We - KappAhl

CONSOLIDATED INCOME STATEMENT
Amounts in SEK m Note
1 Sept 2008
31 Aug 2009
1 Sept 2007
31 Aug 2008
net sales 2, 3, 4 4,866.4 4,622.3
cost of goods sold –1,893.0 –1,739.7,
Gross profit 7 2,973.4 2,882.6
Selling expenses 7 –2,314.8 –2,106.4
administrative expenses 7 –132.3 –136.4
other operating income 2, 7 – 11.0
Operating profit 3, 5, 6, 7, 18, 23 526.3 650.8
financial income 1.0 26.8
financial expenses –84.4 –79.8
Net financial items 8 –83.4 –53.0
Profit before tax 442.9 597.8
tax 9 –127.4 –162.0,
Profit for the year 315.5 435.8
Earnings per share
before dilution (SEK) 4.20 5.81
after dilution (SEK) 4.20 5.81
COMMENTS ON THE CONSOLIDATED
INCOME STATEMENT
Net sales
net sales amounted to SEK 4,866 (4,622) million,
an increase of 5.3 per cent.
the increase consists of new and closed stores,
5.8 per cent, development of stores that are comparable
between years, –2.3 per cent, and translation
differences in foreign currency, mainly noK
and EUr, of 1.8 per cent.
Gross profit
Gross profit was SEK 2,973 million, an increase of
SEK 91 million. the gross margin is 61.1 per cent,
compared with 62.4 per cent last year. a strong
range adapted to the target group is the basis of
this sound margin.
Operating profit
operating profit was SEK 526 million. Excluding
the previous year’s non-recurring revenue of SEK
31 million, this is a decrease of 15.0 per cent. the
operating margin is 10.8 per cent, compared with
14.1 per cent in the previous year. the increase in
selling and administrative expenses is partly attributable
to the Group having more stores than last
year, and partly to exchange rate effects.
the previous year’s selling and administrative
expenses are included in a positive non-recurring
item of SEK 20 million, due to a reduction in pension
commitments in connection with a change in pension
solution in Sweden.
among other operating income, the previous
year’s operating profit includes compensation of
SEK 11 million for vacating a store site.
Profit before tax
profit before tax is SEK 443 million, which is a
deterioration compared with last year of SEK 155
million. net financial items amounted to SEK –83
million, which is a deterioration compared with last
year of SEK 30 million. the previous year’s net
financial items includes an item of SEK 23 million,
representing the effect on earnings in the accounts
of prior redemption of loans for finance leases previously
in existence for the property in which the
distribution centre and head office are located.
Tax
the taxes for the financial year reported in the
income statement amount to about 28.8 per cent,
while tax paid amounts to only about 21.2 percent,
due to loss carry forwards being used.
2008/2009 Kappahl financial information 39