BORÅS, Sweden--(BUSINESS WIRE)--Regulatory News:
Third quarter (March 2011-May 2011)
- Net sales amounted to SEK 347 million (319), up 8.8 percent. Like-for-like sales rose 3.5 percent. (The Swedish Retail Institute Index was down 4.1 percent).
- Gross margin was 62.5 percent (65.7).
- Operating profit totalled SEK 32 million (39), including redundancy payments of 8 million, corresponding to an operating margin of 9.1 percent (12.1). Excluding redundancy payments, operating profit amounted to SEK 40 million, corresponding to an operating margin 11.5 percent
- Profit after tax amounted to SEK 23 million (20) including redundancy payments of SEK 8 million, corresponding to SEK 0.66 (0.88) per share after dilution. Excluding redundancy payments, profit after tax totalled SEK 31 million, corresponding to SEK 0.90 per share after dilution
- Cash flow from operating activities was SEK 38 million (16)
Nine-month period (September 2010-May 2011)
- Net sales amounted to SEK 1,129 million (1,085), up 4.0 percent. Like-for-like sales dipped 0.8 percent. (The Swedish Retail Institute Index was down 3.2 percent)
- Gross margin amounted to 58.0 percent (59.8)
- Operating profit amounted to SEK 100 million (121), corresponding to an operating margin of 8.9 percent (11.1).
- Profit after tax amounted to SEK 66 million (64), corresponding to SEK 1.87 (2.85) per share after dilution.
- Cash flow from operating activities was SEK 107 million (125)
Events during the third quarter
- Johan Elfner stepped down from his position as CEO of MQ. The company’s CFO and Deputy CEO, Tony Siberg will act as interim CEO until a new CEO is appointed.
- A new store opened in Åkersberga, outside Stockholm.
- Cooperation with the Frankenstein advertising agency commenced.
Events after the end of the reporting period
- No significant events occurred after the end of the reporting period.
MQ is one of Sweden’s leading fashion brand retail chains. Through a select mix of proprietary and external brands, MQ offers men’s and women’s collections with a high fashion content in attractive stores. The company currently has a network of 112 stores and its goal is to be the leading fashion brand retail chain in the Nordic region. The MQ share has been listed on NASDAQ OMX Stockholm since 18 June 2010. For more information, visit www.MQ.se.
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