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Interim report January 1 - June 30, 2015

Odd Molly International AB (publ)

Stockholm, Sweden, August 20, 2015

Positive development continues 

January 1 - June 30, 2015

· Net sales amounted to SEK 157.2 million (133.9), an increase of 17 percent.
· The gross profit margin was 54.7 percent (55.2).
· Operating profit amounted to SEK 3.3 million (-3.2).
· Net profit amounted to SEK 2.7 million (-3.2).
· Earnings per share amounted to SEK 0.47 (-0.55).

April 1 - June 30, 2015

· Net sales amounted to SEK 56.5 million (51.2), an increase of 10 percent.
· The gross profit margin was 55.5 percent (57.5).
· The operating loss was SEK -6.2 million (-6.8).
· The net loss was SEK -5.0 million (-5.7).
· Earnings per share amounted to SEK -0.86 (-1.00). 

Events during and after the quarter

In June Odd Molly opened its own store in Femmans shopping center, in Göteborg.

During the quarter a contract was signed on an Odd Molly store in Frölunda Torg, opening in September.

In August a contract was signed to open the first of Odd Molly’s own stores in Finland, in October.

Comment from the CEO

Odd Molly is increasing sales and improving earnings - and as a whole the first half-year 2015 shows that the company is continuing in the right direction.

Operationally, everything is developing in line with our expectations. As in previous quarters, our own retail sales are rising in both new and established stores. We opened a new store in Göteborg in June and today have 10 stores we operate ourselves in the Swedish market.

All our stores are profitable - and we will open more. Our feeling is that brick-and-mortar Odd Molly stores help to boost sales by our retailers and our web shop, while also strengthening the brand. At the same time our retailers are opening more shop-in-shops for the same reason. Next month another store opens in the Göteborg area, in Västra Frölunda, and in October we open our first store in the Finnish market, in the Kamppi shopping center in Helsinki.

If unfavorable exchange rates hadn’t weighed down our earnings last quarter, I would have been very pleased. Right now currencies are taking a bite out of the gross profit margin, which is having an impact on all the way down the income statement - especially in a seasonally slower quarter.

The new product groups, Home and Swimwear, are selling well, though volumes are still small. We are continuously launching smaller collections based on season or need. Timing was especially good for Odd Molly’s first mini-collection of rainwear and rain boots that reached stores this summer. The common denominator for all these collections is that they support our clothing collections and contribute to the flow of new merchandise as well as to Odd Molly as a design concept. Right now we are selling a limited footwear collection for next summer, and I see several future opportunities here.

In a growing business change happens all the time. I am pleased to welcome a former employee back to a new position with responsibility for Odd Molly’s digital business development at the same time that we are sad to see our CFO, Henrik Fredin, leave this fall for a position outside the Group.

During the summer we launched Odd Project, where we in a concrete way celebrate women who dare to go their own way. Basically, Odd Molly is helping girls to reach their dreams. I look forward to seeing the first dream realized and to further strengthening Odd Molly’s position in the market.

Anna Attemark, CEO

For full report, please see attached PDF.

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