BORÅS, Sweden--(BUSINESS WIRE)--Regulatory News:
On 3 December, MQ informed the market in advance of the sales result and earnings range for the first quarter. The result for the quarter was in line with this information.
First quarter (September 2012-November 2012)
- Net sales amounted to SEK 364 million (380), down 4.0 per cent. Sales in comparable stores declined 6.6 per cent (The Swedish Retail Institute Index was up 0.5 per cent).
- The gross margin was 60.5 per cent (62.5).
- Operating profit totalled SEK 21 million (42), corresponding to an operating margin of 5.8 per cent(10.9).
- Profit after tax amounted to SEK 13 million (28), corresponding to SEK 0.38 (0.80) per share after dilution.
- Cash flow from operating activities was negative in an amount of SEK 5 million (34).
- Inventory amounted to SEK 252 million (276), which was SEK 24 million less than in the preceding year.
Events during the first quarter
- Two new stores were opened in Sweden, Karlskoga and Malmö Emporia
- One new store was opened in Norway, Jessheim
- Two stores were upgrade and transferred to better locations, Vällingby and Hudiksvall
- Media investments increased SEK 10 million compared with the preceding year.
- A new savings program corresponding to SEK 15 million was launched. Total savings corresponding to SEK 35 million remain to be realised during the remainder of the financial year.
Events after the end of the reporting period
- No significant events took place after the end of the reporting period.
MQ is one of Sweden’s leading retailers of fashion brands. Through a select mix of proprietary and external brands, MQ offers men’s and women’s clothes with a high fashion content in attractive stores. The store chain currently comprises 119 stores and the aim is to establish MQ as the leading retailer of fashion brands in the Nordic region. The MQ share has been listed on NASDAQ OMX Stockholm since 18 June 2010. For more information, please visit our website at www.mq.se.
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