REPORTED GROWTH FOR 10 OUT OF 11 GROUP BRANDS AND STRONG EARNINGS
Consolidated revenue for Q1 2010/11 rose by 12% to DKK 1,216 million. 10 out
of 11 Group brands reported growth Furthermore, this revenue growth is built
on growth in both the retail and wholesale segments. Operating profit amounted
to DKK 227 million and adjusted for non-recurring costs of DKK 15 million in
respect of the pending Canadian duty case, this corresponds to an EBIT margin
of 19.9% which is satisfatory.
- Consolidated revenue for Q1 2010/11 amounted to DKK 1,216 million (DKK 1,081
million) which is an increase of 12% compared to last year.
- Wholesale revenue amounted to DKK 842 million (DKK 758 million) which
constitutes an increase of 11%.
- Retail revenue amounted to DKK 374 million (DKK 323 million) and thus
represents a 16% increase.
- Gross profit amounted to DKK 722 million (DKK 673 million). The Group thus
generated a gross margin of 59.4% (62.2%). The pending Canadian duty case has a
negative impact on the gross margin by 1.2 percentage points for Q1 2010/11.
After having adjusted for this, the gross margin is thus reduced by 1.6
percentage points compared to last financial year.
- Capacity costs amounted to DKK 495 million (DKK 452 million) corresponding to
an increase of 9%. The achieved cost efficiency amounted to 40.7% (41.8%) which
is an improvement of 1.1 percentage points.
- Operating profit amounted to DKK 227 million (DKK 221 million). The Group
thus generated an EBIT margin of 18.7% (20.4%). After having adjusted for the
Canadian duty case, the EBIT margin is reduced by 0.5 percentage points.
- Order intake for the spring collection 2011 is expected to record an increase
of 14%.
OUTLOOK FOR 2010/11
- Consolidated revenue for the financial year 2010/11, which previously was
expected to attain DKK 3,800 - 3,900 million, is now expected to attain DKK
3,900 - 4,000 million as a consequence of an increase in the Group's sales
currencies. Due to the Group's foreign currency hedging and recognised
non-recurring costs of DKK 15 million, the operating profit is retained at a
level of DKK 320 - 360 million.
- Investments in the region of DKK 130 - 150 million (unchanged) are expected
primarily for an expansion of the distribution and sales promoting improvements
of the IT platform.
Copenhagen, 10 November 2010
For further information, please contact:
Niels Mikkelsen Chris Bigler
Chief Executive Officer Chief Financial Officer
Phone: +45 3266 7721 Phone: +45 3266 7017
