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Sharp improvement makes MQ focus on Norway

Fashion Group MQ ended its fiscal year strong.
“In the current situation focus is on Norway, where we bring more resources,” said CEO Christina Ståhl.

Following today’s announcement MQ-shares went up 8.9 percent at the opening of the stock exchange.

Sales growth is explained by the company with a strong product range and good campaign management, particularly in terms of summer sale, but also in adapting the product range to customers, says Christina Ståhl.

“We also found the right fashion, MQ was too young in earlier years and lost the core customer who is the fashion-conscious women and men who mentally is around 30-40 years. Additionally, we have expanded its range of strong brands,” she told the news agency SIX .

The financially stable position moves the focus to growth. The report indicated an increased focus on Sweden, Norway, and e-commerce, and and CEO Christina Ståhl would not comment if the company is looking at new markets.

“We have in previous reports presented that we look at Norway and Finland, and in the current situation the focus is on Norway, where we bring more focus and resources,” she told SIX.
“Today we have an e-commerce that is profitable and it is not everyone can boast.”

MQ-numbers:

  • Fourth quarter (June 2014-August 2014)
    Net sales amounted to SEK 381 million (349), up 9.2 percent. Sales in comparable stores increased 7.9 percent (according to the Swedish Retail Institute Index, the market grew 2.7 percent.)
    The gross margin was 54.9 percent (51.6).
    Operating profit amounted to SEK 35 million (5), corresponding to an operating margin of 9.1 percent (1.4).
    Profit after tax was SEK 26 million (36), corresponding to SEK 0.74 (1.03) per share after dilution. The preceding year’s profit includes a positive effect of SEK 35 million on deferred taxes, resulting from a change in the corporate tax rate. Following adjustment for positive tax effects in the preceding year, profit after tax amounted to SEK 26 million (1), corresponding to SEK 0.74 (0.03) per share after dilution.
    Cash flow from operating activities totalled SEK 34 million (negative: 15).
  • 12-month period (September 2013-August 2014)
    Net sales amounted to SEK 1,520 million (1,463), up 3.9 percent. Sales in comparable stores increased 2.6 percent (according to the Swedish Retail Institute Index, the market grew 0.1 percent.)
    The gross margin was 56.2 percent (55.3).
    Operating profit amounted to SEK 132 million (50), corresponding to an operating margin of 8.7 percent (3.4).
    Profit after tax was SEK 96 million (62), corresponding to SEK 2.76 (1.79) per share after dilution. The preceding year’s profit includes a positive effect of SEK 35 million on deferred taxes, resulting from a change in the corporate tax rate. Following adjustment for positive tax effects in the preceding year, profit after tax amounted to SEK 96 million (27), corresponding to SEK 2.76 (0.78) per share after dilution.
    Cash flow from operating activities was SEK 152 million (57).
    The Board proposes a dividend of SEK 1.36 (0.39) per share, corresponding to 50 percent of the year’s profit after tax.

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