Clothes retailer KappAhl (STO: KAHL) reported Q3 March-May results this morning. The company managed to reduce costs by 5.7% vs Q3 last year but net sales dipped to 1.15 billion from 1.24 billion SEK a year ago, a 74% slide. Operating profit of 29 million halved from last year while gross profit margin was down by a single percentage point to 59.1%. After tax loss of -10 million means 4 öre loss per share for the period. Cash flow remained positive at 117 million.
The inventory composition adjustment is now supposedly behind and President and CEO Johan Åberg feels present normal inventory level will benefit the company going forward. At the close of the period inventories were at 678 million SEK, down 122 million from last year. Expectations are high for improvement this autumn with new marketing concept coming to fore involving input from a new marketing director. Mr. Åberg did however characterize Q3 sales as weak
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