Herning, Denmark, 2013-08-29 15:26 CEST (GLOBE NEWSWIRE) -- First quarter of 2013/2014 (1 May to 31 July 2013)
- Revenue was DKK 246.7 million, on a par with last year
- Same-store-sales (order intake) fell by 2.0%
- The gross profit margin was 42.2%, compared with 45.1% last year
- EBIT was a loss of DKK 11.6 million compared with a profit of DKK 9.3 million last year
- The group booked a pre-tax loss of DKK 11.8 million, compared with a profit of DKK 9.6 million last year, which was extraordinarily good
- The group opened five new brand stores and closed two, resulting in a total of 255 stores at the balance sheet date
- Since the beginning of the year the pipeline has been expanded to reach 20 stores
- The balance sheet total was DKK 568.4 million at 31 July 2013
- Cash flow before instalments on long-term debt was an outflow of DKK 29.8 million for the reporting period, compared with an inflow of DKK 4.2 million last year
Forecast for the 2013/2014 financial year
Despite developments in the first quarter of 2013/2014, management maintains its previously published forecast for the 2013/2014 financial year, assuming that market conditions and foreign exchange rates remain unchanged.
- Group revenue is expected to grow by about 4% per year due to additional revenue produced in the stores acquired in China
- Same-store-sales (order intake) maintained at current level, corresponding to zero growth
- 35 new stores opened (net addition of 10)
- EBIT percentage of about 2.5-3.0%
- Cash flow before instalments on long-term debt of approximately DKK 0
- Investments (excluding start-up finance for franchisees) of approximately DKK 30 million
For further information, please contact CEO Torben Paulin or CFO Hans Barslund, on tel. +45 7013 1366.
