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Year-end report 1 September 2010 – 31 August 2011

Fourth quarter, June 1, 2011 – August 31, 2011

  • Net sales totaled SEK 731 M (759), down 3.6 percent. Sales in comparable proprietary stores declined 3.0 percent
  • The operating result declined with SEK 40 M to SEK -35 M (6). Results have been negatively affected by SEK 11 M (9) from further provisions for bad debts, and by SEK 5 M from restructuring costs.
  • The profit before tax amounted to SEK -32 M (-12) Unrealized results on currency futures affected the quarter up with SEK 7M (-9).  
  • Profit after tax amounted to SEK -18 M (-9), corresponding to a profit per share of SEK -0.11 (-0.05).
  • Cash flow from operating activities amounted to SEK 49 M (48).

The interim-report period, September 1, 2010 – August 31, 2011

  • Net sales totaled SEK 2 966 M (3 054), down 2.9 percent. The negative impact from the divested operations at Steen & Ström department store is -2.2 percent. Sales in comparable proprietary stores increased 0.7 percent.
  • Write-down of goodwill and JC-trademark have been made with gross SEK 431 M, net after deferred taxes SEK 368 M.
  • Results have been negatively affected from an extraordinary provision for obsolescence in inventory in third quarter with SEK 58 M, from provisions for bad debts with SEK 27 M, and with SEK 5 M from restructuring costs.
  • The operating result decreased with SEK 126 M, excluding write-down of goodwill and JC-trademark with SEK 431 M, and amounted to SEK -78 M (48).
  • The profit before tax amounted to SEK -103 M (22) excluding write-down of goodwill and JC-trademark with SEK 431 M. Unrealized results on currency futures affected the quarter up with SEK 2 M (1).
  • The profit after tax amounted to SEK -445 M (29), corresponding to a profit per share of SEK -2.69 (0.18). Profit after tax includes a write-down of goodwill and JC-trademark with SEK 368 M.
  • Cash flow from operating activities amounted to SEK -18 M (120).