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A year focused on collection development
January 1 - December 31, 2012
October 1 - December 31, 2012
Comment from the CEO
I can now sum up my first year at Odd Molly - a year when we focused on strengthening and improving our core business: the collections. The work has mainly consisted of creating a fashionable collection that is focused on customers and will drive sales. We are pleased with the spring and summer 2013 collection we presented last fall. It was more balanced in terms of product and price - and helped us to slow a previously accelerating decline in order values.
During the year we also put in place a new customer centric organization with clear individual and common goals and developed our own sales channels. The opportunity for profitable growth is there, but the turnaround will be gradual. We have to remember that the order value for the coming half-year, which was sold last fall, is lower than for the same period a year earlier.
The fourth quarter was still in line with expectations and order values, with sales consisting of the last winter merchandise and first release of four planned spring and summer shipments. An important part of the collection work we have done was in fact to more clearly distinguish between the collections with four concept shipments per season. The idea is to improve the flow of new merchandise and make it easy for the retail and customers to find the right merchandise at the right time in stores. The gross margin was slightly higher than the previous year despite that our own stores had high sales of discounted merchandise. The operating loss was less than the same period in the previous year and reflects the seasonally low, yet higher, sales volume this quarter compared with the previous year.
We see that our own sales channels are performing very well, especially the web shop, which now reaches throughout Europe, and our outlets, where we can effectively drive sales of merchandise from previous seasons. In recent days we launched our new website, which will inspire consumers and retailers. During the year we opened a shop-in-shop in Uppsala and very recently added shop-in-shops in two department stores: Åhléns City in Stockholm and Illum in Copenhagen.
We have recently presented the fall and winter 2013 collections at personal presentations for our agents and retailers as well as a public fashion show on ice in Kungsträdgården Park in Stockholm! A show featuring "regular girls" - figure skaters and hockey players - suits the Odd Molly brand. We like to go our own way. The ice dance choreography suits our clothing which, though fantastically beautiful, is always made to move in. We will find out the results in the form of orders later this spring. We are encouraged by the positive initial reactions, but of course we know that the economic climate is still affecting buying decisions.
In summary, much of the groundwork for a rejuvenated Odd Molly has been done, but we are planning over time to achieve much more in order to regain the strong position Odd Molly should have.
Anna Attemark, CEO
Please see the full report in attached PDF file.Download pdf