Continued sales increase in a weaker market

Nobia's sales during the second quarter of 2008 amounted to SEK 4,477 million (4,333). Profit after tax amounted to SEK 274 million (306). Organic growth was 7 per cent. Earnings per share amounted to SEK 1.62 (1.74) after dilution.

 

Operating profit for the quarter amounted to SEK 421 million (447) and the operating margin was 9.4 per cent (10.3). Exchange-rate effects had a negative impact on operating profit for the period.

 

Several of Nobia's primary markets reported decreased activity. This was most clearly observed in the UK and France, and in demand for new builds in the Nordic region.

 

"Although earnings in Continental Europe were weak, we achieved an overall satisfactory result in a weaker market, with a continuing strengthened position in the UK and favourable development in the Nordic region. New store establishments occurred at a calmer rate during the period. We are following market trends in our primary markets and adjusting our capacity accordingly. The ongoing merger of business units in Norway and Sweden is proceeding according to plan and enhancing the efficiency of our product line co-ordination and contributing to lower costs," says President and CEO Preben Bager.