XXL

Earnings Release • Jul 23, 2015

XXL ASA - Second quarter and first half 2015 results - Even stronger market positions

XXL ASA - Second quarter and first half 2015 results - Even stronger market positions

XXL ASA delivered a growth of 23.2 per cent for the

second quarter 2015. Like-for-like stores increased

by 5.4 per cent in the quarter and the growth from E-

commerce were 67.7 per cent. In Sweden the positive

trend in Like-for-Like growth continued, combined

with an improved EBITDA margin. The operation in

Finland is now at 6 stores and XXL has already

created strong brand recognition in the market.

Highlights

- Total revenues of NOK 1 535 million (NOK 1 246

million), up 23 per cent

- Like-for-like stores up 5.4 per cent

- E-commerce growth of 68 per cent

- Opened two new stores - one in Sweden and one in

Finland

- Awarded Retailer of the Year and number one

customer friendly sports retail chain

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. XXL has opened three new stores year to

date.

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 Q2.

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.