New Wave "optimistic" despite Q1 loss

SWEDEN: New Wave "optimistic" despite Q1 loss

By Katie Smith | 26 April 2012

Swung to Q1 net loss of SEK8.2 (US$1.2m)
Operating profit plummeted 85.3%
Managing director remains "optimistic" for 2012

Swedish brand developer New Wave Group today (26 April) said it remains "optimistic," despite swinging to a first-quarter loss.

The company reported a net loss of SEK8.2 (US$1.2m) in the three months ended 31 March, compared with a profit of SEK5.7m in the same period last year. Earnings also dipped to a loss of SEK0.13 per share, from a profit of SEK0.08 last year.

Operating profit also plunged 85.3% to SEK2.6m (US$387,321) - but turnover climbed 5% to SEK975m.

"I am still optimistic, even if it is a difficult year to assess, and I am still worried about the development in Europe, especially in Southern Europe," said New Wave managing director Torsten Jansson.

He added that the US has been doing better than expected but promo sales in the Nordic countries are lower than expected.

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