SWEDEN: Lindex reports 18% rise in Q4 profit
Swedish fashion chain The Lindex Group has posted an 18.3% rise in fourth quarter profit to SEK123m, from SEK104m in the prior year period, on the back of strong women's wear sales.
The company's sales, excluding its closed German operation, increased by 9.9% in total to SEK1,369M, with same-store sales rising by 6.8%.
The retailer's German operation was closed during the quarter, costing SEK91m, of which SEK1m was charged to this quarter and SEK90M in the second quarter.
For the full year period spanning 1 September 2006 to 31 August 2007 Lindex Group's sales, excluding the closed German operation, increased by 3.1% to SEK5,084m and its profit after tax, including the German operation, fell to SEK303m.
Lindex CEO Göran Bille said: "We are obviously proud that our extensive work throughout the organisation has resulted in Lindex's strongest quarter ever, with a profit in operations amounting to SEK204m.
"Our product range, especially in ladies' wear but also in children's clothing, has had the biggest single impact on the results.
"We have also implemented a culture change in Lindex relating to seasonal change-overs and have succeeded in achieving an excellent fashion range early in the season. This has had a very positive effect on the results and will continue to do so in the future.
"We note with satisfaction that we already report results on a par with our financial target for the 2008/2009 financial year. The gross margin for the full year increased to 59.2% and the EBITA margin for the fourth quarter, excluding Germany, rose to 14.9%."
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