Quarterly Report • Mar 21, 2013
Quarterly Report
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1 December 2012 – 28 February 2013
"The first quarter has been characterised by the continued challenging situation for the fashion retail industry in many of our markets mainly due to a continued tough macro-economic climate, but also due to unfavourable weather during parts of the quarter. This meant that sales in the first quarter did not reach our expectations. The reported sales increase in SEK has been affected by substantial negative currency translation and calendar effects of almost SEK 2 billion – adjusted for these negative effects the sales increase was 8 percent.
Our new fashion brand & Other Stories has been tremendously well received at its launch this March. Sales, both in stores and online, have far exceeded our high expectations. This clearly shows that the long-term work behind the development of & Other Stories has been completely right. This opens the possibility that & Other Stories can expand more widely and faster than we originally planned. We see great potential for & Other Stories in both the short and the long term, and are convinced that our new brand will become an important part of the H&M Group.
2013 will be a challenging and exciting year with continued strong expansion. We are ramping up the rate of expansion to approximately 350 new stores net compared to the originally planned 325. We will open in five new countries in 2013 and are also preparing to open in other countries in 2014, such as in Australia. We are also continuing to work on our long-term investments in IT, online, & Other Stories and the broadening of our range. An example of this will be the launch of H&M's updated and extended sports concept for women, men and children at the beginning of 2014. The range will be significantly broader than today and will consist of sportswear and accessories in specially developed functional materials suited to various kinds of sporting activities."
| Q1 2013 | Q1 2012 | |
|---|---|---|
| (SEK m) | ||
| Net sales | 28,392 | 27,832 |
| Gross profit | 15,679 | 15,537 |
| gross margin, % | 55.2 | 55.8 |
| Operating profit | 3,130 | 3,526 |
| operating margin, % | 11.0 | 12.7 |
| Net financial items | 104 | 175 |
| Profit after financial items | 3,234 | 3,701 |
| Tax | -776 | -962 |
| Profit for the period | 2,458 | 2,739 |
| Earnings per share, SEK | 1.49 | 1.65 |
Sales including VAT increased by 6 percent, in local currencies, in the first quarter. Sales in comparable units decreased by 3 percent. Converted into SEK, sales increased by 2 percent to SEK 33,146 m (32,503). Sales excluding VAT increased to SEK 28,392 m (27,832), an increase of 2 percent. Sales in the first quarter were negatively affected by calendar effects by slightly more than 2 percentage points.
In February 2013, sales including VAT increased by 5 percent in local currencies compared to the same month last year. Sales in comparable units decreased by 3 percentage points. Sales in February were negatively affected by slightly more than 3 percentage points due to the leap day on 29 February 2012.
The Group opened 54 (29) stores and closed 12 (10) stores during the first quarter. The total number of stores in the Group as per 28 February 2013 thus amounted to 2,818 (2,491), including 92 franchise stores, 65 COS stores, 61 Monki stores, 21 Weekday stores and 4 Cheap Monday stores.
Gross profit for the Group for the first three months amounted to SEK 15,679 m (15,537). This corresponds to a gross margin of 55.2 percent (55.8).
The operating profit amounted to SEK 3,130 m (3,526). This corresponds to an operating margin of 11.0 percent (12.7).
Operating profit for the first quarter has been charged with depreciation amounting to SEK 1,030 m (911).
Consolidated net interest income was SEK 104 m (175).
Profit after financial items amounted to SEK 3,234 m (3,701).
The Group's profit for the three-month period after an estimated tax rate of 24 percent (26) was SEK 2,458 m (2,739), which represents earnings per share of SEK 1.49 (1.65), a decrease of 10 percent.
Return on shareholders' equity was 36.3 percent (34.9) and return on capital employed was 47.3 percent (45.8).
Sales have been characterised by the challenging situation for the fashion retail industry in many of H&M's markets, mostly due to the continued tough macro-economic climate and unfavourable weather during parts of the quarter primarily in Europe and North America. Although sales in Asia continued to be strong and that the completely mobile-adapted H&M shop online which was launched in January in eight existing online markets was very well received by customers, Group sales did not live up to the company's own expectations.
Reported sales in SEK in the quarter were affected by substantial currency translation effects as a result of the continued strengthening of the Swedish krona against most sales countries' currencies. To illustrate the great impact of the currency translation effects on sales in the quarter: the reported sales figure of SEK 33,146 m would have been SEK 1.3 billion higher using the same currency rates as in Q1 2012. The quarter has also been affected by negative calendar effects of slightly more than 2 percentage points compared to Q1 2012.
H&M's gross margin is a result of many different factors, internal as well as external, and is also affected by the decisions that H&M makes in line with its strategy to always have the best customer offering in each individual market – based on the combination of fashion, quality, price and sustainability. The gross margin for the quarter amounted to 55.2 percent (55.8). The overall effect of cotton prices, cost inflation and the US dollar – which is the most significant purchasing currency – are considered to have had a neutral effect on purchases for the first quarter compared to the corresponding purchasing period the previous year.
Markdowns in relation to sales had a negative effect on the gross margin of 0.5 percentage points compared to the first quarter 2012.
Selling and administrative expenses in the quarter amounted to SEK 12,549 m (12,011), an increase of 4 percent. In local currencies the increase was 8 percent. The cost increase compared to the first quarter 2012 is due to the expansion and to the long-term investments within IT, online sales, & Other Stories as well as in broadening the range. These investments aim to further strengthen H&M's market position in the long term and to secure future expansion. Cost control in the Group remains good and costs in comparable stores decreased compared to the same quarter last year.
Operating profit amounted to SEK 3,130 m (3,526), corresponding to an operating margin of 11.0 percent (12.7). Profit after financial items amounted to SEK 3,234 m (3,701). Profits were negatively affected by the above-mentioned long-term investments and also by substantial negative currency translation effects. Currency translation effects arise when converting local currencies into SEK, H&M's reporting currency.
The stock-in-trade increased by 12 percent compared to the same time the previous year and amounted to SEK 13,825 m (12,397). In local currencies the increase was 14 percent. The increase is mainly explained by the expansion but also by the fact that sales did not increase as much as planned. The stock-in-trade amounted to 11.4 percent (10.9) of sales excluding VAT (rolling 12 months) and 22.8 percent (21.0) of total assets. The composition of the stock-in-trade as of 28 February 2013 is deemed to be satisfactory, but the level is somewhat higher than planned.
Consolidated total assets as per 28 February 2013 amounted to SEK 60,734 m (59,078).
The current operations generated a positive cash flow of SEK 3,777 m (2,218). Cash flow was among other things affected by investments in fixed assets of SEK -1,635 m (-1,134) and by changes in short-term investments with a duration of four to twelve months of SEK -4,023 m (-1,411). During the three-month period, the Group generated a cash flow of SEK -1,874 m (-309). Liquid funds and short-term investments amounted to SEK 18,959 m (22,029).
The equity/assets ratio was 75.1 percent (77.6) and the share of risk-bearing capital was 78.4 percent (79.1).
Shareholders' equity apportioned on the outstanding 1,655,072,000 (1,655,072,000) shares as per 28 February 2013 was SEK 27.57 (27.70).
H&M remains positive as regards future expansion and the Group's business opportunities.
H&M's growth target remains intact. The growth target is to increase the number of stores by 10-15 percent per year with continued high profitability, while at the same time increasing sales in comparable units.
H&M is ramping up the pace of expansion. The expansion plan for financial year 2013 has been increased to around 350 new stores net from the 325 previously planned. Most new stores during 2013 are planned to open in China and the US. There are also still great opportunities for expansion in markets such as Russia, Germany, the UK, Italy, Poland and France. In 2013 H&M plans to open stores in the following five new countries: Chile, Estonia, Lithuania, Serbia and, via franchise, Indonesia.
On 23 March, 2013, H&M will open its first store in South America in Santiago de Chile. The store will be a flagship store in the best location in the Costanera Center shopping mall. In autumn 2013, the first H&M stores will open in Lithuania – one store in Vilnius and one in Klaipeda. During the autumn the first three H&M stores will open in Tallinn, Estonia along with the first two H&M stores in Belgrade in Serbia. During autumn 2013 the first H&M store in Jakarta, Indonesia will open via franchise in cooperation with the franchisee J.S. Gill.
In summer 2013 H&M will launch its online sales in the US, the world's largest online market.
Expansion continues for the Group's other brands COS, Monki, Weekday and Cheap Monday. COS, for example, opened its first store in Dubai, UAE in February 2013 and in Oslo, Norway in March 2013. Monki and Weekday will open their first stores in Japan during spring 2013 and Monki will also open its first store in Paris, France during the spring. Cheap Monday will open its first store in Paris, France in the autumn. In addition to this, Weekday has launched online shopping in 18 countries in early 2013. H&M Home will also continue to expand.
The new fashion brand & Other Stories has had a fantastic reception for the launch of its collections in ten European countries in the month of March. Online shopping at stories.com was launched on 8 March in Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Spain, Sweden and the UK. & Other Stories has so far opened stores in London and Copenhagen and will open its first store in Stockholm tomorrow, 22 March. This will be followed by openings in Barcelona, Berlin, Milan and Paris during spring 2013.
In early 2014 H&M will launch an updated and extended sports concept for women, men and children. The range will be significantly broader than today and will consist of sportswear and accessories in specially developed functional materials suited to various kinds of sporting activities. The concept will initially be launched in H&M's existing online markets as well as in selected H&M stores in 15 countries.
H&M will open in Australia during 2014.
The Swedish corporate tax rate was reduced from 26.3 percent to 22 percent as of 1 January 2013. The Group's final tax rate depends on the results of its various companies and the corporate tax rates in each country. The H&M Group's tax rate for the financial year 2012/2013 is expected to be 23 – 24 percent and a tax rate of 24 has been used in the first quarter 2013.
The parent company's external sales amounted to SEK 1 m (1) in the first quarter 2013. Profit after financial items amounted to SEK 187 m (382). Investments in fixed assets amounted to SEK 14 m (180).
The unusually cold weather and snowstorms in many markets in March have delayed the start of the season for the spring collection. The late spring has had a negative effect on sales, particularly in Europe and North America. Sales in March, which will be published on 15 April 2013, should be seen in the light of a very strong sales increase of 26 percent in March 2012.
The Annual Report and the Corporate Governance Report are expected to be published on 26 March 2013 on www.hm.com and will be sent out by post to shareholders that have so requested and will also be available at the company's head office.
The Group applies the International Financial Reporting Standards (IFRS) as adopted by the EU. This report has been prepared according to IAS 34 Interim Financial Reporting as well as the Swedish Annual Accounts Act.
The accounting principles and calculation methods applied in this report are unchanged from those used in the preparation of the Annual Report and Consolidated Financial Statements for 2010/2011 which is described in Note 1 – Accounting principles.
The parent company applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities, which essentially involves applying IFRS. In accordance with RFR 2 the parent company does not apply IAS 39 to the measurement of financial instruments; nor does it capitalise development expenditure.
A number of factors may affect H&M's results and business. Most of these can be dealt with through internal routines, while certain others are affected more by external influences. There are risks and uncertainties related to fashion, weather situations, negative macro-economic changes, changes in consumer behaviour, climate changes, trade interventions, external factors in production countries and foreign currency, but also in connection with expansion into new markets, the launch of new concepts and how the brand is managed.
For a more detailed description of risks and uncertainties, refer to the Administration Report and to Note 2 in the Annual Report and Consolidated Accounts for 2011.
Return on equity: Profit for the year in relation to average shareholders' equity.
Return on capital employed: Profit after financial items plus interest expense in relation to average shareholders' equity plus average interest-bearing liabilities.
Share of risk-bearing capital: Shareholders' equity plus deferred tax liability in relation to the balance sheet total.
Equity/assets ratio: Shareholders' equity in relation to the balance sheet total.
Equity per share: Shareholders' equity divided by number of shares.
P/E ratio: Price per share divided by earnings per share.
Comparable units: Comparable units comprise the stores and the internet and catalogue sales countries that have been in operation for at least one financial year. H&M's financial year is from 1 December to 30 November.
All figures within parenthesis refer to the corresponding period or point of time the previous year.
| 26 March 2013 | The Annual Report 2012 to be published |
|---|---|
| 23 April 2013 | Annual General Meeting 2013, Victoriahallen, at the Stockholm International Fairs at 3 p.m. |
| 19 June 2013 | Six-month report, 1 December 2012 – 31 May 2013 |
| 26 September 2013 | Nine-month report, 1 December 2012 – 31 August 2013 |
| 30 January 2014 | Full-year report, 1 December 2012 – 30 November 2013 |
The three-month report has not been audited by the company's auditors.
Stockholm, 20 March 2013 Board of Directors
The information in this Interim Report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under Sweden's Securities Market Act. It will be released for publication at 8.00 (CET) on 21 March 2013.
| Nils Vinge, IR | +46-8-796 52 50 |
|---|---|
| Karl-Johan Persson, CEO | +46-8-796 55 00 (switchboard) |
| Jyrki Tervonen, CFO | +46-8-796 55 00 (switchboard) |
H & M Hennes & Mauritz AB (publ)
SE-106 38 Stockholm
Phone: +46-8-796 55 00, Fax: +46-8-24 80 78, E-mail: [email protected] Registered office: Stockholm, Reg. No. 556042-722
H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on NASDAQ OMX Stockholm. The company's business concept is to offer fashion and quality at the best price. In addition to H&M, the group includes the brands COS, Monki, Weekday and Cheap Monday, & Other Stories as well as H&M Home. The H&M Group has more than 2,800 stores in 48 markets including franchise markets. In 2012, sales including VAT were SEK 140,948 million and the number of employees was more than 104,000. For further information, visit www.hm.com.
| 1 Dec 2012- | 1 Dec 2011- | 1 Dec 2011- | |
|---|---|---|---|
| 28 Feb 2013 | 29 Feb 2012 | 30 Nov 2012 | |
| Sales including VAT | 33,146 | 32,503 | 140,948 |
| Sales excluding VAT | 28,392 | 27,832 | 120,799 |
| Cost of goods sold | -12,713 | -12,295 | -48,928 |
| GROSS PROFIT | 15,679 | 15,537 | 71,871 |
| Gross margin, % | 55.2 | 55.8 | 59.5 |
| Selling expenses | -11,581 | -11,168 | -46,608 |
| Administrative expenses | -968 | -843 | -3,509 |
| OPERATING PROFIT | 3,130 | 3,526 | 21,754 |
| Operating margin, % | 11.0 | 12.7 | 18.0 |
| Interest income | 104 | 176 | 536 |
| Interest expense | 0 | -1 | -5 |
| PROFIT AFTER FINANCIAL ITEMS | 3,234 | 3,701 | 22,285 |
| Tax | -776 | -962 | -5,418 |
| PROFIT FOR THE PERIOD | 2,458 | 2,739 | 16,867 |
All profit is attributable to the shareholders of the parent company H & M Hennes & Mauritz AB.
| Earnings per share, SEK* | 1.49 | 1.65 | 10.19 |
|---|---|---|---|
| Number of shares, thousands* | 1,655,072 | 1,655,072 | 1,655,072 |
| Depreciation, total | 1,030 | 911 | 3,705 |
| of which cost of goods sold | 115 | 102 | 415 |
| of which selling expenses | 852 | 754 | 3,065 |
| of which administrative expenses | 63 | 55 | 225 |
* Before and after dilution.
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 1,790 | 1,748 | 15,454 |
|---|---|---|---|
| OTHER COMPREHENSIVE INCOME | -668 | -991 | -1,413 |
| Tax attributable to other comprehensive income | -88 | 56 | 71 |
| Change in hedging reserves | 338 | -214 | -272 |
| Translation differences | -918 | -833 | -1,212 |
| Other comprehensive income | |||
| PROFIT FOR THE PERIOD | 2,458 | 2,739 | 16,867 |
| 28 Feb 2013 | 29 Feb 2012 | 30 Nov 2012 | |
| 1 Dec 2012- | 1 Dec 2011- | 1 Dec 2011- | |
All comprehensive profit is attributable to the shareholders of the parent company H & M Hennes & Mauritz AB.
| 28 Feb 2013 | 29 Feb 2012 | 30 Nov 2012 | |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible fixed assets | 1,729 | 1,123 | 1,558 |
| Tangible fixed assets | 18,944 | 16,972 | 19,131 |
| Financial assets | 2,161 | 1,846 | 2,252 |
| 22,834 | 19,941 | 22,941 | |
| Current assets | |||
| Stock-in-trade | 13,825 | 12,397 | 15,213 |
| Current receivables | 5,116 | 4,711 | 4,876 |
| Short-term investments, 4-12 months | 7,018 | 8,369 | 2,995 |
| Liquid funds | 11,941 | 13,660 | 14,148 |
| 37,900 | 39,137 | 37,232 | |
| TOTAL ASSETS | 60,734 | 59,078 | 60,173 |
| EQUITY AND LIABILITIES | |||
| Equity | 45,625 | 45,852 | 43,835 |
| Long-term liabilities* | 2,399 | 1,255 | 2,328 |
| Current liabilities** | 12,710 | 11,971 | 14,010 |
| TOTAL EQUITY AND LIABILITIES | 60,734 | 59,078 | 60,173 |
* Only provisions for pensions are interest-bearing.
** No current liabilities are interest-bearing.
| 28 Feb 2013 | 29 Feb 2012 | 30 Nov 2012 | |
|---|---|---|---|
| Shareholders' equity at the beginning of the period | 43,835 | 44,104 | 44,104 |
| Total comprehensive income for the period | 1,790 | 1,748 | 15,454 |
| Dividend | - | - | -15,723 |
| Shareholders' equity at the end of the period | 45,625 | 45,852 | 43,835 |
| 1 Dec 2012- | 1 Dec 2011- | |
|---|---|---|
| 28 Feb 2013 | 29 Feb 2012 | |
| Current operations | ||
| Profit after financial items* | 3,234 | 3,701 |
| Provisions for pensions | 18 | 12 |
| Depreciation | 1,030 | 911 |
| Tax paid | -303 | -2,784 |
| Cash flow from current operations before changes in working capital |
3,979 | 1,840 |
| Cash flow from changes in working capital | ||
| Current receivables | -483 | -88 |
| Stock-in-trade | 1,158 | 1,255 |
| Current liabilities | -877 | -789 |
| CASH FLOW FROM CURRENT OPERATIONS | 3,777 | 2,218 |
| Investment activities | ||
| Investment in intangible fixed assets | -245 | -168 |
| Investment in tangible fixed assets | -1,390 | -966 |
| Change in short-term investments, 4 - 12 months | -4,023 | -1,411 |
| Other investments | 7 | 18 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | -5,651 | -2,527 |
| CASH FLOW FOR THE PERIOD | -1,874 | -309 |
| Liquid funds at beginning of the financial year | 14,148 | 14,319 |
| Cash flow for the period | -1,874 | -309 |
| Exchange rate effect | -333 | -350 |
| Liquid funds at end of the period** | 11,941 | 13,660 |
* Interest paid for the Group amounts to SEK 0 m (1).
** Liquid funds and short-term investments 4-12 months at the end of the period amounted to SEK 18,959 m (22,029).
| SEK m | SEK m | Change in % | No. of stores | New | Closed | ||
|---|---|---|---|---|---|---|---|
| COUNTRY | Q1-2013 | Q1-2012 | SEK | Local currency | 28 Feb 2013 | stores | stores |
| Sweden | 1,938 | 2,010 | -4 | -4 | 176 | 1 | |
| Norway | 1,352 | 1,359 | -1 | 0 | 110 | 1 | |
| Denmark | 1,044 | 1,021 | 2 | 7 | 94 | ||
| United Kingdom | 2,226 | 2,366 | -6 | -2 | 228 | 2 | |
| Switzerland | 1,269 | 1,403 | -10 | -5 | 82 | ||
| Germany | 7,010 | 7,289 | -4 | 0 | 406 | 3 | 3 |
| Netherlands | 1,486 | 1,567 | -5 | -1 | 127 | 3 | |
| Belgium | 777 | 801 | -3 | 1 | 71 | 1 | |
| Austria | 1,099 | 1,137 | -3 | 1 | 68 | ||
| Luxembourg | 86 | 93 | -8 | -2 | 10 | ||
| Finland | 592 | 572 | 3 | 8 | 53 | ||
| France | 2,343 | 2,383 | -2 | 3 | 185 | 4 | 1 |
| USA | 3,010 | 2,797 | 8 | 13 | 269 | 4 | 4 |
| Spain | 1,373 | 1,462 | -6 | -2 | 149 | 4 | 1 |
| Poland | 726 | 666 | 9 | 9 | 106 | 3 | |
| Czech Republic | 190 | 172 | 10 | 15 | 31 | ||
| Portugal | 205 | 221 | -7 | -4 | 23 | ||
| Italy | 1,117 | 1,057 | 6 | 10 | 105 | 2 | 1 |
| Canada | 668 | 656 | 2 | 6 | 62 | 1 | |
| Slovenia | 103 | 111 | -7 | -4 | 12 | ||
| Ireland | 136 | 139 | -2 | 2 | 16 | ||
| Hungary | 162 | 128 | 27 | 27 | 27 | 1 | |
| Slovakia | 88 | 75 | 17 | 22 | 13 | ||
| Greece | 216 | 202 | 7 | 11 | 25 | ||
| China | 1,319 | 1,075 | 23 | 27 | 145 | 11 | |
| Japan | 571 | 409 | 40 | 64 | 24 | 2 | |
| Russia | 502 | 372 | 35 | 40 | 40 | 3 | |
| South Korea | 144 | 109 | 32 | 32 | 11 | ||
| Turkey | 105 | 83 | 27 | 30 | 11 | ||
| Romania | 188 | 127 | 48 | 59 | 22 | 3 | |
| Croatia | 140 | 98 | 43 | 50 | 11 | ||
| Singapore | 144 | 98 | 47 | 48 | 2 | ||
| Bulgaria | 46 | 6 | 2 | ||||
| Lettland | 27 | 2 | |||||
| Malaysia | 89 | 3 | 1 | ||||
| Mexico | 79 | 1 | |||||
| Franchise | 576 | 445 | 29 | 36 | 92 | 4 | |
| Total | 33,146 | 32,503 | 2 | 6 | 2,818 | 54 | 12 |
First quarter, 1 December - 28 February
| 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|
| Sales including VAT, SEK m | 33,146 | 32,503 | 28,708 | 29,095 | 27,282 |
| Sales excluding VAT, SEK m | 28,392 | 27,832 | 24,503 | 24,846 | 23,299 |
| Change from previous year, % | 2 | 14 | -1 | 7 | 18 |
| Operating profit, SEK m | 3,130 | 3,526 | 3,408 | 4,978 | 3,364 |
| Operating margin, % | 11.0 | 12.7 | 13.9 | 20.0 | 14.4 |
| Depreciation for the period, SEK m | 1,030 | 911 | 808 | 772 | 721 |
| Profit after financial items, SEK m | 3,234 | 3,701 | 3,538 | 5,055 | 3,554 |
| Profit after tax, SEK m | 2,458 | 2,739 | 2,618 | 3,741 | 2,577 |
| Liquid funds and short-term investments, SEK m | 18,959 | 22,029 | 24,355 | 26,200 | 23,625 |
| Stock-in-trade, SEK m | 13,825 | 12,397 | 10,822 | 8,402 | 9,052 |
| Equity, SEK m | 45,625 | 45,852 | 45,587 | 43,746 | 41,043 |
| Number of shares, thousands* | 1,655,072 | 1,655,072 | 1,655,072 | 1,655,072 | 1,655,072 |
| Earnings per share, SEK* | 1.49 | 1.65 | 1.58 | 2.26 | 1.56 |
| Shareholders' equity per share, SEK* | 27.57 | 27.70 | 27.54 | 26.43 | 24.80 |
| Cash flow from current operations | |||||
| per share, SEK* | 2.28 | 1.34 | 0.46 | 3.25 | 0.75 |
| Share of risk-bearing capital, % | 78.4 | 79.1 | 81.4 | 80.8 | 77.9 |
| Equity/assets ratio, % | 75.1 | 77.6 | 79.9 | 77.2 | 74.6 |
| Total number of stores | 2,818 | 2,491 | 2,212 | 1,992 | 1,748 |
| Rolling twelve months | |||||
| Earnings per share, SEK* | 10.02 | 9.63 | 10.61 | 10.60 | 9.02 |
| Return on shareholders' equity, % | 36.3 | 34.9 | 39.3 | 41.4 | 39.4 |
| Return on capital employed, % | 47.3 | 45.8 | 52.3 | 55.4 | 54.3 |
* Before and after dilution.
Definition on key figures see page 6.
| 2010 | 2011 | 2012 | 2013 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
| Sales including VAT, SEK m | 29,095 31,604 31,475 34,792 28,708 32,400 31,511 36,191 32,503 36,947 33,568 37,930 | 33,146 | |||||||||||
| Sales excluding VAT, SEK m | 24,846 27,033 26,893 29,711 24,503 27,632 26,912 30,952 27,832 31,658 28,806 32,502 | 28,392 | |||||||||||
| Change from previous year, % | 7 | 2 | 14 | 6 | -1 | 2 | 0 | 4 | 14 | 15 | 7 | 5 | 2 |
| Operating profit, SEK m | 4,978 | 6,965 | 5,656 | 7,060 | 3,408 | 5,599 | 4,707 | 6,665 | 3,526 | 6,893 | 4,802 | 6,533 | 3,130 |
| Operating margin, % | 20.0 | 25.8 | 21.0 | 23.8 | 13.9 | 20.3 | 17.5 | 21.5 | 12.7 | 21.8 | 16.7 | 20.1 | 11.0 |
| Depr. for the period, SEK m | 772 | 783 | 777 | 729 | 808 | 826 | 831 | 797 | 911 | 929 | 921 | 944 | 1,030 |
| Profit after financial items, SEK m | 5,055 | 7,040 | 5,735 | 7,178 | 3,538 | 5,752 | 4,850 | 6,802 | 3,701 | 7,053 | 4,895 | 6,636 | 3,234 |
| Profit after tax, SEK m | 3,741 | 5,209 | 4,244 | 5,487 | 2,618 | 4,257 | 3,589 | 5,357 | 2,739 | 5,219 | 3,622 | 5,287 | 2,458 |
| Liquid assets*, SEK m | 26,200 18,992 21,362 24,858 24,355 15,207 16,895 21,277 22,029 13,543 13,552 17,143 | 18,959 | |||||||||||
| Stock-in-trade, SEK m | 8,402 | 8,562 10,545 11,487 10,822 10,414 13,310 13,819 12,397 11,299 13,501 15,213 | 13,825 | ||||||||||
| Equity, SEK m | 43,746 36,064 39,352 44,172 45,587 33,946 38,214 44,104 45,852 36,516 38,275 43,835 | 45,625 | |||||||||||
| Earnings per share, SEK** | 2.26 | 3.15 | 2.56 | 3.32 | 1.58 | 2.57 | 2.17 | 3.24 | 1.65 | 3.15 | 2.19 | 3.19 | 1.49 |
| Equity per share, SEK** | 26.43 | 21.79 | 23.78 | 26.69 | 27.54 | 20.51 | 23.09 | 26.65 | 27.70 | 22.06 | 23.13 | 26.49 | 27.57 |
| Cash flow from current | |||||||||||||
| operations per share, SEK** | 3.25 | 4.30 | 2.23 | 3.42 | 0.46 | 4.70 | 1.62 | 3.75 | 1.34 | 5.11 | 1.43 | 3.54 | 2.28 |
| Share of risk-bearing capital, % | 80.8 | 75.9 | 75.8 | 76.2 | 81.4 | 73.0 | 72.9 | 74.9 | 79.1 | 73.5 | 74.0 | 76.1 | 78.4 |
| Equity/assets ratio, % | 77.2 | 71.8 | 72.3 | 74.6 | 79.9 | 71.3 | 71.4 | 73.3 | 77.6 | 71.5 | 72.3 | 72.8 | 75.1 |
| Total number of stores | 1,992 | 2,062 | 2,078 | 2,206 | 2,212 | 2,297 | 2,325 | 2,472 | 2,491 | 2,575 | 2,629 | 2,776 | 2,818 |
| Rolling 12 months | |||||||||||||
| Earnings per share, SEK** | 10.61 | 11.22 | 11.69 | 11.29 | 10.61 | 10.03 | 9.64 | 9.56 | 9.63 | 10.21 | 10.23 | 10.19 | 10.02 |
| Return on shareholders' equity, % | 41.4 | 54.8 | 52.3 | 44.1 | 39.3 | 47.4 | 41.1 | 35.8 | 34.9 | 48.0 | 44.3 | 38.4 | 36.3 |
| Return on capital employed, % | 55.4 | 72.9 | 69.3 | 58.7 | 52.3 | 63.0 | 54.6 | 47.1 | 45.8 | 63.0 | 58.2 | 50.3 | 47.3 |
| Stock-in-trade in % of turnover | 8.2 | 8.3 | 9.9 | 10.6 | 10.0 | 9.6 | 12.2 | 12.6 | 10.9 | 9.6 | 11.3 | 12.6 | 11.4 |
* Liquid funds and short-term investments
** Calculation based on 1,655,072,000 shares in all periods before and after dilution.
Definitions on key figures see page 6.
| 1 Dec 2012- 28 Feb 2013 |
1 Dec 2011- 29 Feb 2012 |
|
|---|---|---|
| Asia | ||
| External net sales | 2,669 | 2,008 |
| Operating profit | 225 | 309 |
| Operating margin, % | 8.4 | 15.4 |
| Europe | ||
| External net sales | 22,196 | 22,574 |
| Operating profit | -934 | -656 |
| Operating margin, % | -4.2 | -2.9 |
| North- and South America | ||
| External net sales | 3,527 | 3,250 |
| Operating profit | -336 | 7 |
| Operating margin, % | -9.5 | 0.2 |
| Group Functions | ||
| Net sales to other segments | 13,399 | 14,457 |
| Operating profit | 4,175 | 3,866 |
| Eliminations | ||
| Net sales to other segments | -13,399 | -14,457 |
| Total | ||
| External net sales | 28,392 | 27,832 |
| Operating profit | 3,130 | 3,526 |
| Operating margin, % | 11.0 | 12.7 |
In order to better reflect the company's current geographical spread, as of 2013 the segment reporting has been divided into the following three segments: Europa, Asia and North- and South America. The parent company and other subsidiaries with no external sales are reported in a separate Group-wide segment.
| 1 Dec 2012- 28 Feb 2013 |
1 Dec 2011- 29 Feb 2012 |
1 Dec 2011- 30 Nov 2012 |
|
|---|---|---|---|
| External sales excluding VAT | 1 | 1 | 30 |
| Internal sales excluding VAT* | 1,726 | 1,647 | 7,271 |
| GROSS PROFIT | 1,727 | 1,648 | 7,301 |
| Selling expenses | -593 | -658 | -2,788 |
| Administrative expenses | -968 | -660 | -3,281 |
| OPERATING PROFIT | 166 | 330 | 1,232 |
| Dividend from subsidiaries | - | - | 14,518 |
| Interest income | 21 | 52 | 139 |
| Interest expense | - | - | -1 |
| PROFIT AFTER FINANCIAL ITEMS | 187 | 382 | 15,888 |
| Year-end appropriations | - | - | -328 |
| Tax | -49 | -100 | -255 |
| PROFIT FOR THE PERIOD | 138 | 282 | 15,305 |
* Includes royalty received from Group companies
| 1 Dec 2012- 28 Feb 2013 |
1 Dec 2011- 29 Feb 2012 |
1 Dec 2011- 30 Nov 2012 |
|
|---|---|---|---|
| PROFIT FOR THE PERIOD | 138 | 282 | 15,305 |
| Other comprehensive income | - | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 138 | 282 | 15,305 |
| ASSETS | 28 Feb 2013 | 29 Feb 2012 | 30 Nov 2012 |
|---|---|---|---|
| Fixed assets | |||
| Intangible fixed assets | - | 150 | - |
| Tangible fixed assets | 446 | 445 | 459 |
| Financial fixed assets | 1,736 | 1,761 | 1,602 |
| 2,182 | 2,356 | 2,061 | |
| Current assets | |||
| Current receivables | 11,562 | 10,112 | 12,780 |
| Short-term investments, 4-12 months | 3,009 | 5,535 | 2,993 |
| Liquid funds | 1,115 | 400 | 305 |
| 15,686 | 16,047 | 16,078 | |
| TOTAL ASSETS | 17,868 | 18,403 | 18,139 |
| EQUITY AND LIABILITIES | |||
| Equity | 16,764 | 17,326 | 16,626 |
| Untaxed reserves | 456 | 128 | 456 |
| Long-term liabilities* | 229 | 240 | 229 |
| Current liabilities** | 419 | 709 | 828 |
| TOTAL EQUITY AND LIABILITIES | 17,868 | 18,403 | 18,139 |
* Relates to provisions for pensions.
** No current liabilities are interest-bearing.
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