Swedish sportswear brand Björn Borg reported a 6% increase in its net sales for the first half (H1) of fiscal year 2023 (FY23), driven by strong performance in key markets such as the United Kingdom, Germany, and the Netherlands.
**Financial Highlights:**
* Net sales: €86.2 million, up 6% from €81.1 million in H1 FY22
* Gross profit: €39.6 million, up 3.6% from €38.2 million in H1 FY22
* Operating profit: €16.9 million, up 14.5% from €14.8 million in H1 FY22
* Net income: €11.4 million, up 16.1% from €9.8 million in H1 FY22
* Earnings per share: €0.42, up 15.8% from €0.36 in H1 FY22
**Key Market Performance:**
* The United Kingdom remained Björn Borg’s largest market, accounting for 32% of net sales.
* Germany and the Netherlands followed, each contributing around 15% to net sales.
* Other key markets included Sweden, Norway, and Finland.
**Product Categories:**
* Underwear continued to be the dominant product category, representing approximately 60% of net sales.
* Sportswear and swimwear also performed well, contributing to the overall growth.
**Online Sales:**
* Online sales remained a significant growth driver, accounting for 30% of net sales.
* The company’s e-commerce platform and partnerships with key online retailers contributed to this growth.
**Expansion Plans:**
* Björn Borg plans to continue expanding its retail presence, particularly in key European markets.
* The company also aims to strengthen its brand awareness and expand into new product categories.
**Outlook:**
* Despite the challenging macroeconomic environment, Björn Borg remains optimistic about the future.
* The company expects to continue delivering strong financial performance in the second half of FY23 and beyond.
**CEO Statement:**
“We are pleased with our strong performance in the first half of FY23,” said CEO Henrik Bunge.
“Our focus on innovation, sustainability, and customer satisfaction has driven our growth. We remain confident in our ability to continue delivering value to our shareholders and stakeholders.”
Björn Borg is a leading sportswear brand founded in 1984 by the Swedish tennis legend of the same name. The company designs, markets, and sells a wide range of sportswear, underwear, and swimwear for men, women, and children under the Björn Borg brand.
Source: https://us.fashionnetwork.com/news/Swedish-firm-bjorn-borg-s-net-sales-climb-6-in-h1-fy23,1545594.html.
