IC Group news and archive

IC Group lowers outlook, initiates cost-cutting measures at Tiger of Sweden

Downgrading its full year outlook, IC Group has said that cost cutting measures have been initiated at Tiger of Sweden to create a more competitive, digitally-oriented and agile brand. Additionally, the company announced that its Chairman Peter Thorsen will not be seeking re-election at its ordinary annual general meeting in September 2019. As a...

Business

IC Group reports 11.2 percent decline in revenues

IC Group has announced that revenue of the group's continuing operations for Q1 to Q3 amounted to 827 million Danish krona (124 million dollars) corresponding to a reduction of 11.2 percent or 9 percent in local currency) driven by both the wholesale channel as well as the retail channel. The operating profit before central functions and...

People

IC Group appoints interim CEO for Tiger of Sweden

Following the resignation of Tiger of Sweden CEO Hans-Christian Meyer on February 18, 2019, IC Group A/S has appointed the brand’s Chief Marketing Officer Moa Strand, as interim CEO. The company said in a statement that it has already embarked on the recruitment process for a new CEO of Tiger of Sweden. In its recent trading update on February...

People

Tiger of Sweden CEO Hans-Christian Meyer resigns

The board of directors of IC Group A/S has announced through a statement that CEO of Tiger of Sweden, Hans-Christian Meyer, has resigned with immediate effect and that the development would have no impact on the group's outlook for the financial year 2018/19. In its recent trading update on February 6, the company said that it expects a minor...

BusinessFeatured

IC Group Q2 same-store sales decline by 12.9 percent

For the second quarter, IC Group revenue from continuing operations excluding Saint Tropez amounted to 271 million Danish krone (41.3 million dollars), up 1.1 percent or 3 percent in local currency, driven by Tiger of Sweden's wholesale channel, which reflected the positive effect from the brand's execution of its present strategic business...

Business

IC Group sells Saint Tropez to DK Company

IC Group has signed an agreement to sell Saint Tropez to DK Company A/S with an expected final closing date as at 31 January 2019. The company said in a statement that the group expects a positive, minor amount impact on cash flow from the sale while the accounting effect is expected to amount to a loss of 70 million Danish krone. Out of this...

Business

IC Group sells its 51 percent stake in Designers Remix

IC Group A/S has said in a statement that the company has divested all of its 51 percent stake in Designers Remix A/S to Hesselbjerg Holding A/S, which is controlled by Niels and Charlotte Eskildsen. For the financial year 2018/19, IC Group expects a flat revenue development from the continuing operations in total, measured in local currency....

Business

IC Group Q1 revenues decline by 18.3 percent

Revenue of the company’s continuing operations for first quarter, IC Group said, amounted to 379 million Danish krone (58 million dollars) corresponding to a reduction of 18.3 percent or 15.8 percent measured in local currency. The operating profit amounted to 14 million Danish krone (2 million dollars) before non-recurring costs in respect of...

BusinessFeatured

IC Group reports 9.2 percent revenue decline in FY2017/18

IC Group has reported 9.2 percent revenue decline measured in local currency from the Group's continuing operations to 1,535 million Danish krone (240.4 million dollars) for the fiscal year 2017/18. The company said, gross margin was 1 percentage point higher than last financial year. The operating profit (EBIT) amounted to 57 million Danish...

Business

IC Group upgrades earnings forecast for FY17/18

Based on the preliminary figures for the financial year 2017/18, the IC Group has announced that it expects earnings for the year under review to be realized at an EBIT margin of approximately 7 percent compared to prior outlook of approximately 6 percent or the original outlook mentioned in the annual report as approximately 5 percent. The...

Business

Amer Sports completes acquisition of Peak Performance

Amer Sports Corporation announced through a statement that it has completed the acquisition of Peak Performance from IC Group. The company said, Peak Performance business will be consolidated into Amer Sports as of July 2, 2018 and that the acquisition will have a minor positive impact on Amer Sports' 2018 financial results. "We are delighted to...

BusinessFeatured

IC Group's Q3 revenues drop 13.9 percent

Consolidated revenue amounted to 379 million Danish krone (60.9 million dollars) at IC Group, a reduction of 13.9 percent or 11.9 percent in local currency driven by the wholesale channel as well as physical stores. During the quarter, three stores were closed. Gross profit amounted to 228 million Danish krone (36.6 million dollars), and the...