SWEDEN: Bjorn Borg FY profit up 74%, eyes expansion
Swedish clothing company Bjorn Borg - the company set up by the former tennis champion - has posted a 74.4% hike in profit in 2007 and hinted at plans to expand to the UK and US.
The company specialises in men's underwear sporting the ex-tennis great's name.
Bjorn Borg's 2007 net profit rose to SEK102m (GBP8.1m), compared with SEK58.5m in 2006.
Net turnover for the company, previously called WBM, increased 53% to SEK495m from SEK325m.
However, its share price dropped sharply after analysts said the result was healthy but slightly lower than expectations.
WBM acquired the Bjorn Borg trademark and brand a year ago.
Managing director Nils Vinberg said retail businesses in key Scandinavian markets had softened in the last quarter of 2007 and that Bjorn Borg was only strong in countries with small populations.
"Germany, France, Spain and England. They're strong markets and there's a lot to do there," he said.
Vinberg said he hoped to enter the US market but there were no immediate plans for that.
By Simon Haydon.
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