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Interim report January 1 - June 30, 2012

Odd Molly International AB (publ)
Stockholm, Sweden, August 17, 2012

Current changes pave the way for long-term growth

January 1 - June 30, 2012

  • Net sales amounted to SEK 117.9 million (149.7)
  • The gross profit margin was 55.3 percent (57.0)
  • The operating loss was SEK -3.3 million (16.0)
  • The net loss was SEK -3.0 million (10.6)
  • Earnings per share amounted to SEK -0.52 (1.85) (based on average number of shares)

April 1 - June 30, 2012

  • Net sales amounted to SEK 22.2 million (28.6)
  • The gross profit margin was 53.0 percent (59.3)
  • The operating loss was SEK -15.8 million (-7.4)
  • The net loss was SEK -11.9 million   (-5.4)
  • Earnings per share amounted to SEK -2.07 (-0.94)

Events during the quarter
Organizational changes have been implemented to strengthen the company’s prospects of profitable growth. Expenses of about SEK 2.2 million related to the reorganization were charged against the quarterly result.

Comment from the CEO
With Odd Molly’s business model, the large majority of sales are generated in the first and third quarters. The significantly lower revenues typical of the second quarter therefore generally mean a weak result. This year is no exception, and it also includes expenses related to the current changes we are making. At the same time a lot of positive things are happening in the company; the web shop continues to develop very positively, we have cleaned out old merchandise from our inventory and we have maintained an effective supply chain to customers. But perhaps most importantly, we changed our organizational structure during the quarter to improve opportunities to reach our goals. All the work being done is in line with our three priorities: brand management, customer focus and sales.

The first collection where we clearly begin to see the impact of our brand management work is spring/summer 2013, which was shown to Odd Molly’s agents and major customers at a sales meeting in June. This is a valuable platform and kick-off for our sales work, where the design team presents coming collections to our key network, and a fantastic opportunity for direct feedback from the market. As part of the effort to create stronger collections and increase sales, we have decided to prioritize a closer dialogue with agents and retailers over individual fashion shows.

Feedback on the collection from sales meetings and trade shows has been positive. I am pleased with the parts where we have had a direct impact ourselves, but would add that there are many countries facing a very tough market climate.

We start the fall with an organization ready for future growth and a strong drive to continue conquering the world with Odd Molly’s beautiful design concept and a stronger collection than in some time.

Anna Attemark, CEO

Please find the full report in the attached pdf-file.

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