XXL

Earnings Release • Oct 28, 2015

XXL ASA - Third quarter 2015 results - Sweden and Finland with strong performance

XXL ASA - Third quarter 2015 results - Sweden and Finland with strong performance

The strong growth of XXL ASA continued in the third

quarter 2015 with a growth rate of 24 per cent

compared to the same quarter last year. The Swedish

operation achieved significantly improved margins

compared to last year and a like-for-like growth of

4.2 per cent in local currency. Finland continued to

take market position combined with yet another quarter

with positive EBITDA. The growth from E-commerce for

the Group was 68 per cent in the quarter. Among

Norwegian consumers XXL was voted number 8 of 112

large enterprises on criteria such as sustainability,

ethics and profitability.

Highlights

- Total revenues of NOK 1 753 million (NOK 1

416 million), up 24 per cent

- Like-for-like stores up 4.6 per cent

- E-commerce growth of 68 per cent

- Opened one new store in Finland

- Expansion of the central warehouse in Sweden

progressing according to plan

Outlook

XXL has opened 4 new stores year to date and intends

to open 4 additional stores in the fourth quarter

2015. There will be store openings in all three

markets. One of the stores will open in Charlottenberg

(Sweden) on the border between Norway and Sweden,

branded as XXL Outlet.

The main share of the future growth will be outside

Norway. Finland is still under establishment but with

good prospects of delivering positive EBITDA in 2015.

Sweden had a good improvement in the margin in 2014

due to the new central warehouse. Margin improvement

going forward will not be at the same pace as in 2014.

The Group maintains the following long term objectives

(as compared to 2013 figures):

- Like-for-like growth of mid-single digits over

time

- E-commerce share of total revenues of low

double digits

- Gross margins to be stable. For Norway

maintained at the same level, increasing to high 30's

in Sweden and Finland

- EBITDA-margin stable as a result of stable

gross margins and operating expenses. In Norway at low

20's, in Sweden low double digits and in Finland high

single digits.

XXL has already signed 8 new lease agreements for new

store openings and aims for 8-10 new stores in total

for 2016.

For further information please find attached the

quarterly report and the presentation material.

The results will be presented at 08:30 CET by CEO

Fredrik Steenbuch and CFO Krister Pedersen. The

presentation will take place at our headquarters in

Oslo, Strømsveien 245, Alna Senter (entrance on the

right side of Maxbo). The presentation will be held in

English and will be webcasted at www.xxlasa.com. You

may also follow the presentation live by telephone.

Dial-in details: +47 21 56 33 18 (Norway) and +44(0)

20 3003 2666 (International), passcode - XXL Q3.

A replay will be available on www.xxlasa.com soon

after the live presentation.

For further queries, please contact:

Tolle O. R. Grøterud, Head of Investor Relations, XXL

ASA

Tel: +47 90 27 29 59

E-mail: ir@xxlasa.com

This information is subject of the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act

About XXL ASA

XXL is a leading sports retailer with stores and e-

commerce in Norway, Sweden and Finland. It is the

largest and the fastest growing among the major sports

retailers in the Nordic. XXL pursues a broad customer

appeal, offering a one stop shop experience with a

wide range of products for sports, hunting, skiing,

biking and other outdoor activities. XXL's concept is

to have the largest stores with the lowest prices and

the widest assortment of products, focusing on branded

goods.