Net sales for the second quarter amounted to SEK 3,314 million (3,262). Organic growth totalled negative 3 per cent (pos: 2). No restructuring costs (36) impacted operating profit for the quarter. Operating profit excluding restructuring costs amounted to SEK 275 million (249), corresponding to an operating margin of 8.3 per cent (7.6). Currency effects of approximately negative SEK 10 million (neg: 15) affected the Group’s operating profit, of which positive SEK 15 million (neg: 15) comprised translation effects and negative SEK 25 million (0) comprised transaction effects. Profit after tax and including restructuring costs totalled SEK 192 million (137), corresponding to earnings per share of SEK 1.14 (0.81). Operating cash flow amounted to SEK 175 million (237). In total, market performance was deemed to be unchanged compared with the year -earlier period. The UK market grew, yet at a lower rate. The Nordic kitchen market and Nobia’s combined primary markets in Continental Europe are deemed to have remained unchanged. Organic sales growth was negative 3 per cent (pos: 2). Currency effects impacted net sales positively for the quarter in an amount of SEK 167 million (neg: 177). Optifit, which was divested on 1 May 2013, reported external sales of SEK 28 million in the second quarter of 2013. The gross margin rose to 42.1 per cent (41.2), positively impacted by higher sales values and lower prices of materials, only partly offset by exchange-rate fluctuations and lower sales volumes. Operating profit increased primarily due to the improved gross margin and cost savings. Currency effects of approximately negative SEK 10 million (neg: 15) affected the Group’s operating profit, of which positive SEK 15 million (neg: 15) comprised translation effects and negative SEK 25 million (0) transaction effects. Return on capital employed including restructuring costs amounted to 16.2 per cent over the past twelve-month period (Jan-Dec 2013: 14.6). Operating cash flow decreased primarily as a result of the negative change in working capital. Comments from the CEO “Sales for the second quarter were impacted by a lower number of delivery days compared with the year-earlier period. The Group’s gross margin for the past twelve-month period is once again at a record level and the operating margin for the quarter is the highest in six years. The reduction in the complexity of the range is proceeding and Magnet’s transition to the Group’s common standard dimension is progressing according to plan. The Finnish operations are next in line to undergo the transition. Seven of our brands launched new websites during the first six months of the year and by the end of the year twelve brands will have converted to the same online platform. Our growth strategy includes both digital investments and improved sales processes, as well as an increased number of stores and acquisitions,” says Morten Falkenberg, President and CEO. For further information Please contact any of the following on: +46 (0)8 440 16 00 or +46 (0)705 95 51 00: • Morten Falkenberg, President and CEO • Mikael Norman, CFO • Lena Schattauer, Head of Investor Relations
Interim report January–June 2014 Net sales for the second
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