2011/2012 HALF-YEAR FINANCIAL RESULTS ANNOUNCEMENT FOR BOCONCEPT HOLDING A/S

Despite difficult market conditions, BoConcept managed to keep its momentum and increase market shares primarily as a result of the German and French markets as well as the growth markets in South America and Asia. Still, management notes that global market conditions do not currently permit a realisation of the targets set for the 2011/2012 financial year

 | Source: BoConcept Holding BoConcept Holding

Herning, Denmark, 2011-12-07 07:59 CET (GLOBE NEWSWIRE) -- Second quarter 2011/2012 (1 August to 31 October 2011)

  • Revenue was DKK 287.0 million, corresponding to a growth rate of 6.2% over the same period last year
  • Same-store-sales (order intake) were down by 1.7%
  • The operating margin (EBIT percentage) was 5.5%, compared with 5.2% the year before

Year to date (1 May 2011 to 31 October 2011)

  • Revenue was DKK 506.0 million, corresponding to growth at the rate of 0.5% (2.5% at unchanged exchange rates) compared with the same period last year
  • Aggregate order intake for the whole chain increased by 3.0% compared with last year while same-store-sales (order intake) were down by 0.1%
  • The gross profit margin was 42.7%, compared with 41.6% last year
  • The operating margin (EBIT percentage) was 2.8% versus 3.6% last year
  • Profit before tax was DKK 16.4 million compared with DKK 15.4 million last year
  • Eight new brand stores have opened and twelve closed since the beginning of the financial year
  • The balance sheet total was DKK 548.4 million at 31 October 2011, versus DKK 539.3 million last year
  • Cash flow for the reporting period was an inflow of DKK 3.6 million before instalments on long-term debt, compared with a cash outflow of DKK 3.2 million last year
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Forecast for the 2011/2012 financial year

We are changing our forecast in the face of tougher global market conditions that have produced below-expected performance during the first six months of the year. Provided that the current market and macroeconomic conditions do not deteriorate further, the forecast for the financial year is changed as stated below. 

  • We expect group revenue to increase by between 2 and 4% (previous forecast: 7-10%)
  • Same-store-sales are expected to remain flat (previous forecast: 0-3%)
  • Approximately 25-30 new stores will be opened (previous forecast: about 35)
  • The operating margin (EBIT percentage) is predicted to be 3-4% (previous forecast: 5 %)
  • Cash flow before repayments of long-term debt is forecast at approximately 1% of revenue (previous forecast: 2%)

         For further information please contact President and CEO Viggo Mølholm or Vice President and CFO Hans Barslund on tel. +45 70 13 13 66

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