• Profit after tax reaches SEK32m (US$3.7m)
  • Gross margin narrows to 59.7%
  • Sales grow 7%

MQ Holding  continued its positive sales and earnings trend in the third quarter, as the Swedish fashion retailer intensified its efforts to open new and refurbished stores and develop its product range. 

Profit after tax amounted to SEK32m (US$3.7m) from earnings of SEK29m in the comparable period of last year. Gross margin narrowed slightly to 59.7% from 61%.

Net sales were up 7% to SEK382m from SEK357m, while like-for-like sales increased 7.1%. According to the Swedish Retail Institute Index, the market grew 6.1%.

MQ's commercial development during the year resulted in both new and refurbished stores, expanded market communication, and continued development of the product range. Two new stores were opened, and a flagship store in Grensen, Oslo.

External brands Happy Socks, Franklin & Marshall and Maria Westerlind were also launched on MQ shop online, and Mountain Works and Loungewear by 365 were launched in stores.