- Prachi Singh |
For the period from January 1 to March 31, 2020, Björn Borg Group’s net sales decreased 8.6 percent to 172 million Swedish krona (17.5 million dollars). The company said in a statement that excluding currency effects, sales were down 10.4 percent. Gross profit margin was 54.1 percent, operating profit amounted to 7.2 million Swedish krona compared to 18.5 million Swedish krona (1.8 million dollars) in the previous year. The company said, profit after tax amounted to 10.6 million Swedish krona (1 million dollars) compared to 16.9 million Swedish krona, while earnings per share amounted to 0.42 Swedish krona compared to 0.67 Swedish krona.
“In the first two months of 2020 we saw good year-over-year growth, but the quarter ended with a big drop in revenue as a result of the restrictions introduced to combat the coronavirus pandemic. In spite of this, we continued to grow in Germany, by 28 percent, driven by collaborations with e-tailers. In Finland we grew 15 percent year-over-year and our own e-commerce grew 23 percent in the quarter. Maintaining liquidity is very important and the company has 163 million Swedish krona in available liquidity,” said the company’s CEO Henrik Bunge.
The company added that net sales for company-own e-commerce increased 23 percent to 17.5 million Swedish krona (1.7 million dollars), while net sales for company-owned e-commerce and e-tailers amounted to 52.7 million Swedish krona (5.3 million dollars), a decrease of 1.4 percent.