1. Christian W. Jansson
• Q1 2009/2010 CEO
• Market situation
• Conclusions
• Questions
Håkan Westin
CFO
1/13

2. Sept to Nov 2009
• Best first quarter ever
• Strong gross margin
• Good cost control
• Weak like-for-like
• 18 new stores
• The Czech Republic
2/13

3. !
" #
3/13

4. 150 55
• 337 stores
• 18 new stores during Q1 95
Oslo
•
Helsinki
The Czech Republic Stockholm
• Significant contribution from
new stores in sales and profit
• 35 new stores under contract
Warsaw
36
Prague
1
4/13

5. $
Sept to Nov 2009
• Net sales MSEK 1 344 (1 266), an
increase of 6 percent
• Operating profit MSEK 207 (176), an
increase of 18 percent
• Gross margin 65,0 (64.3) percent and
operating margin 15,4 (13.9) percent
• Net profit MSEK 178 (113), equivalent
to SEK 2,37 (1.51) per share
• Cash flow from continuing operations
MSEK 133 (127)
5/13

6. % #
#
Sept to Nov 2009
MSEK 2009/10 2008/09
Net sales 1344 1266
Cost of goods sold -470 -452
Gross profit 874 814
Selling expenses -630 -605
Administrative expenses -37 -33
Operating profit 207 176
Financial income - -
Financial expense -18 -19
Profit before tax 189 157
Tax expense -11 -44
Net profit 178 113
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7. & "
Sept to Nov 2009
MSEK 2009/10 2008/09
Cash flow from continuing operations
224 194
before changes in working capital
Changes in working capital -91 -67
Cash flow from continuing operations 133 127
Cash flow from investment activities -80 -104
Cash flow after investments 53 23
Change bank overdraft facility -56 -31
Cash flow for the period -3 -8
7/13

8. Sept to Nov 2009
MSEK %
Net sales Q1 2008/09 1 266
New stores net +6.3
Like For Like -1.4
Currency effect +1.3
Net sales Q1 2009/10 1 344 +6.2
8/13

9. ' (
Sept to Nov 2009
Sales 106 %
Gross profit 107 %
Costs 105 %
Operating income 118 %
9/13

10. # )
• The consumers slightly more
positive
• Growing unemployment
• A strong and stable concept
helps in an unstable market
10/13

11. (
• Strong gross margin
• Weak like-for-like
• Cost containment
• Expansion plans continues
• Strong business concept –
proven long term stability
11/13

12. *
12/13

13. + #
• These materials may not be copied, published, distributed or
transmitted to third parties.
• These materials may contain forward-looking statements. If so, such
statements are based on our current expectations and are subject to
risks and uncertainties that could negatively affect our business.
Please read our earnings report and our most recent annual report
for a better understanding of these risks and uncertainties.
• These materials do not constitute or form part of any offer or
invitation to sell or issue, or any solicitation of any offer to purchase
or subscribe for, any securities, nor shall part, or all, of these
materials or their distribution form the basis of, or be relied on in
connection with, any contract or investment decision in relation to
any securities. These materials and the information contained herein
are not an offer of securities for sale in the United States and are not
for publication or distribution to persons in the United States.
13/13