Interim report Q1 2009/10

Nov 05, 2009, 8:00

STOCK EXCHANGE ANNOUNCEMENT

IC Companys A/S – Interim Report Q1 2009/10 In the first quarter of the financial year, Group revenue decreased, as forecast, by 15% to DKK 1,081 million. It is in particular the reaction to the economic crisis that results in a delayed effect in the wholesale channel. Operating profit recorded DKK 221 million corresponding to an EBIT margin of 20.4%, which, in the context of the setback in revenue, is satisfactory.

At its meeting on 4 November 2009 the Board of Directors of IC Companys A/S has approved the Group Interim Report for the period 1 July – 30 September 2009.

  • In the first quarter of the financial year, the Group recorded revenue DKK 1,081 million (DKK 1,267 million), which corresponds to a 15% setback. Same-store sales in the Group’s own stores decreased by 10%.
  • Gross profit came to DKK 673 million (DKK 760 million). This equals an increase of 2.2% point in gross margin to 62.2%.
  • Operating costs recorded DKK 452 million (DKK 529 million), which corresponds to a 15% reduction. This corresponds to a cost rate of 41.8% (41.8%).
  • Operating profit came to DKK 221 million (DKK 230 million), which represents an increase in EBIT margin of 2.2% point to 20.4%.
  • Order intake for the spring collection 2010 is finally completed recording a 18% setback in local currencies and 21% in reporting currencies.

2009/10 full year guidance 

  • The general economic climate is still challenging, which gives rise to uncertainty regarding the development in the rest of the financial year. In consequence, the full year 2009/10 revenue expectations remain in the region of DKK 3,300 – 3,400 million. The effect of the initiatives launched by the Executive Board to counter decreasing activities is expected to be obtained. On this background, operating profit for the full year 2009/10 is also maintained in the region of DKK 150 – 200 million.
  • Investments in the region of DKK 100 – 120 million are expected to be carried through, primarily for an expansion of the distribution and sales promoting improvements of the IT platform.

Further information

Niels Mikkelsen
Chief Executive Officer
Tel.: +45 3266 7721 

Chris Bigler
Chief Financial Officer
Tel.: +45 3266 7017