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Odd Molly International AB (publ)
Stockholm, Sweden, February 18, 2015
Further increase in sales and improved profitability
January 1 - December 31, 2014
· Net sales amounted to SEK 294.3 million (228.2), an increase of 29 percent.
· The gross profit margin was 54.1 percent (54.5).
· Operating profit amounted to SEK 5.5 million (-24.1).
· Net profit amounted to SEK 4.1 million (-19.4).
· Earnings per share amounted to SEK 0.71 (-3.38).
October 1 - December 31, 2014
· Net sales amounted to SEK 71.9 million (47.3), an increase of 52 percent.
· The gross profit margin was 53.7 percent (52.7).
· Operating profit amounted to SEK 0.1 million (-14.1).
· Net profit amounted to SEK 0.5 million (-11.4).
· Earnings per share amounted to SEK 0.09 (-1.98).
· The Board of Directors is proposing to the Annual General Meeting a dividend of SEK 1.00 (0) per share for the financial year 2014.
Events during and after the quarter
· In November Odd Molly opened a store in Nova Lund.
· During the quarter the store in Väla was named new retailer of the year in Väla Centrum.
· In January the company’s shop-in-shop at Illum in Copenhagen was closed.
Comment from the CEO
The positive trend continued during the last quarter of the year, which was the seventh consecutive quarter that Odd Molly reported higher sales. And we saw improved profitability for both the quarter and full-year 2014. The progress we have made is rooted in the hard work of dedicated people in the company and in our network, and a customer-oriented strategy.
Our own stores continued to report strong sales during the quarter, and both the web shop and Christmas sales beat expectations. The store in Väla, which opened in May, was named the best new retailer in the shopping center, and a new Odd Molly store in Nova Lund was opened during the quarter. I am very pleased that we have created a retail concept that is easy to roll out and that we have a fantastic retail team in place to make it possible.
During the year we took over sales responsibility in Scandinavia and enhanced our sales organization, introduced four fashion seasons and launched new product groups as part of Odd Molly’s lifestyle concept. Home, Bath and Rain are a few of the new groups we have introduced so far, and Odd Molly was represented for the first time at both Formex, an interior design fair, and the Stockholm Furniture Fair (Möbelmässan) recently. The response has been very positive, and we see it as proof of the scalability of Odd Molly’s design concept.
Within the framework of our development work, we have also designed a new brand platform centered on Molly, a skater girl from Venice Beach in the 80s, who was our source of inspiration by daring to break with convention and follow her own dreams. Molly is Odd Molly’s soul; her courage and values can be seen in everything we do.
While we have gotten a lot done and proven ourselves, especially in our home market of Sweden, the organization is still bubbling with new ideas just waiting to be launched. Creating growth with strong collections through both our own retail channel and external retailers is the way we have chosen, and we are convinced that it is the right way to go. It gives us control, flexibility and room for creativity. Not to mention good opportunities for a fashion company with ambition.
Anna Attemark, CEO
Please see the full report in the attached PDF file.