XXL

Earnings Release • Apr 29, 2015

XXL ASA - First quarter 2015 results - Strong growth and cost control

XXL ASA - First quarter 2015 results - Strong growth and cost control

The strong growth of the XXL Group continued in the

first quarter 2015 with a growth rate of 32 per cent

compared to the same quarter last year. Various

market conditions and winter clearance campaigns

affected the gross margins. However, the cost focus

across the Group lead to a stable EBITDA-margin year

over year and is achieved despite the establishment

in Finland with lower margins.

Highlights Q1 2015

- Now the largest sports retailer in the

Nordics

- Total revenues of NOK 1 369 million (NOK 1

035 million), up 32 per cent

- E-commerce growth of 75 per cent

- EBITDA increased by 31 per cent to NOK 95

million

- Opened one new store in Finland

Outlook

XXL has signed 8 new lease agreements for new store

openings in 2015. One store might be postponed to

spring 2016 due to local regulations. The Group

expects the new store openings to be back-end

loaded. The first store opened in Finland on 24

March 2015 (Espoo - Helsinki west).

The main share of the growth will be outside Norway.

Finland is still under establishment and it will be

an achievement to deliver 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 in the same pace as in

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.

For further information please find attached the

quarterly report and the presentation material.

The results will be presented at 08:00 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 ASA.

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.