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Odd Molly International AB (publ)
Stockholm, October 28, 2008
POSITIVE DEVELOPMENT CONTINUES WITH STRONG PROFIT
January 1 - September 30, 2008
• Net sales increased by 109 percent to SEK 224.5 million (107.3)
• The gross profit margin rose to 57.8 percent (56.7)
• Operating profit increased to SEK 57.9 million (17.9), corresponding to an operating margin of 25.7 percent (16.6)
• Net profit was SEK 42.1 million (12.8). The net margin rose to 18.7 percent (11.9)
• Earnings per share amounted to SEK 7.3 (2.4) (based on the average number of shares)
July 1 - September 30, 2008
• Net sales increased by 64 percent to SEK 96.7 million (58.8)
• The gross profit margin was 56.8 percent (56.9)
• Operating profit was SEK 24.9 million (12.5)
• Net profit amounted to SEK 18.2 million (9.1)
• Earnings per share amounted to SEK 3.2 (1.6)
• Odd Molly’s Chief Designer, Karin Jimfelt Ghatan, received the "Golden Button" fashion design award in August from the magazine Damernas Värld
• Fashion show in Copenhagen, Danish supermodel Helena Christensen signs on as the face of Odd Molly and a new website is launched
• The order value for spring/summer 2009 increased by 12 percent compared with sales in 2008
• Decision made to open a pilot store in Stockholm in February 2009
Comment from the CEO
Odd Molly continues to develop positively, with improved profit and success on several levels. If we look at our performance on a rolling 12-month basis, we have more than doubled sales, while profit has risen by nearly 250 percent. Leverage in the form of stronger margins shows that we are beginning to benefit from our larger size. At the same time, having a very strong balance sheet feels secure given the growing turmoil in the economy. We continue to take aggressive steps at the same time that the organization, after a period of growth, now has the right structure for further growth.
Odd Molly’s spring/summer collections for 2009 (SS09) were launched at a major fashion show in Copenhagen in August. Supermodel Helena Christensen was the hostess for the evening and will also be our face in an international ad campaign, our first-ever consumer campaign, scheduled for launch this spring. This is being done to strongly support sales work and lay a foundation for further growth.
Preseason orders for SS09 continued to rise compared with the previous year. Orders placed for the first half-year 2009 total just over SEK 138 million, an increase of 12 percent. We are very pleased with our performance in most markets, though a couple of markets noted greater cautiousness than before.
The announcement in August that Odd Molly’s Chief Designer Karin Jimfelt-Ghatan had received the prestigious Golden Button fashion design award for 2008 from the magazine Damernas Värld was a major success and gave the entire organization a boost.
Right now our designers are working intensely, and our new product manager has just taken over. We are all operating at a feverish pace to grow the business and prepare for fall/winter 2009. We are also preparing to unveil our first store, in central Stockholm, with a grand opening planned in February 2009.
In the last couple of weeks we have begun to ship the winter collection to stores. During the fourth quarter there will also be an early release of our spring merchandise, worth about SEK 6 million, which can be added to the previously reported order value for the full-year 2008 of SEK 254 million.
In summary, we see clear proof of the brand’s attraction, and we continue to develop individually and as a team, right along with our collections and our brand.
Christina Tillman, President & CEODownload pdf