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Interim report January 1 - September 30, 2013

Odd Molly International AB (publ)
Stockholm, Sweden, October 18, 2013

Sales in line with order value - result reflects aggressive measures

January 1 - September 30, 2013    

  • Net sales amounted to SEK 180.8 million (189.4)
  • The gross profit margin was 55.0 percent (55.0)
  • The operating loss amounted to SEK -10.0 million (7.2). The result was charged with one-time expenses of SEK 5 million
  • The net loss was SEK -8.0 million (5.9)
  • Earnings per share amounted to SEK -1.39 (1.02)

July 1 - September 30, 2013

  • Net sales amounted to SEK 70.1 million (71.4)
  • The gross profit margin was 54.5 percent (54.6)
  • Operating profit amounted to SEK 1.5 million (10.5)
  • Net profit amounted to SEK 1.6 million (8.9)
  • Earnings per share amounted to SEK 0.27 (1.54)

Events during the quarter

  • The order value for the spring and summer 2014 collection amounted to SEK 120 million (95).
  • In August the company opened an Odd Molly store in the Täby Centrum shopping center.
  • During the quarter the agent in the Netherlands was replaced.

Comment from the CEO
I am very pleased to reiterate the latest order figures for next spring and summer (2014), which amounted to SEK 120 million, against SEK 95 million for the same collection this year. Living for and in the future is part of the everyday life of an apparel company, at the same time that we have to be professional in how we report and analyze our previous numbers.

Third quarter sales amounted to about SEK 70 million and were about in line with the previous year. If we look at the distribution between sales to external retailers and sales through our own channels, we see that the share for external retailers has declined, in line with the fall order value we announced in March, while our own sales are increasing according to plan.

Our own stores, web shop, shop-in-shops and outlets continue to perform very well. At the end of August we opened a fine new Odd Molly store in the Täby Centrum shopping center, outside Stockholm.

We continue to make changes in our distribution network to strengthen opportunities for profitable growth. During the quarter we replaced our agent in the Netherlands, and earlier this year we took over responsibility ourselves for sales in Norway and Denmark. The common denominator, we feel, is that they are the right long-term steps. Taking responsibility ourselves means we can be more present, provide good support and better develop various sales channels. This equation - expenses now, revenue later - is reflected in the result we are reporting today.

Operating profit for the quarter amounted to SEK 1.5 million (10.5), while the operating loss for the period was SEK -10.0 million (7.2). Expenses are trending as planned, having increased due to strategic measures mainly at the agent and retail level. Consequently, earnings for the entire period have been weighed down by one-time expenses of SEK 5 million for the changes in the agency agreements and expenses of about SEK 5 million related to new stores.

In our ongoing action program so far we have formulated a new collection strategy, strengthened the organization and implemented changes in our sales channels. We are beginning to see an impact from our measures, not least in the latest order value. This strengthens us in our continued efforts to create profitable and sustainable growth. We know what we are doing is right - and that it takes time.

Anna Attemark, CEO

Please see the full report in the attached pdf file.

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