Swedish group Björn Borg has managed a 2 % net turnover increase in its second quarter thanks to positive exchange rate fluctuations. If those had remained level, net turnover would have dropped 5 %.
Underwear sales are down
The group's total turnover reached 99.2 million Swedish krona (10 million euro) in the second quarter, which means its 6-month turnover reached 230.3 million Swedish krona (24 million euro). That is down 4 % compared to last year and if exchange rate fluctuations had not been in Björn Borg's favour, the drop would have been 11 %.
It experienced decent growth in Sweden and Norway, but had to deal with lower sales in the United Kingdom and Belgium. Finnish, Danish and Dutch sales were pretty much level compared to last year. Underwear sales contributed 57 % of the group's total turnover, but sales for this segment dropped 2 %. Sportswear and shoes grew slightly, while bags and glasses remained level.
The fashion company had a 2.2 million Swedish krona (0.23 million euro) post-tax profit, but it has a similarly large loss this year, at 2.3 million Swedish krona (0.24 million euro). Of the 38 stores it has in total, Björn Borg owns 17 itself.