March 25, 2009
Mikael Solberg, CEO
Gunnar Bergquist, CFO
Cecilia Lannebo, IR
Q2 2008/2009 1
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Q2 2008/2009 2
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Q2 2008/2009 3
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Q2 2008/2009 4
• JC
Restructuring
Store network
Franchisees
• Balance sheet
Capital tied up
Inventories
Liabilities
• Department Stores
Steen & Ström
Illum
Kosta Outlet
• Market development
• Currency
• Cost cutting
Q2 2008/2009 5
• Sales
Q2 sales 108.6 MSEK (99.1)
Growth of 9.6 percent
+4.4 percent like-for-like
• Operating profit
16.8 MSEK (15.8)
Growth of 6.3%
• Operating profit margin
15.5 percent (15.9)
• New store openings
9 new stores y-o-y
• E-commerce in Sweden and the US,
launch mid-March
Q2 2008/2009 6
• Sales
Q2 sales 466.4 MSEK (430.7)
Growth of 8.3 percent
-7.7 percent like-for-like
• Operating loss
-583.0 MSEK (-69.9), excluding
for goodwill write-down -83,0
MSEK
• JC: -567.9 MSEK
• Brothers and Sisters:
-15.1 MSEK
• New store openings
14 new stores y-o-y
• Brothers: 6
• Sisters: 8
• JC: -5
Q2 2008/2009 7
• Sales
Q2 sales 344.0 MSEK (325.1)
Growth of 5.8 percent
+0.6 percent like-for-like
• Operating loss
-13.0 MSEK (13.8)
• Illum -9.0 MSEK (-5.7)
• Steen & Ström -2.8 MSEK
(-1.0)
Q2 2008/2009 8
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Q2 2008/2009 9
Q2 2008/2009 10
3M 3M 6M 6M
Dec 08-Feb 09 Dec 07-Feb 08 Sep 08-Feb 09 Sep 07-Feb 08
914.5 854.1 1,698.0 1 777.8
Net turnover
Operating result -588.9 -53.1 -548.7 28.4
Financial items -9.6 -10.7 -27.1 -21.9
Result after fin. Items -598.5 -63.8 -575.8 6.5
Result for the period -572.2 -45.0 -555.6 9.8
Q2 2008/2009 11
Feb 28, 2009 Feb 29, 2008 Aug 31, 2008
Intangible assets 1,470.9 1,871.0 1,966.8
Tangible assets 195.7 288.3 215.2
Financial assets 10.2 17.5 11.4
Inventories 655.0 532.2 672.0
Other current assets 367.6 434.5 462.6
Total assets 2,699.4 3,143.5 3,328.0
Equity 1,191.5 1,488.3 1,404.1
Long-term liabilities 658.6 728.6 717.3
Short-term liabilities 849.3 926.6 1,206.6
Total equity and liabilities 2,699.4 3,143.5 3,328.0
Q2 2008/2009 12
6M 6M 12 M
Sep 08-Feb 09 Sep 07-Feb 08 Sep 07-Aug 08
Gross profit margin (%) 43.7 43.0 43.3
Operating margin (%) nm 1.6 0.1
Net profit margin (%) nm 0.6 nm
Equity (MSEK) 1,191.5 1,488.3 1,401.1
Equity ratio (%) 44.1 47.3 42.2
Average number of employees 1,582 1,520 1,505
Number of stores 489 473 475
Q2 2008/2009 13