Third quarter of 2013/2014 (1 November 2013 to 31 January 2014)

• Revenue was DKK 254.6 million, up by 1.4% from the previous year
• Same-store-sales (order intake) were on a par with last year
• The gross profit margin was 44.1%, compared with 42.3% last year
• EBIT amounted to DKK 1.1 million, corresponding to an EBIT% of 0.4%, versus 1.9% last year
• With 12 new brand stores having opened and three closed, the chain consisted of 264 stores at 31 January 2014
• 17 new stores are in the pipeline, which thus remains strong

First nine months of 2013/2014 (1 May 2013 to 31 January 2014)

• Revenue was DKK 783.0 million, up 0.9% on the same period last year
• Same-store-sales (order intake) fell by 0.9%
• The gross profit margin was 42.8%, compared with 43.3% last year
• EBIT amounted to minus DKK 3.6 million, compared with a positive EBIT of DKK 23.0 million last year – currency effect amounts to DKK (16.8) million
• 30 stores have been opened and 18 closed in the year to date
• The balance sheet total was DKK 623.8 million at 31 January 2014
• Cash flow before instalments on long term debt totalled a cash outflow of DKK 82.8 million, compared with a cash inflow of DKK 7.2 million last year

Forecast for the 2013/2014 financial year

The level of activity in the first nine months of the year was lower than budgeted for, which, combined with increased investment in marketing, collection development, reorganisation as well as increasing provisions, means that we are making a downward adjustment in expected revenue, EBIT percentage and cash flow. Conversely, our pipeline of stores is expanding rapidly, and we are making an upward adjustment of our predicted figure for new stores for the 2013/2014 financial year.

• Revenue up by about 2% (previously: 4%)
• Unchanged same-store-sales (order intake), corresponding to 0% growth
• 40 new stores, corresponding to a net addition of 15 as opposed to earlier predictions of 35 and a net addition of 10
• An EBIT% of about (1)% to (2)%, as opposed to the previously predicted 2.5%
• Cash flow before instalments on long-term debt is a cash outflow of about 8% of revenue (previously: a cash outflow of 3%)

         For further information, please telephone President & CEO Torben Paulin or CFO Hans Barslund on +45 7013 1366.