By
Fibre2Fashion
Published
Aug 21, 2023
Swedish sports brand Bjorn Borg has reported net sales of 412.5 million Swedish krona (approximately $37.79 million) in the first half of fiscal 2023, marking a 6% increase from SEK 388.2 million in the previous year. When adjusted for currency fluctuations, net sales increased by 2%.
Sales for the company’s own e-commerce and e-tailers rose by 16% to SEK 169.3 million in the first half of the financial year 2023, with sales for its own e-commerce platform experiencing a substantial 36% growth to SEK 70.9 million.
The gross profit margin also improved to 53.6% from 51.9% . Operating profit grew by 14% to SEK 39.5 million, or 20% currency-neutral, to SEK 41.5 million. Profit after tax saw a 24% surge to SEK 29.0 million, and earnings per share (EPS) before and after dilution were SEK 1.15, up from SEK 0.93, the company said in a media release.
For the second quarter of fiscal 2023, the group’s net sales increased by 3% to SEK 165.6 million, though they decreased by 2% when adjusted for currency fluctuations. Net sales for Bjorn Borg’s own e-commerce and e-tailers soared by 47% to SEK 76.5 million, with sales for its own e-commerce jumping 39% to SEK 37.5 million.
In the second quarter, the gross profit margin was recorded at 55.6%, or 56.7% currency-neutral, an increase of 2.2 percentage points. The operating profit was SEK 8.1 million, a significant 55% increase, or 50% currency-neutral, to SEK 7.8 million. Profit after tax stood at SEK 4.2 million, a notable rise from the SEK 0.3 million in the previous year’s quarter. Earnings per share before and after dilution amounted to SEK 0.17, compared to SEK 0.01.
“Above all, it’s our sports collection that makes me extremely proud, with an incredible development in our own e-commerce, not only during the second quarter of the year with an increase of 98%, but for the entire first half of the year with an increase of 100%,” said CEO Henrik Bunge.