FIRST QUARTER 2011/2012 FINANCIAL RESULTS FOR BOCONCEPT HOLDING A/S

Global macro-economic turmoil heavily focused on sovereign debt, revised growth prospects and considerable volatility in the financial markets have resulted in tougher market conditions for consumer durables. BoConcept nevertheless maintains its forecast for the 2011/2012 financial year, based on underlying performance in the first quarter.


Herning, Denmark, 2011-08-31 15:07 CEST (GLOBE NEWSWIRE) --

  • First quarter (Q1) 2011/2012 (1 May to 31 July 2011)

    • Revenue was DKK 219.0 million, down 6.1% on the same period last year. The decline in revenue is related to lower exchange rates and differences in allocation to particular periods
    • The total order intake for the entire chain rose by 6.3% compared with the same period last year, and same-store-sales rose by 1.1% in terms of order intake
    • The gross profit margin was 42.5%, compared with 41.9% last year
    • The operating margin (EBIT percentage) was minus 0.8%, compared with 1.7% the year before
    • Pre-tax profit was DKK 0.1 million, compared with DKK 2.8 million the year before
    • Four new BoConcept Brand Stores opened and five closed in the course of the reporting period
    • The balance sheet total was DKK 529.3 million at 31 July 2011, versus DKK 507.6 million at the beginning of the financial year
    • Cash flow for the reporting period amounted to DKK 4.3 million before instalments on long-term debt, compared with DKK 1.9 million last year

    Forecast for the 2011/2012 financial year

    In the assessment of BoConcept's management, the market risk is increasing as a result of greater global macro-economic uncertainty. BoConcept will, however, take advantage of its positive momentum and increased marketing activities to boost the progress in order intake that has characterised the recent months. While monitoring the trend in market economies more closely, however, the group maintains the following predictions for the 2011/2012 financial year: 

    • Group revenue is expected to remain at 7-10%. However, growth is expected to remain at the lower end of the range, as predicted invoiced same-store-sales are reduced to a range of between 0-3% compared with the previous range of 3-5%.
    • We still expect to open approximately 35 new stores.
    • The operating margin (EBIT percentage) will be about 5%.
    • Cash flow before repayments of long-term debt will be approximately 2% of revenue.

       

 

         Further information
         For further information, please contact President & CEO, Viggo Mølholm, or Vice President & CFO, Hans Barslund, on tel. +45 70 13 13 66


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