 511  million (DKK 431 million)  in the third  quarter,
which equals a 19% increase.  The cost rate increased by  1.7%-points
to 46.3% as measured against the third quarter last year.

The development is affected by  non-recurring costs amounting to  DKK
20 million. DKK 13 million is related to severance pay to the Group's
CEO.  Further,  the  Group  had   an  extraordinary  loss  on   trade
receivables amounting to  a total of  DKK 7 million  from two  export
partners.

Earnings development
In the third quarter 2007/08, operating  profit was up 5% to DKK  153
million (DKK  145 million),  which  equals an  EBIT margin  of  13.8%
(15.0%).

Financial items
Net financial items were reduced DKK  1.0 million to DKK 6.5  million
(DKK 7.5 million). Interest expenses  have increased DKK 0.8  million
as a result  of averagely  higher utilisation of  the Group's  credit
facilities, whereas  settlement  of  forward  exchange  contracts  is
positive by DKK 2.8 million (DKK 1.0 million).

Income tax
Tax  costs  amounting  to  DKK  41  million  are  recognised,   which
represents 28% of the pre-tax profit.

Net result
Net result for the third quarter  increased by 7% to DKK 105  million
(DKK 98 million). Earnings  per share were DKK  5.9 (DKK 5.2) in  the
third quarter, which equals a 13% growth.

CASH FLOWS and balance sheet

Cash flows
Cash flows from operating  activities for the  third quarter were  an
outflow of  DKK 65  million (an  outflow of  DKK 89  million),  which
represents an  improvement  of DKK  24  million. The  development  is
attributable to increased  earnings and  decreased funds  tied up  in
working capital.

Gross investments came to DKK 31 million in the third quarter 2007/08
(DKK 35 million), of which refurbishing stores and showrooms  account
for DKK 25 million.

The free cash flows from  operating and investing activities were  in
the third quarter 2007/08 an outflow of DKK 97 million (an outflow of
DKK 124 million), which represents  an improvement of DKK 27  million
relative to last year.

Third quarter cash flows from financing activities were an outflow of
DKK 95 million (an outflow of  DKK 83 million). In the period,  share
buyback constituted DKK 95 million.

The total cash flow for the third  quarter was an outflow of DKK  192
million (an outflow of DKK 207 million).

Net interest-bearing debt
Consolidated net interest-bearing debt was  DKK 736 million (DKK  663
million) which amounts to an increase  of DKK 73 million relative  to
31 March 2007. The increase is primarily caused by increased  current
liabilities as a result of  increased activity and the Group's  share
buyback programme that combined amounted to DKK 214 million since  31
March 2007.

Balance
Group assets increased DKK 258 million to DKK 2,280 million as at  31
March  2008  (DKK  2,021   million).  The  increase  is   exclusively
contributable to  growth  in  current assets  amounting  to  DKK  275
million, of  which the  increase  of cash  funds constitutes  DKK  82
million.

Inventory increased  DKK  89 million  relative  to last  year,  which
corresponds to 26%. This development results from increasing activity
and an increased number of  retail square metres. Furthermore,  there
are significantly more goods in transit as compared to last year,  as
the deliveries  from  the  production  companies  have  been  brought
forward so as to ensure timely deliveries of the summer  collections.
The delivery situation is satisfactory and progresses as planned. The
share of surplus products of the total inventory was reduced compared
to last year.

Trade receivables increased DKK 93 million or 17%, which is primarily
due to increased activity, but  also averagely higher debtor days  as
compared to the same period last year.

Non-current assets decreased DKK 17 million relative to the same date
last year. Consolidated deferred  net tax assets  are reduced DKK  54
million to DKK  110 million as  at 31 March  2008 (DKK 164  million).
This  is  mainly   attributable  to  an   adjustment  of  tax   rates
constituting DKK 16 million and the utilisation of deferred assets in
2006/07 of DKK 33 million.

Equity movements
Equity is  at 31  March 2008  increased DKK  105 million  to DKK  672
million as compared to 30 June 2007. Equity ratio is at 31 March 2008
29.5% (34.1%).

In the  period, dividend  of DKK  74 million  was paid  and  treasury
shares bought back amounted to DKK 124 million.

In the  autumn  of  2007,  the  Group's  Executive  Board,  executive
employees and  other  key  employees exercised  stock  options  under
incentive-based compensation  plans,  which  led to  an  increase  in
equity of DKK 25 million.

Movements in equity and treasury shares are specified on page 14.

Share buyback
As previously announced, in the period 3 January 2008 to 30 June 2008
IC Companys A/S  expects to carry  out a share  buyback programme  of
approximately DKK 200 million.

The second programme was completed 14 May 2008 and constituted DKK 86
million. At its  meeting 14  May 2008 the  Board of  Directors of  IC
Companys A/S  decided  to  initiate  the  third  and  last  programme
amounting to DKK 47 million. This programme is initiated 15 May  2008
and will be completed 31 July 2008.

In addition, the Group bought  back 110,000 treasury shares to  cover
stock option programmes  to the Group's  new Chief Executive  Officer
and to  the  Chief Financial  Officer  upon his  appointment  to  the
Executive Board. The stock option programme is outlined in detail  in
note 3 on page  16 and in  stock exchange announcement  no. 21 of  31
March 2008.

Movements in treasury shares are specified on page 14.

outlook 2007/08

2007/08 full year  revenue guidance  is in  the region  of DKK  3,750
million (previously  DKK  3,750 -  3,800  million) and  an  operating
profit in the  region of DKK  375 million (previously  DKK 400 -  440
million). The result is affected by non-recurring costs amounting  to
DKK 20 million and deteriorating  retail revenue and in-season  sales
in March and April.

Direct  sales  promoting  investments  in  the  form  of   showrooms,
refurbishments and opening new stores will be carried through in  the
region of DKK 110 - 120 million  (previously DKK 130 - 140  million).
In addition, investments in the IT platform and warehouse  facilities
will be carried out in the  financial year  2007/08 in the region  of
DKK 15 - 25 million (previously DKK 20 - 30 million).

The previously announced share buyback  programme of DKK 200  million
is retained. The third and last  programme of DKK 47 million will  be
initiated 15 May 2008.

In the  assessment  of  the  outlook it  should  be  noted  that  the
consolidated revenue and profit are significantly higher in the first
half year than in  the second half year  and that the fourth  quarter
seen in isolation is loss-making.



IC Companys A/S


Niels
Martinsen
Henrik Theilbjørn
Chairman            of            the            Board             of
Directors                                                President  &
CEO



Contacts

Chris Bigler
Chief Financial Officer
Tel + 45 3266 7017

Henrik Steensgaard
Investor Relations Manager
Tel + 45 3266 7409
Statement by the management

The Board of Directors  and the Executive  Board have considered  and
approved the interim financial report for the period 1 January 2008 -
31 March 2008.

The interim financial report  is unaudited and  has been prepared  in
accordance with IAS  34 "Interim Financial  Reporting" as adopted  by
the EU,  cf.  section on  accounting  polices and  additional  Danish
interim reporting requirements for listed companies.

We consider the accounting  policies applied to  the effect that  the
interim financial report gives  a true and fair  view of the  Group's
assets, liabilities and financial position  as at 31 March 2008,  and
of the results of the Group's operations and cash flows in the period
1 January 2008 - 31 March 2008.



Copenhagen, 14 May 2008




Executive board:





HENRIK THEILBJØRN                    MIKKEL V.
OLESEN                      CHRIS BIGLER
President & CEO                           Chief Operating Officer
                   Chief Financial Officer





Board of directors:




NIELS ERIK MARTINSEN               HENRIK
HEIDEBY                         OLE WENGEL
Chairman                                      Deputy
Chairman                           Deputy Chairman





PER    BANK                                         ANDERS    COLDING
FRIIS                                                           NIELS
HERMANSEN











DISTRIBUTION channels










income statement




balance sheets - assets






BALANCE sheet - equity and liabilities













movements in equity

group cash flow statement




NOTEs

1. Accounting policies
The interim financial report  is prepared in  accordance with IAS  34"Interim  Financial  Reporting"  and  additional  Danish   disclosure
requirements to the interim financial reports for listed companies.

The financial year 2007/08 is the first time that the Group  presents
interim financial reports in accordance  with IAS 34, which  compared
to previous interim reports has entailed a more detailed presentation
of statement  of movements  in  equity and  more detailed  notes  for
specific areas. Comparative figures in the interim financial  reports
are adjusted to reflect the changed presentation.

The accounting policies applied in  the interim financial report  are
unchanged with respect  to the Company's  Annual Report for  2006/07.
For more  information on  the accounting  policies, we  refer to  our
Annual Report for 2006/07.


2. Seasonability
The Group's  business area  is influenced  by seasonal  fluctuations.
These fluctuations are attributable  to seasonality in deliveries  to
wholesale customers and a sales  season of the Group's products  that
varies over the  year in  retail and outlet  operations. The  Group's
wholesale peak quarters are historically first and third quarter.  By
association,  revenue  and  operating  profit  vary  in  the  various
reporting periods, and interim financial reports are not  necessarily
indicative of future trends. Results  of the individual quarters  are
therefore not reliable  sources in  terms of  projecting the  Group's
development.


3. sharebased remuneration

Stock option grants in 2007/08

As previously announced in stock  exchange announcement no. 21 of  31
March 2008, the  Board of Directors  has made the  decision to  grant
100,000 stock options to  the Group's new  CEO, Niels Mikkelsen.  The
granted stock options give  admittance to, in immediate  continuation
of the company's release of  the annual report for 2008/09,  2009/10,
2010/11, 2011/2012  and  2012/13, against  payment  in cash,  to  buy
20,000 shares annually.

Further, the  Board of  Directors has  also decided  to grant  30,000
stock options  to  Chris  Bigler.  The  granted  stock  options  give
admittance to, in immediate continuation of the company's release  of
the annual report for 2007/08,  2008/09 and 2009/10, against  payment
in cash, to buy 10,000 shares annually.

For both programmes  applies that  stock options that  have not  been
exercised in one year  can be exercised the  following two years.  In
case the  employment is  terminated,  all un-exercised  options  will
lapse. The exercise price for the  stock options has been set as  the
highest rate of the closing price  for the company's share on OMX  on
31 March  2008 and  the average  of  the closing  price in  the  five
previous business days. An interest of 5% per annum will be charged.

By applying the  Black &  Scholes formula  and on  assumptions of  an
exercise price of DKK 180, a volatility of 25% per annum, an expected
dividend rate at 2.6%  and a risk-free interest  of 4.15% per  annum,
the market value  of the  stock option programme  to Niels  Mikkelsen
amounts to DKK 2.5 million and DKK 0.7 million to Chris Bigler.


As outlined in detail in the Annual Report 2006/07, 66 executives and
key  employees  have  been  granted  stock  options.  The  grant   is
performance based and calculated  on a proportion from  10% - 30%  of
the wage of  the individual employee  which by means  of the Black  &
Scholes formula will grant a specific number of stock options to  the
employee in question. The calculation is based on a future volatility
of 23%  per  annum,  an  expected yield  percentage  of  1.3%  and  a
risk-free interest of 4.1%. The total grant constituted 237,769 stock
options that  each  entitles the  holder  the right  to  acquire  one
existing share at DKK 329.39 per  stock plus 5% per annum. The  share
price is calculated  as the average  share price the  last 5  trading
days prior to the grant. The stock options cannot be exercised  until
after the publication of the Annual Report 2009/10 and no later  than
after the publication  of the  Annual Report  2012/13. The  aggregate
market value  of the  programme  is DKK  10  million, which  will  be
amortized over the term.

Exercise of stock options in 2007/08
The Executive stock option programme (two persons) comprised  160,000
stock options as at 30 June 2007. On 12 September 2007, the Executive
Board exercised combined 40,000 stock options.

Warrants exercised in 2007/08
On 26 September 2007 executive  employees in IC Companys exercised  a
total of 112,059 warrants at nominal value DKK 10 granted in previous
financial years. The share capital  is consequently increased by  DKK
1,120,590 nominal value.  The subscription  price per  share was  DKK
173.50  without   pre-emptive   rights  for   the   Company's   other
shareholders or  others. The  company  proceeds of  the  subscription
amounted to DKK 19,442,237.


4. inventories




5. Trade receivables

Movements in allowance for bad debt: