Interim report for Q3 2009/10

May 12, 2010, 14:24

IC Companys A/S – Interim Report Q3 2009/10

Consolidated net revenue for Q3 2009/10 decreased modestly by 1% to DKK 996 million. The positive development of the Group’s retail revenue continued into Q3. The Group’s gross margin has been under considerable pressure due to foreign exchange movements. Improved efficiency has, however, absorbed the majority of these negative effects generated by exchange movements and the consolidated operating profit thus amounted to DKK 96 million corresponding to an EBIT margin of 9.6%

 

The Board of Directors of IC Companys A/S has approved the consolidated interim report for the period 1 July 2009 – 31 March 2010 at a Board Meeting held on 11 May 2010.

 

  • Consolidated revenue for Q3 2009/10 amounted to DKK 996 million (DKK 1,008 million) which corresponds to a 1% setback.
  • Gross profit for Q3 2009/10 amounted to DKK 580 million (DKK 599 million) which corresponds to a setback in the gross margin of 1.2 percentage points to 58.2%. Foreign exchange movements alone were attributable to a setback of 3.7 percentage points.
  • Capacity costs for Q3 2009/10 amounted to DKK 484 million (DKK 483 million) and are by and large unchanged. This corresponds to a cost rate of 48.6% (47.9%).
  • Operating profit for Q3 2009/10 amounted to DKK 96 million (DKK 116 million) which corresponds to a decrease in the EBIT margin of 1.9 percentage points to 9.6%.
  • Order intake for the autumn collection 2010 is expected to generate a growth rate of 2%.

 

Specified guidance for 2009/10

 

  • Based on developments seen in Q3 and the month of April, the Group expects to generate revenue in the region of DKK 3,450 – 3,500 million (previous estimate of DKK 3,400-3,500 million) and an operating profit in the region of DKK 240 – 270 million (previous estimate of DKK 220-270 million) for the financial year 2009/10.
  • Investments in the region of DKK 100 – 120 million are expected to be maintained, primarily for an expansion of the distribution and sales promoting improvements of the IT platform.

 

Further information

 

Niels Mikkelsen                                                                                   Chris Bigler

Chief Executive Officer                                                                        Chief Financial Officer

Phone: +45 3266 7721                                                                    Phone: +45 3266 7017