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Björn Borg
Quarterly Report • May 15, 2025
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Quarterly Report
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Björn Borg AB ¶ Interim report January«March 2025
Sales record!
- ¸ Group's net sales amounted to SEK 280.0 million (256.8), an increase of 9.0 percent. Currency-neutral, Group net sales increased by 9.1 percent.
- ¸ Net sales for own e-commerce increased by 26.5 percent to SEK 51.3 million (40.6), while sales for own e-commerce and e-tailers amounted to SEK 114.1 million (107.2), an increase of 6.4 percent.
- ¸ The gross proĥ t margin was 49.9 percent (53.3). Currency-neutral, the gross proĥ t margin was 50.9 percent, a decrease of 2.4 percentage points.
- ¸ Operating proĥ t amounted to SEK 34.2 million (33.5), an increase of 2.1 percent. Currency-neutral, operating proĥ t amounted to SEK 37.0 million, an increase of 10.5 percent.
- ¸ Proĥ t after tax amounted to SEK 35.9 million (21.2), an increase of 69.4 percent.
- ¸ Earnings per share before and after dilution amounted to SEK 1.43 (0.84).
"Our growth during the quarter was driven primarily by our strategic focus areas: namely, Footwear, up by 208 percent and Sports Apparel, up by13 percent."
| SEK million | Jan-Mar 2025 |
Jan-Mar 2024 |
Apr 2024- Mar 2025 |
Full year 2024 |
|---|---|---|---|---|
| Net sales | 280.0 | 256.8 | 1,012.9 | 989.7 |
| Gross proĥ t margin, % | 49.9 | 53.3 | 51.7 | 52.6 |
| Operating proĥ t | 34.2 | 33.5 | 102.6 | 101.8 |
| Operating margin, % | 12.2 | 13.0 | 10.1 | 10.3 |
| Proĥ t after tax | 35.9 | 21.2 | 87.4 | 72.7 |
| Earnings per share before dilution, SEK | 1.43 | 0.84 | 3.47 | 2.89 |
| Earnings per share after dilution, SEK | 1.43 | 0.84 | 3.47 | 2.89 |
CEO comments
We started the year strongly with a sales increase of 9 percent to SEK 280 million, which was the best start we have ever had in terms of sales. Our operating proĥ t also developed positively compared to the previous year and increased by 2.1 percent to SEK 34.2 million. Currencyneutral, operating proĥ t increased by over 10 percent to SEK 37 million. It was a good start to the year with the greatest success being our sports apparel sales in our own e-commerce which continued to develop very well and increased by 43 percent during the quarter.
Our growth during the quarter was driven primarily by our strategic focus areas: Footwear, up by 208 percent and Sports Apparel, up by 13 percent. However, sales of underwear decreased by 12 percent during the quarter, which was solely due to later deliveries compared to the previous year. The product area Bags also showed a decline of 8 percent, while Socks increased by an impressive 25 percent. Despite the chilly spring, our swimwear collection also developed very well and grew by 25 percent.
Geographically, we saw particularly strong growth in the Netherlands which was up by 22 percent. Sweden, our largest market, also developed very well with growth of 11 percent during the quarter. Finland increased by 2 percent, while Denmark and Belgium showed very strong development with growth of 22 and 38 percent respectively. Other markets increased by 15 percent in total. There was a decrease in Germany of 21 percent, which was attributable to
Zalando's sales outside Germany. Sales directly to Germany, however, increased by 12 percent during the quarter.
A review of our sales channels shows that our own e-commerce continued to perform very well and grew by 26 percent during the quarter. Our largest channel, the wholesale business, also had a strong quarter with growth of 11 percent. Our comparable own stores were down by 4 percent during the quarter, and our distributors also started the year weakly, with a fall of 21 percent compared to the ĥ rst quarter of the previous year.
Our focus for 2025 is to drive proĥ table growth by prioritizing even more our strategic growth areas such as Sports Apparel, Footwear, our own e-commerce and the German market. Based on their performance in the ĥ rst quarter, I can say that all these areas are clearly developing in the right direction. I should also say that the world around us has not become either better or easier to navigate in 2025.
However, we believe that the eĤ ects of tariĤ s in particular will not have a measurable impact on our business, and that a weaker dollar will, in fact, be positive for us. Regardless of the challenging environment, our vision remains unchanged: to build a global sports fashion company with the aim of inspiring an active life. With the ĥ rst quarter of the year concluded, we are one step closer to fulĥ lling that dream.
Now, let's go!
Head coach, Henrik Bunge
The Group's development
The ĥ rst quarter of the year showed an improvement in the total operating revenue, including other revenues, of 10.2 percent, up to SEK 287.5 million (260.8). Adjusted for currency e Ĥ ects, operating revenue showed an increase of 10.3 percent for the quarter.
The product area Underwear showed a decrease in sales of 12 percent for the ĥ rst quarter of the year. This was mainly due to the timing of the distribution, where last year's summer season was delivered during the ĥ rst quarter, while this year's summer season has been delayed to the second quarter. However, sales of underwear through the company's own e-commerce continued to grow strongly with an increase of 5 percent. In the wholesale business, underwear decreased by 15 percent in the quarter due to the aforementioned timing in distribution. Our own stores decreased by 7 percent, due primarily to fewer stores compared to the ĥ rst quarter of last year. Sales to external distributors showed a decrease in the product area Underwear of 38 percent for the same reason as in the wholesale business.
Sports Apparel continued to show strong growth and increased by 13 percent during the ĥ rst quarter of the year, and sales in the company's own e-commerce continued to grow strongly with an increase of 43 percent. Growth also continued in the company's own wholesale operations and increased by 9 percent. Sales to external distributors picked up in the Sports Apparel product area and grew by 3 percent, while company stores were down by 10 percent.
Footwear sales grew according to plan following the previously reported takeover of distribution from a third party which went bankrupt. Growth during the ĥ rst quarter of 2025 was 208 percent compared to the ĥ rst quarter of the previous year, with footwear sales in the wholesale business being the single largest reason for growth with an increase of 233 percent. Own e-commerce also continued to grow strongly in the Footwear product area and was up by 62 percent.
The product area Bags fell by 8 percent during the ĥ rst quarter of the year. This was mainly because wholesale operations decreased by 12 percent while sales directly to consumers increased by 35 percent in own stores and by 28 percent in own e-commerce.
Other product areas, such as Swimwear and Socks, showed an increase in the quarter of 25 percent, with own e-commerce increasing by 57 percent and wholesale operations increasing by 45 percent.
The largest market, Sweden, continued to grow strongly and increased in the quarter by 11 percent compared to the ĥ rst quarter of the previous year. All channels in Sweden increased. Wholesale operations were up by 9 percent, own stores up by 11 percent and own e-commerce up by 21 percent. The second largest market, the Netherlands, increased by 22 percent in the quarter, with Footwear accounting for a large part of the growth. Germany showed a decrease of 21 percent compared to the ĥ rst quarter of last year due to weaker through-sales at the larger
retailers. Finland was up in the quarter by 2 percent, with own e-commerce in particular showing strong growth. Denmark grew by 22 percent in the quarter, and Belgium was up by 38 percent. Other smaller markets increased by 15 percent in total compared to the previous year.
The largest channel, the wholesale operations, showed an increase of 11 percent in the ĥ rst quarter of 2025, with physical stores within the wholesale business increasing by 20 percent. However, the other part of the wholesale operations, e-tailers, decreased by 6 percent, mainly due to weak development in the German market. Own stores decreased by 12 percent in the quarter. A signiĥ cant part of the decrease consisted of the late arrival of Covid contributions from the Dutch state in the ĥ rst quarter of last year. In total, these grants amounted to SEK 6 million last year. For comparable stores, i.e. stores that were open during both comparison quarters, and adjusted for government contributions, sales decreased by 4 percent. Own e-commerce continued to show strong growth and increased by 26 percent in the quarter. All product areas grew, but it was primarily Sports Apparel and Footwear that contributed most to the increase. Sales by external distributors decreased in the quarter by 21 percent, with the smaller distributors in particular showing weak development.
Group net sales during the ĥ rst quarter amounted to SEK 280.0 million (256.8), an increase of 9.0 percent. The currency eĤ ect on net sales was negative in the quarter, and adjusted for currency eĤ ects, net sales increased by 9.1 percent.
The main explanation for the increase between quarters was due to the Footwear product area, which showed continued strong growth and increased by 208 percent. A further explanation was the distribution of sports apparel, which was up by 13 percent. For further details, see below under "Development by segment".
The gross proĥ t margin for the ĥ rst quarter decreased to 49.9 percent (53.3). Adjusted for currency eĤ ects, the gross proĥ t margin would have been 50.9 percent. The decrease was primarily due to the distribution of footwear in markets which were new to the company, and which had a temporarily lower gross proĥ t margin. However, increased sales and a greater focus on proĥ tability for direct-toconsumer sales led to the opposite positive eĤ ect.
Other operating income amounted to SEK 7.5 million (4.0) and mainly referred to unrealized gains on accounts receivable and accounts payable in foreign currency.
Operating costs in the quarter increased as planned by SEK 5.6 million compared to the ĥ rst quarter of the previous year, mainly due to increased investments in marketing.
Increased sales with lower gross proĥ t margins together with increased operating costs meant that the operating proĥ t increased slightly to SEK 34.2 million (33.5).
Net ĥ nancial items amounted to SEK 11.7 million (–6.5). The change in net ĥ nancial items compared to the previous year was primarily attributable to the revaluation of ĥ nancial assets and liabilities in foreign currency. As the Swedish krona has strengthened against both EUR and USD, net ĥ nancial items have been positively aĤ ected during the quarter.
Proĥ t for the period after tax increased to SEK 35.9 million (21.2).
Björn Borg's segment reporting consists of the company's main revenue streams which are divided into Wholesale, Own e-commerce, Own stores, Distributors, and Licensing which is also how the operations are followed up internally in the Group.
The segment's external operating income for the ĥ rst quarter of 2025 amounted to SEK 210.8 million (189.5), which was an increase of 11 percent. One explanation for the increase was the distribution of Footwear in what were new markets for the company, where the overall growth was 233 percent, and that Sports Apparel continued to show strong growth with an increase of 9 percent. Overall, the company saw an increase in sales at physical stores in the segment, where growth was 20 percent and amounted to SEK 148 million (123), while e-tailers in the segment, players who primarily sell online, showed a decrease of 6 percent to SEK 63 million (67), mainly due to the weak development of the German market. Within the wholesale business, Sweden, the largest market, showed an overall increase in sales of 9 percent compared to the previous year. The second largest market, the Netherlands, increased within the segment by 37 percent as the distribution of Footwear now constitutes a signiĥ cant part of the business. The Finnish market remained at the same level as in the previous year, while Germany was down 24 percent due to weak through-sales at the larger retailers.
The operating proĥ t amounted to SEK 28.1 million (28.1). Increased sales with lower gross proĥ t margins, and higher planned operating costs in connection with the takeover of footwear distribution meant that the operating proĥ t remained at the same level as in the previous year.
Own e-commerce continued to grow strongly and increased by 26 percent to SEK 51.3 million (40.6) during the ĥ rst quarter of 2025. The increase was mainly due to strong growth in the Sports Apparel product area, which increased by 43 percent compared to the previous year. The Underwear product area is also increased and grew by 5 percent. Footwear continued to show strong momentum, growing by 62 percent while Bags were up by 28 percent.
Operating proĥ t for the ĥ rst quarter of 2025 amounted to SEK 9.3 million (5.6), an increase of 66 percent. The improvement was primarily due to increased sales with maintained margins.
Own physical stores showed a total decrease of 12 percent for the ĥ rst quarter of 2025 which amounted to SEK 18.5 million (21.0), primarily due to the company choosing to close three stores, in accordance with the company's strategy to close down unproĥ table stores. Another signiĥ cant part of the decrease consisted of late Covid contributions from the Dutch state during the ĥ rst quarter of last year. In total, these contributions amounted to SEK 6 million for 2024. For comparable stores, i.e. stores that were open during both comparison quarters, and adjusted for government contributions, sales decreased by 4 percent for the ĥ rst quarter.
In the Netherlands, sales in own stores decreased by 26 percent including the government grants, and by 4 percent excluding the grants. In Sweden, sales in own stores increased by 11 percent. Sales in Finland increased by 9 percent, while Belgium decreased by 29 percent in total and in comparable stores.
The operating proĥ t for the ĥ rst quarter of 2025 amounted to SEK –4.8 million (–3.4). The deterioration in operating proĥ t was explained mainly by reduced sales due to the smaller number of stores, as well as the above-mentioned government Covid grants.
The segment's external operating income decreased by 21 percent in the ĥ rst quarter of 2025 compared to 2024 and amounted to SEK 6.6 million (8.4). Sales to the largest distributor market, Norway, increased by 27 percent and sales to the United Kingdom increased by 25 percent. Sales to other smaller distributors decreased by a total of
| Operating income, SEK thousands January-March |
Operating proĥ t, SEK thousands January-March |
Operating margin,% January-March |
|||||
|---|---|---|---|---|---|---|---|
| Segment | Revenue type | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Wholesale | Products | 210,794 | 189,504 | 28,084 | 28,101 | 13 | 15 |
| Own e-commerce | Products | 51,310 | 40,574 | 9,284 | 5,594 | 18 | 14 |
| Own stores | Products | 18,510 | 20,950 | –4,809 | –3,441 | –26 | –16 |
| Distributors | Products | 6,638 | 8,353 | 1,488 | 1,974 | 22 | 24 |
| Licensing | Royalties | 270 | 1,430 | 138 | 1,242 | 51 | 87 |
57 percent compared to the previous year, mainly due to large inventories and thus lower purchases in the respective markets.
The operating proĥ t decreased slightly to SEK 1.5 million (2.0) due to reduced revenues.
The segment's external operating income was down in the ĥ rst quarter of 2025 compared to 2024 and amounted to SEK 0.3 million (1.4). This was due mainly to the company taking over the distribution of Footwear, which previously accounted for a signiĥ cant part of the income for the segment.
The operating proĥ t amounted to SEK 0.1 million (1.2) for 2025.
Intra-Group sales for the ĥ rst quarter of 2025 amounted to SEK 203.3 million (190.4).
The Björn Borg Group operates in an industry with seasonal variations. The diĤ erent quarters vary in terms of sales and proĥ ts. See the chart showing 'Net sales and operating proĥ t per quarter' on page 5.
The Group´s cash Ħ ow from operating activities in the ĥ rst quarter of 2025 amounted to SEK –115.2 million (–103.2). The deterioration compared to the previous year came primarily from higher capital sums tied up.
The cash Ħ ow from investment activities was negative at SEK –2.0 million (–4.5). The cash Ħ ow from ĥ nancing operations amounted to SEK 110.0 million (90.7). The improvement compared to the previous year was due to increased utilization of bank facilities.
The Björn Borg Group's cash and cash equivalents at the end of the period amounted to SEK 10.6 million (6.8), plus unused bank facilities of SEK 68.4 million (54.0). At the end of the ĥ rst quarter of the year, the company had a net debt, excluding lease liabilities, of SEK 121.0 million, compared to a net debt of SEK 89.2 million in the previous year. Total interest-bearing liabilities amounted to SEK 154.7 million (129.0), with total leasing liabilities amounting to SEK 33.7 million (39.8), of which SEK 18.3 million was the long-term share and SEK 15.4 million was the short-term share.
The Björn Borg Group has SEK 200 million in bank facilities, of which SEK 131.6 million was utilized as of March 31, 2025. The fair value of ĥ nancial instruments corresponded in all material respects to the book value.
As a commitment to the overdraft facility, the company has undertaken to ensure that the ratio of the Group's net debt and its 12-month rolling operating proĥ t before depreciation, as of the last day of each quarter, does not exceed 3.00. Furthermore, the Group should always maintain an equity ratio of at least 35 percent.
As of March 31, 2025, the ratio was 1.08 (0.76) and the equity ratio was 52.0 percent (54.9).
There have been no signiĥ cant changes in pledged assets and contingent liabilities compared to December 31, 2024.
The average number of employees in the Group for the twelve-month period ending March 31, 2025, was 151 (151), of which 67 percent (67) were women.
In addition to the customary remuneration (salary, fees and other beneĥ ts) to the CEO, the senior executives and the Board of Directors, as well as Intra-Group sales, no transactions with related parties were carried out during the period.
The Björn Borg Group is exposed to risks and uncertainties through its operations. Information about the Group's risks and uncertainties is provided on page 56 of the 2024 Annual Report.
The company notes, however, that the geopolitical situation in the world remains challenging. It is currently diħ cult to determine how this will aĤ ect the Björn Borg Group's operations ĥ nancially, but the fact that the company does not do business in either Russia, Ukraine or Israel minimizes the risk of a negative impact on the business, although consumers' declining conĥ dence in the future may have an indirect, negative eĤ ect.
The company also notes that interest rates in the markets where the Björn Borg Group operates continue to reach high levels. Taken together, these macroeconomic eĤ ects may have a further impact on consumer purchasing behavior.
Björn Borg AB (publ) mainly conducts intra-Group operations. As of March 31, 2025, the company owned 100 percent of the shares in Björn Borg Brands AB, Björn Borg Footwear AB, Björn Borg Inc, Björn Borg UK Ltd, Baseline BV, Belgian Brand Management BVBA, Björn Borg Finland Oy and Björn Borg Denmark ApS. The company also owned 75 percent of the shares in Bjorn Borg (China) Ltd.
The Parent Company's net sales for the ĥ rst quarter of 2025 amounted to SEK 32.2 million (26.9).
Proĥ t before tax amounted to SEK 12.2 million (–9.7). Cash and cash equivalents at the end of the period amounted to SEK 0 million (0).
There have been no signiĥ cant events to report since the end of the reporting period.
The number of shares in Björn Borg amounts to 25,148,384 shares (25,148,384) i.e. no change from the previous period.
Björn Borg's long-term ĥ nancial targets valid until further notice, are:
- ¸ Annual sales growth of at least 10 percent.
- ¸ An annual operating margin of at least 10 percent.
- ¸ An annual dividend of at least 50 percent of net proĥ t after tax.
- ¸ An equity ratio which should not fall below 35 percent.
Sales growth is expected to come primarily from growth in Sports Apparel and the Footwear business, while other product groups are also expected to grow.
The Annual General Meeting for the ĥ nancial year 2024 will be held at 17.30 on 15 May 2025. The Board of Directors has decided to propose to the Annual General Meeting 2025 that a dividend of SEK 3.00 (3.00) per share be paid for the ĥ nancial year 2024, corresponding to 104 percent (99) of pro ĥ t after tax. The dividend will be divided into two payments of SEK 1.50 each, subject to approval by the Annual General Meeting, one to be paid out in May and one in November 2025. The Board of Directors' proposal corresponds to a transfer to shareholders of SEK 75.4 million (75.4). The Board of Directors has also decided to propose to the Annual General Meeting that the meeting authorizes the Board to repurchase the company's own shares.
This interim report summary for the Group has been prepared in accordance with IAS 34 and applicable provisions in the . The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act, Chapter 9, and RFR 2 . The accounting principles applied in the interim report are consistent with the accounting principles applied in the preparation of the consolidated and annual accounts for 2024 (see page 52 of the annual report for 2024). No new standards apply from 1 January 2025 and the amended standards that are applied from this date have not had any material impact on the Group's ĥ nancial statements. Amendments to RFR 2 that apply from 1 January 2025 have not had any material impact on the Parent Company's ĥ nancial statements.
When preparing the interim report, management is required to make assessments and estimates regarding assumptions that a Ĥ ect the application of the Group's (and the Parent Company's) accounting principles and the reported amounts for assets, liabilities, income and costs. The e Ĥ ects of the current geopolitical situation and its possible negative ĥ nancial impact have been taken into account. The outcome of the afore-mentioned consideration has not had any signi ĥ cant impact on the Group's ĥ nancial statements. Important estimates and assessments are disclosed in the 2024 annual report. No signi ĥ cant changes in estimates or assessments have been made compared to the 2024 annual report.
This interim report has not been subject to review by the company's auditors.
The company's policy is not to provide forecasts.
Consolidated income statement
| SEK thousands | Note | Jan-Mar 2025 |
Jan-Mar 2024 |
Apr 2024- Mar 2025 |
Full year 2024 |
|---|---|---|---|---|---|
| Net sales | 1 | 280,027 | 256,788 | 1,012,937 | 989,698 |
| Other operating revenue | 7,495 | 4,023 | 26,662 | 23,191 | |
| Goods for resale | –140,339 | –119,939 | –489,450 | –469,050 | |
| Other external expenses | 2 | –61,795 | –59,674 | –248,311 | –246,190 |
| Personnel costs | –37,521 | –36,895 | –149,612 | –148,986 | |
| Depreciation/amortization of tangible/intangible non-current assets | –7,907 | –8,150 | –31,890 | –32,133 | |
| Other operating expenses | –5,775 | –2,683 | –17,776 | –14,685 | |
| Net ĥ nancial items | 11,679 | –6,516 | 6,753 | –11,442 | |
| Tax | –9,939 | –5,743 | –21,930 | –17,735 | |
| Parent Company shareholders | 35,925 | 21,211 | 87,383 | 72,668 | |
| Non-controlling interests | 0 | 0 | 0 | 0 | |
| Earnings per share before dilution, SEK | 1.43 | 0.84 | 3.47 | 2.89 | |
| Earnings per share after dilution, SEK | 1.43 | 0.84 | 3.47 | 2.89 | |
| Number of shares | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 |
Consolidated statement of comprehensive income
| SEK thousands | Note | Jan-Mar 2025 |
Jan-Mar 2024 |
Apr 2024- Mar 2025 |
Full year 2024 |
|---|---|---|---|---|---|
| Translation diĤ erence for the period | –8,076 | 4,745 | –8,647 | 4,175 | |
| Parent Company shareholders | 27,245 | 26,304 | 78,364 | 77,422 | |
| Non-controlling interests | 603 | –348 | 372 | –579 |
Consolidated statement of nancial position
| Mar 31, | Mar 31, | Dec 31, | |
|---|---|---|---|
| Note SEK thousands |
2025 | 2024 | 2024 |
| Goodwill | 35,928 | 37,279 | 37,203 |
| Trademarks | 187,532 | 187,532 | 187,532 |
| Other intangible assets | 6,510 | 6,134 | 6,486 |
| Tangible non-current assets | 20,162 | 19,957 | 21,035 |
| Deferred tax assets | 10,133 | 12,912 | 12,191 |
| Right-of-use assets | 34,351 | 41,018 | 42,220 |
| Inventory | 216,242 | 145,313 | 259,487 |
| Accounts receivable | 181,307 | 202,094 | 111,398 |
| Other current receivables | 29,275 | 27,810 | 22,551 |
| Cash and cash equivalents | 10,610 | 6,799 | 8,771 |
| Equity | 380,327 | 376,773 | 352,478 |
| Deferred tax liabilities | 39,661 | 39,607 | 39,454 |
| Long-term lease liabilities | 18,349 | 23,629 | 22,591 |
| Current liability to credit institution | 131,581 | 95,993 | 17,281 |
| Accounts payable | 59,856 | 39,980 | 188,961 |
| Short-term lease liabilities | 15,362 | 16,208 | 19,071 |
| Other current liabilities | 86,914 | 94,658 | 69,038 |
Consolidated statement of changes in equity
| IN SUMMARY | ||||
|---|---|---|---|---|
| -- | ------------ | -- | -- | -- |
| Equity attributable to | Possession without |
|||
|---|---|---|---|---|
| SEK thousands | Note | the parent company's shareholders |
controlling inĦ uence |
Total equity |
| Total comprehensive income for the period | 26,304 | –348 | 25,956 | |
| Total comprehensive income for the period | 77,422 | –579 | 76,843 | |
| Distribution for 2023 | –75,445 | – | –75,445 | |
| Warrant premium | 264 | – | 264 | |
| Total comprehensive income for the period | 27,245 | 603 | 24,849 | |
Consolidated statement of cash ows
| SEK thousands | Jan-Mar 2025 |
Jan-Mar 2024 |
Full year 2024 |
|---|---|---|---|
| Before changes in working capital | 32,052 | 26,619 | 100,776 |
| Changes in working capital | –147,231 | –129,863 | –24,735 |
| Investments in intangible non-current assets | –698 | –537 | –2,640 |
| Investments in tangible non-current assets | –1,302 | –3,957 | –11,410 |
| Distribution | – | – | –75,445 |
| Warrant premium | – | – | 264 |
| Amortization of lease liabilities | –4,265 | –5,318 | –19,963 |
| Overdraft facility | 114,300 | 95,993 | 17,281 |
| Cash and cash equivalents at the beginning of the period | 8,771 | 26,646 | 26,646 |
| Translation diĤ erence in cash and cash equivalents | 8,983 | –2,784 | –2,003 |
Key gures
| TSEK | Jan-Mar 2025 |
Jan-Mar 2024 |
Apr 2024- Mar 2025 |
Full year 2024 |
|---|---|---|---|---|
| Gross proĥ t margin,% * | 49.9 | 53.3 | 51.7 | 52.6 |
| Operating margin,% * | 12.2 | 13.0 | 10.1 | 10.3 |
| Proĥ t margin,% * | 16.4 | 10.5 | 10.8 | 9.1 |
| Return on capital employed,% * | 22.0 | 21.7 | 22.0 | 25.4 |
| Return on average equity,% * | 23.1 | 19.9 | 23.1 | 20.7 |
| Proĥ t attributable to the Parent Company's shareholders | 35,925 | 21,211 | 87,383 | 72,668 |
| Equity/assets ratio,% * | 52.0 | 54.9 | 52.0 | 49.7 |
| Equity per share, SEK * | 15.12 | 14.8 | 15.12 | 14.02 |
| Investments in intangible non-current assets | 698 | 537 | 2,800 | 2,640 |
| Investments in tangible non-current assets | 1,302 | 3,957 | 8,754 | 11,410 |
| Depreciation, amortization and impairment losses for the period | –7,907 | –8,150 | –31,890 | –32,133 |
| Average number of employees | 145 | 147 | 151 | 152 |
* The ĥ gure is an alternative performance measure (APM) and not (IFRS). It is described under deĥ nitions and explained on page 17.
Summary per segment
| Jan-Mar | Jan-Mar | Apr 2024- | Full year | |
|---|---|---|---|---|
| SEK thousands | 2025 | 2024 | Mar 2025 | 2024 |
| External revenue | 210,794 | 189,504 | 692,837 | 671,547 |
| Internal revenue | 1,607 | 1,385 | 4,849 | 4,627 |
| External revenue | 51,310 | 40,574 | 191,753 | 181,017 |
| Internal revenue | 664 | 62 | 877 | 274 |
| External revenue | 18,510 | 20,950 | 104,688 | 107,128 |
| Internal revenue | – | – | – | – |
| 6,638 | 8,353 | 49,251 | 50,967 | |
| External revenue | ||||
| Internal revenue | 190,210 | 178,768 | 651,154 | 639,712 |
| External revenue | 270 | 1,430 | 1,071 | 2,230 |
| Internal revenue | 10,817 | 10,185 | 38,305 | 37,673 |
| Less internal sales | –203,298 | –190,400 | –695,185 | –682,287 |
| 7,495 | 4,023 | 26,662 | 23,191 | |
| Wholesale business | –113,903 | –96,822 | –373,720 | –356,639 |
| Own e-commerce | –14,944 | –11,141 | –52,448 | –48,645 |
| Own stores | –7,603 | –7,244 | –34,033 | –33,675 |
| Distributors | –3,890 | –4,732 | –29,249 | –30,091 |
| Licensing | – | – | – | – |
| 28,084 | 28,101 | 54,381 | 54,399 | |
| Wholesale business | ||||
| Own e-commerce | 9,284 | 5,594 –3,441 |
36,561 | 32,871 2,662 |
| Own stores | –4,809 1,488 |
1,974 | 1,294 9,495 |
9,980 |
| Distributors | 138 | 1,242 | 829 | 1,933 |
| Licensing | ||||
| Interest income and similar credits | 13,353 | 151 | 13,662 | 460 |
| Interest expenses and similar charges | –1,674 | –6,667 | –6,909 | –11,902 |
Quarterly data
| SEK thousands | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 280,027 | 234,619 | 285,087 | 213,205 | 256,788 | 197,632 | 262,105 | 165,631 |
| Gross proĥ t margin,% | 49.9 | 53.3 | 52.1 | 51.8 | 53.3 | 56.8 | 52.6 | 55.6 |
| Operating proĥ t/loss | 34,185 | 16,812 | 42,046 | 9,517 | 33,470 | 20,172 | 40,893 | 8,100 |
| Operating margin,% | 12.2 | 7.2 | 14.7 | 4.5 | 13.0 | 10.2 | 15.6 | 4.9 |
| Proĥ t/loss after net ĥ nancial items | 45,864 | 10,294 | 44,082 | 9,073 | 26,954 | 21,073 | 40,552 | 5,401 |
| Proĥ t margin,% | 16.4 | 4.4 | 15.5 | 4.3 | 10.5 | 10.7 | 15.5 | 3.3 |
| Earnings per share, | ||||||||
| before dilution, SEK | 1.43 | 0.40 | 1.39 | 0.26 | 0.84 | 0.59 | 1.27 | 0.17 |
| Earnings per share, after dilution, SEK | 1.43 | 0.40 | 1.39 | 0.26 | 0.84 | 0.59 | 1.27 | 0.17 |
| Number of Björn Borg retail stores | ||||||||
| at the end of the period | 13 | 14 | 14 | 15 | 15 | 16 | 17 | 17 |
| of which Group-owned | ||||||||
| Björn Borg retail stores | 12 | 13 | 13 | 14 | 14 | 15 | 16 | 16 |
Parent company income statement
| Note SEK thousands |
Jan-Mar 2025 |
Jan-Mar 2024 |
Apr 2024- Mar 2025 |
Full year 2024 |
|---|---|---|---|---|
| Net sales | 32,225 | 26,934 | 111,425 | 106,134 |
| Other operating revenue | 147 | 90 | 1,127 | 1,070 |
| Other external expenses | 2 –17,270 |
–17,094 | –70,279 | –70,103 |
| Personnel costs | –12,826 | –12,236 | –47,931 | –47,341 |
| Depreciation/amortization of intangible and tangible non-current assets | –521 | –734 | –2,194 | –2,407 |
| Other operating expenses | –184 | –83 | –460 | –360 |
| Net ĥ nancial items | 10,600 | –6,543 | 3,812 | –13,331 |
| Group contributions received/paid | – | – | 98,000 | 98,000 |
| Appropriations | – | – | 61 | 61 |
| Tax | –4 | – | –15,451 | –15,447 |
| Other comprehensive income | – | – | – | – |
Parent company balance sheet
| Mar 31, | Mar 31, | Dec 31, | |
|---|---|---|---|
| Note SEK thousands |
2025 | 2024 | 2024 |
| Intangible assets | 935 | 371 | 720 |
| Tangible non-current assets | 3,878 | 5,150 | 4,223 |
| Shares in Group companies | 177,868 | 177,868 | 177,868 |
| Receivables from Group companies | 424,645 | 500,302 | 423,959 |
| Current receivables | 11,461 | 5,711 | 6,288 |
| Equity | 150,910 | 147,983 | 138,743 |
| Untaxed reserves | 835 | 896 | 835 |
| Current liability credit institution | 131,581 | 95,993 | 17,281 |
| Due to Group companies | 309,226 | 421,931 | 431,293 |
| Accounts payable | 10,446 | 8,538 | 7,755 |
| Other current liabilities | 15,790 | 14,061 | 17,151 |
Parent company statement of changes in equity
| SEK thousands | Jan-Mar 2025 |
Jan-Mar 2024 |
Full year 2024 |
|---|---|---|---|
| Distribution | – | – | –75,445 |
| Warrant premium | – | – | 264 |
| Total comprehensive income for the period | 12,167 | –9,665 | 56,276 |
Supplementary disclosures
The Group's net sales consist of sales of products and royalties for the use of the company's brand. Transfers of goods/royalties are made at ĥ xed points in time. Listed in the table below are markets with a net sales above 10 percent of the total.
| Jan-Mar 2025 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted other operating revenue |
|
|---|---|---|---|---|---|---|---|---|
| Sweden | 80,869 | 15,145 | 5,619 | – | 270 | 101,904 | –2,656 | |
| Netherlands | 44,793 | 17,656 | 7,663 | – | – | 70,112 | –1,828 | |
| Finland | 31,598 | 1,785 | 3,663 | – | – | 37,046 | –966 | |
| Germany | 22,160 | 2,206 | – | – | – | 24,366 | –635 | |
| Belgium | 8,177 | 3,276 | 1,564 | – | – | 13,017 | –339 | |
| Denmark | 8,867 | 2,136 | – | – | – | 11,003 | –287 | |
| Others | 14,330 | 9,106 | – | 6,636 | – | 30,072 | –784 | |
| Deducted other operating revenue |
–5,494 | –1,338 | –483 | –173 | –7 | –7,495 | ||
| Jan-Mar 2024 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted other operating revenue |
|
|---|---|---|---|---|---|---|---|---|
| Sweden | 73,887 | 12,545 | 5,070 | – | 321 | 91,823 | –666 | |
| Netherlands | 32,613 | 13,532 | 10,303 | – | 1,109 | 57,557 | –2,548 | |
| Finland | 31,700 | 1,079 | 3,364 | – | – | 36,143 | –262 | |
| Germany | 29,238 | 1,433 | – | – | – | 30,671 | –223 | |
| Belgium | 4,667 | 2,539 | 2,213 | – | – | 9,419 | –68 | |
| Denmark | 7,137 | 1,869 | – | – | – | 9,006 | –65 | |
| Others | 10,262 | 7,577 | – | 8,353 | – | 26,192 | –190 | |
| Deducted other operating revenue |
–1,375 | –295 | –2,282 | –61 | –10 | –4,023 | ||
| Jan-Mar 2025 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales |
Deducted other operating revenue |
|
|---|---|---|---|---|---|---|---|---|
| Underwear | 87,994 | 20,637 | 9,886 | 3,268 | – | 121,786 | –3,175 | |
| Sports apparel | 52,261 | 20,023 | 6,328 | 1,610 | – | 80,222 | –2,091 | |
| Footwear | 40,829 | 2,790 | 469 | 26 | – | 44,114 | –1,150 | |
| Bags | 12,586 | 1,359 | 162 | 269 | – | 14,376 | –375 | |
| Others | 17,124 | 6,502 | 1,665 | 1,463 | 270 | 27,024 | –704 | |
| Deducted other operating revenue |
–5,494 | –1,338 | –483 | –173 | –7 | –7,495 | ||
| Jan-Mar 2024 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted other operating revenue |
|
|---|---|---|---|---|---|---|---|---|
| Underwear | 102,969 | 19,608 | 10,659 | 5,234 | – | 138,470 | –1,005 | |
| Sports apparel | 48,066 | 14,050 | 7,034 | 1,566 | – | 70,716 | –513 | |
| Footwear | 12,273 | 1,720 | 331 | – | – | 14,324 | –104 | |
| Bags | 14,382 | 1,059 | 120 | 79 | – | 15,640 | –114 | |
| Others | 11,814 | 4,137 | 2,806 | 1,474 | 1,430 | 21,661 | –2,287 | |
| Deducted other operating revenue |
–1,375 | –295 | –2,282 | –61 | –10 | –4,023 | ||
| The group | Parent Company | |||
|---|---|---|---|---|
| SEK thousands | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Mar 2025 | Jan-Mar 2024 |
| Cost of premises | 3,409 | 3,190 | 1,807 | 1,858 |
| Sales expenses | 25,283 | 21,511 | 421 | 333 |
| Marketing expenses | 22,237 | 20,939 | 9,857 | 10,530 |
| Administrative expenses | 7,764 | 11,718 | 4,706 | 4,063 |
| Other | 3,102 | 2,316 | 479 | 310 |
De nitions
The company presents certain ĥ nancial measures in this year-end report that are not deĥ ned in accordance with IFRS. The company considers these measures to be valuable complementary information for investors and the company's management. Since not all companies calculate ĥ nancial measures in the same way, they are not always comparable with measures used by other companies. Consequently, these ĥ nancial measures should not be seen as a substitute for measures deĥ ned in accordance with IFRS. For more on the calculation of these key ĥ gures see:
https://corporate.bjornborg.com/cs-ĥ nancials/reports
Total assets less non-interest-bearing liabilities and provisions.
Capital employed measures capital use and eħ ciency.
Sales for own retail stores that were also open in the previous period.
To obtain comparable sales between periods for own retail stores.
Proĥ t after tax in relation to the weighted average number of shares during the period.
This indicator is used to assess an investment from an owner's perspective.
Earnings per share adjusted for any dilution eĤ ect. This indicator is used to assess the investment from an owner's perspective.
Equity as a percentage of total assets adjusted for lease liabilities.
This indicator shows ĥ nancial risk, expressed as a share of the total restricted equity ĥ nanced by the owners.
Equity, including those with non-controlling interests, divided by the average number of shares. To show the share price in relation to the company's book value.
Net sales less costs of goods sold divided by net sales. Gross margin is used to measure operating proĥ tability.
Gross proĥ t margin calculated using the previous year's exchange rate.
To obtain a currency-neutral gross proĥ t margin.
Net sales calculated using the previous year's exchange rate.
To obtain comparable and currency-neutral net sales.
Interest-bearing liabilities less investments and cash and cash equivalents.
Net debt reĦ ects the company's total debt situation.
Interest-bearing liabilities less investments and cash and cash equivalents divided by operating proĥ t before depreciation/amortizartion.
To show the company's ability to pay debts.
Financial income less ĥ nancial expenses. To describe the company's ĥ nancial activities.
Operating proĥ t as a percentage of net sales. The operating margin is used to measure operating proĥ tability.
Proĥ t before tax plus net ĥ nancial items. : This indicator facilitates comparisons of proĥ tability regardless of the company's tax rate and independent of the company's ĥ nancing structure.
Proĥ t before tax as a percentage of net sales. Proĥ t margin shows the company's proĥ t in relation to its sales.
Proĥ t before tax (per rolling 12-month period) plus ĥ nancial expenses as a percentage of average capital employed. Average capital employed is calculated by adding equity at January 1 to equity at December 31 and dividing by two. This indicator is the key measure to quantify the return on all the capital used in operations.
Proĥ t for the period/year attributable to the Parent Company's shareholders (for rolling 12 months) according to the income statement as a percentage of average equity. Average equity is calculated by adding equity at January 1 to equity at December 31 and dividing by two. This indicator shows, from an owner's perspective, the return generated on the owners' invested capital.
The Board of Directors and the CEO certify that the interim report provides a true and fair overview of the operations, ĥ nancial position and results of the Parent Company and the Group and describes the signiĥ cant risks and uncertainties faced by the Parent Company and the companies in the Group.
Stockholm, May 15, 2025
Heiner Olbrich Chairman of the Board
Alessandra Cama Jens Högsted Board member Board member
Johanna Schottenius Anette Klintfeldt Board member Board member
Fredrik Lövstedt Mats H Nilsson Board member Board member
Henrik Bunge CEO
The Interim report January-June 2025 will be released on 07:30 on August 15, 2024.
The Interim report January-September 2025 will be released on 07:30 on November 14, 2025.
The Year-end report 2025 will be released on 07:30 on February 13, 2026.
Financial reports can be downloaded from the company's website, www.bjornborg.com or ordered by phone +46 8 506 33 700, or by e-mail [email protected].
Henrik Bunge, CEO Email: [email protected] Telephone: +46 8 506 33 700
Jens Nyström, CFO Email: [email protected] Telephone: +46 8 506 33 700
The Björn Borg Group owns the Björn Borg brand, and the focus of the business is sports apparel, underwear and bags. In addition, footwear and glasses are also oĤ ered via licensees. Björn Borg products are sold in around twenty markets, of which Sweden and the Netherlands are the largest. The Björn Borg Group has its own operations at all levels, from branding to consumer sales in its own Björn Borg stores and e-commerce, www.bjornborg.com. In total, the Group's net sales in 2024 amounted to SEK 989.7 million and the average number of employees was 152. Björn Borg has been listed on Nasdaq Stockholm since 2007.
The images in the Interim report are taken from Björn Borg's highsummer 2024 collection.
Björn Borg AB Frösundaviks allé 1 169 70 Solna Sweden www.bjornborg.com
This information is such information that Björn Borg AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication on May 15, 2025 at 17:30.