Annual Report 2012/13 - Clas Ohlson

Quarterly results
SEK M 2012/13 2011/12
Q 1
1 May 2012
–31 Jul 2012
Q 2
1 Aug 2012
–31 Oct 2012
Q 3
1 Nov 2012
–31 Jan 2013
Q 4
1 Feb 2013
–30 Apr 2013
Q 1
1 May 2011
–31 Jul 2011
Q 2
1 Aug 2011
–31 Oct 2011
Q 3
1 Nov 2011
–31 Jan 2012
Q 4
1 Feb 2012
–30 Apr 2012
Sales 1,462.1 1,614.2 2,169.1 1,273.5 1,387.0 1,552.5 2,048.6 1,271.9
Cost of goods sold –840.3 –936.8 –1,274.8 –757.6 –795.8 –896.5 –1,179.7 –751.7
Gross profit 621.8 677.4 894.3 515.9 591.2 656.0 868.9 520.2
Selling expenses –476.3 –530.8 –599.8 –496.5 –427.9 –490.8 –517.2 –470.7
Administrative expenses –44.7 –44.6 –46.9 –37.7 –43.4 –41.4 –43.8 –39.8
Other operating
income/expense –0.3 0.0 –0.2 –1.0 –0.3 –0.2 –0.7 0.5
Operating profit 100.5 102.0 247.4 –19.3 119.6 123.6 307.2 10.2
Net financial items –1.2 –1.9 –6.7 –0.9 –3.6 –2.8 –2.6 –0.6
Pre-tax earnings 99.3 100.1 240.7 –20.2 116.0 120.8 304.6 9.6
Income tax –26.8 –27.7 –36.7 2.8 –31.3 –32.7 –84.2 –2.3
Profit for the period 72.5 72.4 204.0 –17.4 84.7 88.1 220.4 7.3
KEY RATIOS FOR THE
period
Gross margin, % 42.5 42.0 41.2 40.5 42.6 42.3 42.4 40.9
Operating margin, % 6.9 6.3 11.4 –1.5 8.6 8.0 15.0 0.8
Earnings per share,
before dilution, SEK 1.14 1.14 3.22 –0.27 1.33 1.38 3.46 0.11
Earnings per share,
after dilution, SEK 1.14 1.14 3.22 –0.27 1.33 1.38 3.46 0.11
Comments to the quarterly results
During the first quarter of 2012/13, five new stores (4)
were opened and mail order/Internet sales benefitted
from the launch of a new e-commerce platform at the end
of April 2012 for Sweden and Norway, as well as the UK
in June 2012. During the second quarter, five new stores
(6) were opened and e-commerce in Finland, which was
launched in September 2012. During the third quarter, five
new stores (3) were opened and a mobile adapted version
of the e-commerce that was launched in November
2012 in all four markets. During the fourth quarter, two
new stores (5) were opened and the new Club Clas loyalty
program, which was launched in March 2013 in Sweden.
Seasonal variations
Clas Ohlson’s market and operations have seasonal
variations where the third quarter (November – January) is
generally the strongest, followed by the first and second
quarters and finally the fourth quarter, which is the weakest
in terms of sales and results. Refer to the diagram with
sales and operating profit per quarter.
Definitions
Cash flow from operations
Internally generated funds including
changes in working capital.
Working capital
Total of current assets excluding cash
and cash equivalents, less current
liabilities.
Capital employed
Balance-sheet total less non-interestbearing
liabilities and provisions.
Average capital employed is calculated
as the average of opening and closing
capital employed during the year.
Gross margin
Gross profit in the income statement as
a percentage of net sales for the
financial year.
Operating margin
Operating profit as a percentage of net
sales for the financial year.
Return on equity
Net profit for the year as stated in the
income statement and expressed as a
percentage of average equity.
Equity/assets ratio
Equity at the end of the year as a
percentage of the balance-sheet total.
Sales per square metre in store
Store sales in relation to effective retail
space. For new stores, a conversion has
been made in relation to how long the
store has been open.
Earnings per share
Profit after tax in relation to average
number of shares.
Gross cash flow per share
Profit after tax plus depreciation in
relation to average number of shares.
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Quarterly results and definitions