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Interim report January 1 – September 30, 2010

PRESS RELEASE
Stockholm, October 21, 2010
STABLE DEVELOPMENT AND STRONG GROSS PROFIT

January 1 - September 30, 2010                               

  • Net sales increased by 8 percent to SEK 299.5 million (276.3) 
                                  
  • The gross profit margin was 57.2 percent (54.2)
                                  
  • Operating profit amounted to SEK 50.2 million (54.1), corresponding to an operating margin of 16.8 percent (19.6). Excluding expenses of slightly over SEK 4 million for Odd Molly’s listing change to NASDAQ OMX Stockholm, operating profit was SEK 54.4 million, corresponding to an operating margin of 18.2 percent. 
                                  
  • Net profit was SEK 34.8 million (40.4) 
                                  
  • Earnings per share amounted to SEK 6.05 (7.02)

July 1 - September 30, 2010                               

  • Net sales increased by 10 percent to SEK 137.8 million (125.2) 
                                  
  • The gross profit margin was 57.6 percent (55.1) 
                                  
  • Operating profit was SEK 30.9 million (29.3), corresponding to an operating margin of 22.4 percent (23.4)
         
  • Net profit was SEK 22.4 million (22.3) 
                          
  • Earnings per share amounted to SEK 3.90 (3.88)

Events during the quarter 

  • Fashion show of the Post Fire Dew men's collection at Berns during Stockholm Fashion Week
  • Fashion show of Odd Molly’s spring/summer 2011 collection at New York Fashion Week

 

[REMOVED GRAPHIC]

Comment from the CEO

 The company continued its stable development during the third quarter, with sales increasing by 10 percent, in line with the announced order value for the fall, and an operating margin of over 22 percent. The supply chain to our retailers has worked smoothly, and the fall collection was delivered and invoiced during the quarter. The gross profit margin is still strong at 57.6 percent, partly due to a strong krona. 

In August the new Post Fire Dew menswear line was premiered at Berns in Stockholm, and the clothing is now in stores. Odd Molly showed its upcoming spring and summer collections for the first time at New York Fashion Week in September, a fantastic milestone for the company and an element in our continued efforts in the US market. 

The order value for Odd Molly´s spring and summer 2011 collections wound up at about SEK 165 million, compared with about SEK 180 million for the same collections in the previous year, and therefore did not totally meet expectations. Even adjusted for the negative effect of exchange rates, the order value was slightly weaker than the previous year. The figure for spring/summer 2011 includes a pre-spring collection of about SEK 26 million which is now being delivered to retailers during the fourth quarter 2010.                                                                                                    

To strengthen the company competitively and bolster future sales, we will try to optimize the improvement potential in our collections’ product and price mix. This work is our highest priority. 

In a growth company like Odd Molly, we constantly look forward, but we also focus on evaluating every step we take and improving the processes we can influence. The overarching aim is to increase our presence and sales in current markets. In addition to work on our collections, we see improvement opportunities in sales support to help our retailers and international partners in their development. 

Christina Tillman, President and CEO

Please find the full report in the attached pdf-file

 

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