Björn Borg posts decline in H1 sales, profit
Björn Borg, the Swedish fashion and lingerie brand, had a disappointing first half with sales down 4% to SEK 230.3m. Profit after tax in the period to June 30 fell from SEK 17.6m to SEK 12.6m.
The company said the comparative period in 2014 includes delayed shipments, which increased revenue in the first half-year by about SEK 25m and operating profit by about SEK 12m.
Brand sales in H1 2015 rose by 1% to SEK 640m. “The underlying performance of Björn Borg is in line with the objectives announced in our previous interim report, despite a somewhat weaker second quarter operating result,” said CEO Henrik Bunge.
Björn Borg announced the departure of its COO and deputy CEO Henrik Fischer in June, when it also launched a new business plan for 2014/15, which focused on sales growth and on transitioning the label into a sports fashion brand.
(1 SEK = £0.07)
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