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Odd Molly International AB (publ)
Stockholm, Sweden, October 29, 2009
HIGHER SALES AND PROFIT FOR THE THIRD QUARTER
January 1 - September 30, 2009
• Net sales increased by 22.5 percent to SEK 275.1 million (224.5)
• The gross profit margin was 54.0 percent (57.8)
• Operating profit amounted to SEK 53.2 million (57.9), corresponding to an operating margin of 19.3 percent (25.8)
• Net profit amounted to SEK 39.4 million (42.1)
• Earnings per share amounted to SEK 6.85 (7.32)
July 1 - September 30, 2009
• Net sales increased by 28.2 percent to SEK 124.0 million (96.7)
• The gross profit margin was 54.6 percent (56.8)
• Operating profit amounted to SEK 28.4 million (24.9), corresponding to an operating margin of 22.9 percent (25.7)
• Net profit amounted to SEK 21.3 million (18.2)
• Earnings per share amounted to SEK 3.71 (3.17)
Events during the period
• Decision to launch a menswear collection in fall/winter 2010 and strengthen the organization
• Decision to open first store in U.S., on Robertson Boulevard in Los Angeles, in spring 2010
Events after the conclusion of the period
• Order value for spring and summer collections 2010 increases 25 percent
Comment from the CEO
Odd Molly’s positive development continued during the third quarter, reaffirming that our brand remains attractive and that our business model works - even in a tougher market climate. For the first nine months Odd Molly reported a sales increase of 22.5 percent and an operating margin of 19.3 percent. The gross margin is slightly lower than last year, mainly due to exchange rate effects. At the same time the company has a very strong financial position, which gives us security in these troublesome economic times, especially considering the aggressive investments we are making.
The presentation of our spring and summer collections for 2010 began with a big runway show at Grand Hôtel in Stockholm in August together with Helena Christensen. Presales ended recently, and the numbers indicate continued strong growth. The order value amounted to slightly over SEK 180 million, compared with just under SEK 145 million for the spring and summer collections last year, an increase of about 25 percent.
Large portions of the winter shipments have already been delivered to retailers in October, and in December we are planning a shipment of early spring merchandise, worth about SEK 17 million, which compares with the corresponding December shipment last year of just over SEK 6 million.
We are continuing to invest aggressively in the company's development, our marketing communications and our offerings.
Preparations for the launch of the new menswear collection are fully under way. Design, branding and expansion strategies are in place, and many retailers have already expressed an interest. This is truly inspiring, since the sales collection isn't ready and the brand is not yet official.
A month ago we decided to open our first store in the U.S. We do so against the backdrop of the successful launch of our first store in Stockholm and because we feel that Odd Molly needs a more substantial branding platform in the U.S. The store, which we will manage ourselves, will be opening in the middle of Los Angeles’ most trendy fashion district in the spring of 2010.
In summary; there are a lot of exciting things going on, but we are taking nothing for granted. For us, it is important to continuously focus on future development and improvements at every level. Unless you take chances, you’ll never get anywhere.
Christina Tillman, President and CEO
Please see attached pdf document for the full length interim report.Download pdf