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Interim report January 1 - March 31, 2013

Odd Molly International AB (publ)
Stockholm, Sweden, April 25, 2013

Sales in line with order value

January 1 - March 31, 2013

  • Net sales amounted to SEK 77.2 million (95.8)
  • The gross profit margin was 53.6 percent (55.8)
  • Operating profit amounted to SEK 1.6 million (12.5), corresponding to an operating margin of 2.0 percent (13.0)
  • Net profit amounted to SEK 1.0 million (8.9)
  • Earnings per share amounted to SEK 0.17 (1.55)

Events during the report period

  • In March Odd Molly reported an order value for fall/winter 2013 of approximately SEK 95 million, compared with approximately SEK 87 million for the same period in 2012
  • Odd Molly opened shop-in shops in two department stores: Åhléns City in Stockholm and Illum in Copenhagen
  • In February Odd Molly launched an updated website, www.oddmolly.com

Comment from the CEO

The first quarter met our expectations, which in Odd Molly’s case largely relates to known order values. Sales amounted to SEK 77 million, compared with SEK 96 million for the same quarter in 2012. As a result of the lower volume and slightly weaker gross margin, operating profit declined.

In March Odd Molly announced the order value for the fall and winter 2013 collections, which amounted to around SEK 95 million, compared with SEK 87 million in the previous year. This is the first time since 2010 that the order value has increased compared with the same collection a year earlier, which is positive even if we have our sights set significantly higher. The improvement should also be seen against the backdrop of a continued tough market climate. In the long-term we will reach considerably higher levels.

We are seeing the impact of the earlier decline in order values. The work we are now doing will impact future purchases and revenues. In implementing the changes, our biggest focus so far has been on the collections, and it feels great that the changes we have made have been positively received by retailers and that we managed to adapt our supply chain in line with the new collections. During the season we fulfilled our promise to deliver the spring and summer merchandise on schedule - despite new routines for releases in season.

Our own channels are performing well and we have seen that the current collection is selling. The web shop and shop-in-shops, with good locations at Åhléns City in Stockholm and Illum in Copenhagen (which opened in February), are contributing to sales and helping to strengthen the brand. As a whole, the progress we have made gives us the confidence to further invest in channels where we feel we can have an impact and drive sales. In addition to further improving the collections, the focus going forward is to review our distribution in order to maximize long-term sales and profitability. I see great potential to strengthen sales work by what we do ourselves and how we are represented by agents in our network. During the quarter we terminated the cooperation agreements with our agents in Norway and Denmark, where we see the potential to increase sales in other forms.

We continue to strengthen the organization and welcome Anna Bonnevier, who in May will take over as Odd Molly’s chief designer. She will work closely with our creative design manager, Karin Jimfelt-Ghatan, and will be responsible for the design team’s work. Anna worked most recently as a concept designer for H&M. In the days ahead, we will also be joined by our new sales manager, Kent-Jonas Lundqvist, who has extensive experience mainly from Levi’s European operations.

We look forward to a busy spring.

Anna Attemark, CEO

Please see the full report in the attached PDF file.

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