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Weak sales
Q1 September 2010 – November 2010
Agenda
                           • Q1 2010/2011
Christian W. Jansson CEO
                           • Market situation
                           • Conclusions
                           • Questions




Håkan Westin, CFO
                                                2
Highlights Q1
• Like-for-like sales not up to our
  expectations
• Good sales increase from new stores
• 15 stores opened
• Launch of Hampton Republic 27




                                        3
KappAhl Q1: Campaigns during period




Sentimental Journey




                                      44
Stores November 2010
• 360 stores
                                             157                        58
• 15 stores opened in Q1
• Significant contribution   99
  from new stores in              Oslo
                                                                        Helsinki


  sales and profit                                 Stockholm




• 44 new stores under
  contract
• Total of 27 stores this
  year
                                                               Warsaw


                                                   43

                                         Prague


                                         3
                                                                               5
Financial highlights, Q1
September - November 2010

• Net sales MSEK 1 341 (1 344), -0,2%
• Operating profit MSEK 146 (207), -29%
• Gross margin 63,4 (65,0)%
• Operating margin 10,9 (15,4)%
• Net profit MSEK 95 (178), equivalent to
  SEK 1.27 (2.37) per share. Last year
  included deferred taxes of MSEK 39.
• Cash flow from continuing operations
  MSEK 60 (133)



                                            6
Income statement, Q1
September - November 2010

 MSEK                       2010/11   2009/10
 Net Sales                    1 341     1 344
 Cost of goods sold            -491      -470
 Gross profit                  850       874
 Selling expenses              -669      -630
 Administrative expenses        -35       -37
 Operating profit              146       207
 Financial income                0         0
 Financial expense              -17       -18
 Profit before tax             129       189
 Tax expense                    -34       -11
 Net profit                     95       178

                                                7
Sales, Q1
September - November 2010

                            MSEK     %
Net sales Q1 2009/10        1 344
New stores net                      5,8
Like For Like                       -3,1
Currency effect                     -2,9
Net sales Q1 2010/11        1 341   -0,2




                                           8
Sales breakdown, Q1
 September - November 2010

                                     Change     Local
MSEK             Q1 10/11 Q1 09/10    in SEK currency
Sweden               726      717      1,3%     1,3%
Norway               358      376     -4,8%     0,2%

Finland              152      166     -8,4%     1,6%
Poland               101       84     20,2%    25,5%

Czech Republic         4        1    300,0%   173,0%
Total              1 341     1 344    -0,2%         -




                                                        9
Present market situation
• Strong financial development in our
  markets
   – Industry is the driver
   – Retail sales develop slower
   – Fashion sales weaker than expected

• Increasing sourcing costs remains a
  concern
• Private consumption expected to grow



                                          10
Sales growth




               11
Gross margin




               12
Operating margin
excl. one-offs




                   13
Return on capital/employed




                             14
Key conclusion
• Business concept – proven long term
  stability
• Like-for-like – key focus going forward
• Strong gross margin
• Strong cash flow
   – Reduced tax payment going forward




                                            15
In store now
               16
Disclaimer
These materials may not be copied, published, distributed or
transmitted to third parties.
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.




                                                                            17

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2010 12-22 Q1 2010/2011 Results

  • 1. Weak sales Q1 September 2010 – November 2010
  • 2. Agenda • Q1 2010/2011 Christian W. Jansson CEO • Market situation • Conclusions • Questions Håkan Westin, CFO 2
  • 3. Highlights Q1 • Like-for-like sales not up to our expectations • Good sales increase from new stores • 15 stores opened • Launch of Hampton Republic 27 3
  • 4. KappAhl Q1: Campaigns during period Sentimental Journey 44
  • 5. Stores November 2010 • 360 stores 157 58 • 15 stores opened in Q1 • Significant contribution 99 from new stores in Oslo Helsinki sales and profit Stockholm • 44 new stores under contract • Total of 27 stores this year Warsaw 43 Prague 3 5
  • 6. Financial highlights, Q1 September - November 2010 • Net sales MSEK 1 341 (1 344), -0,2% • Operating profit MSEK 146 (207), -29% • Gross margin 63,4 (65,0)% • Operating margin 10,9 (15,4)% • Net profit MSEK 95 (178), equivalent to SEK 1.27 (2.37) per share. Last year included deferred taxes of MSEK 39. • Cash flow from continuing operations MSEK 60 (133) 6
  • 7. Income statement, Q1 September - November 2010 MSEK 2010/11 2009/10 Net Sales 1 341 1 344 Cost of goods sold -491 -470 Gross profit 850 874 Selling expenses -669 -630 Administrative expenses -35 -37 Operating profit 146 207 Financial income 0 0 Financial expense -17 -18 Profit before tax 129 189 Tax expense -34 -11 Net profit 95 178 7
  • 8. Sales, Q1 September - November 2010 MSEK % Net sales Q1 2009/10 1 344 New stores net 5,8 Like For Like -3,1 Currency effect -2,9 Net sales Q1 2010/11 1 341 -0,2 8
  • 9. Sales breakdown, Q1 September - November 2010 Change Local MSEK Q1 10/11 Q1 09/10 in SEK currency Sweden 726 717 1,3% 1,3% Norway 358 376 -4,8% 0,2% Finland 152 166 -8,4% 1,6% Poland 101 84 20,2% 25,5% Czech Republic 4 1 300,0% 173,0% Total 1 341 1 344 -0,2% - 9
  • 10. Present market situation • Strong financial development in our markets – Industry is the driver – Retail sales develop slower – Fashion sales weaker than expected • Increasing sourcing costs remains a concern • Private consumption expected to grow 10
  • 15. Key conclusion • Business concept – proven long term stability • Like-for-like – key focus going forward • Strong gross margin • Strong cash flow – Reduced tax payment going forward 15
  • 17. Disclaimer These materials may not be copied, published, distributed or transmitted to third parties. 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. 17