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First quarter September 1 to November 30, 2007
Best Q1 so far
Christian W. Jansson, President & CEO
Håkan Westin, CFO
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These materials may contain forward-looking statements. If so, such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read our earnings report and our most recent annual report for a better understanding of these risks and uncertainties.
These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States.
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Number of stores
279 stores end November 2007
34 new stores under contract
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Financial highlights Q1September 1 – November 30, 2007
Net sales MSEK 1,247 (1,189), an increase of 4.9 percent.
Operating profit MSEK 206 (186), an increase of 10.8 percent.
Gross margin 63.9 (62.2) percent and operating margin16.5 (15.6) percent.
Profit after taxes MSEK 138 (123), equivalent SEK 1.84 (1.64) per share.
Cash flow from operating activities MSEK 196 (209).
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Income statement Q1
MSEK Sept-NovNet salesCost of goods soldGross profit
Selling expensesAdministrative expensesOperating profit
Financial incomeFinancial expenseProfit before tax
Tax expenseNet profit
07/081 247-450797
-558-33206
3-18191
-53138
06/071 189-449740
-513-37186
2-16172
-49123
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Sales Q1
Stable growth
Growth from new stores will increase
MSEK %Net sales Q1 2006/2007 1 189
Currency effect +2.1
New net stores +1.2
Like For Like growth +1.6
Net sales Q1 2007/2008 1 247 +4.9
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Sales breakdown, Q1
Finland11%
(11%)
Sweden56%
(57%)
Norway29%
(28%)
Poland4% (4%)
GrowthMSEK SEK Loc.cur.07/08 07/06Sweden 2.6% 2.6%701 683Norway 7.8% 0.8%359 333Finland 5.4% 4.7%137 130Poland 18.6% 13.2%51 43
Total 1 247 1 189 4.9%
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111%
107%
108%
105%
2007/2008
Profitability drivers Q1
Operating income
Costs
Gross profit
Sales
(excl one-offs)
Best Q1 so far
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Key conclusions
Stable sales development
Further improved gross margin
Strong operating margin
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Future approach
Maintain gross margin
Continue store expansion program
Continue refurbishment of existing stores
Evaluate a fifth market
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We don’t believe in selling a lifestyle.You have one already.
We don’t believe in expensive collections for an exclusive few.
We believe in fashion that suits you.We don’t believe in eternal youth, however we believe that people
mature, grow wiser and even more beautiful.
Take it as a compliment.
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