MQ’s sales trend was strong during the third quarter as sales in comparable stores/online increased 4.3 percent.
CEO Christina Ståhl says the Swedish strategy of more exposure in trendsetting fashion magazines and blogs will now be taken to Norway,
Continued strengthening of the product range with more brands and a higher degree of fashion content have advanced MQ’s fashion position. Earnings continue to develop positively and the net debt is historically low. It is gratifying to state that the development work is generating results on several levels.
”The spring and summer collection, with several new fashion brands, was well received by customers. This was a renewed expression for how MQ’s communication also contributes to higher sales. The increase confirms that interest in MQ as a brand destination in fashion is gradually expanding,” comments CEO Christina Ståhl.
Net sales amounted to 363 million SEK (350), up 3.7 percent. Sales in comparable stores/online rose 4.3 percent. Operating profit amounted to SEK 47 million (42), corresponding to an operating margin of 12.8 percent (12.0). Profit after tax was 36 million SEK (31),.
”MQ’s development work is currently concentrated to more distinct communication and campaigns, new store concepts and continuous store updates, as well as continued development of the product range and brands. The change effort is based on a clear structure and systematic approach, whereby we test, change and follow up.”
Christina Ståhl says a consistent PR effort in the Swedish fashion media has resulted in a higher frequency of MQ garments in trendsetting fashion magazines and blogs. This is now being taken further in Norway ahead of the establishment of new concept stores in Oslo starting in September. MQ was launched in Norway in September 2010 and currently has four stores located in Oslo, Jessheim, Drammen and Kristiansand.
”A new store concept with a stronger commercial character, a change in pace and intensified product display, will be launched in two stores in the autumn. In addition to Oslo, the concept will also be launched in MQ’s establishment in the Mall of Scandinavia outside Stockholm. These are two key stores for MQ in which the brand portfolio and the new store concept will be in focus. The brand portfolio in the store will be further strengthened in August with the Hope brand.”