Swedish underwear brand Bjorn Borg’s sales increased by three percent to SEK 101.9m (£9.7m) over Q2, according to a report published this week.
Deferred deliveries from suppliers of about SEK 13m (£1.2m), compared with the same period in 2011, were recognized as revenue during the third quarter, impacting profit by about SEK £6m (£570,000).
Gross profit margin for the period was 52.1 percent, while operating profit amounted to SEK 4.8m (£456,000). Profit after tax amounted to SEK 1m (£95,000).
Over the first half of 2012, the group’s net sales have decreased by three percent to SEK 246.0 million (£23.4). Excluding currency effects, sales were down five percent.
Operating profit for the first six months was SEK 19.5m (£1.9m), while profit after tax amounted to SEK 10.3m (£980,000).
Bjorn Borg chief executive Arthur Engel said: “We are pleased to report stable sales in a continued weak market during the second quarter. The investments we have made in our future growth in recent years are beginning to contribute more to revenues, although earnings are still being adversely affected by the costs. In late August we are opening our first sales location in China and our operations in England are developing well. We remain confident about our development during the rest of the year,” said CEO Arthur Engel.”