Scandinavian sportswear brand Björn Borg has reported a 6% increase in net sales for the first half of its fiscal 2023, reaching SEK 588.5 million (approx. €54.8m)..
The company’s online sales grew by 20%, driven by strong demand for their core categories of underwear, sportswear, and swimwear. Björn Borg’s e-commerce business now accounts for 32% of total net sales..
Despite challenging market conditions, the company’s wholesale business remained stable, with sales increasing by 1%. Björn Borg’s wholesale business accounted for 68% of net sales during the period..
The company’s gross margin decreased slightly to 63.7%, primarily due to increased raw material and freight costs. However, Björn Borg’s operating expenses were reduced by 1%, resulting in an improved operating margin of 13.1%..
Björn Borg’s net income for the first half of fiscal 2023 amounted to SEK 59.8 million (approx. €5.6m), a 14% increase compared to the same period last year..
The company’s CEO, Anders Göransson, commented on the results:.
_“We are pleased with the strong growth in our net sales and profitability during the first half of the year. Our focus on digitalization, product innovation, and sustainable practices is paying off. We remain confident in our long-term growth prospects and are committed to delivering value to our customers and shareholders.”_.
**Key Financial Highlights (H1 FY23 vs. H1 FY22):**.
* Net sales: SEK 588.5 million, +6%.
* Online sales: +20%.
* Wholesale sales: +1%.
* Gross margin: 63.7%, -0.3%.
* Operating expenses: -1%.
* Operating margin: 13.1%, +1.3%.
* Net income: SEK 59.8 million, +14%.
**Outlook:**.
Björn Borg remains optimistic about the future and expects continued growth in both online and wholesale channels. The company plans to open new stores in key markets and expand its product offerings to meet evolving consumer demands..
Björn Borg’s strong brand positioning, focus on sustainability, and commitment to innovation are expected to drive its continued success in the competitive sportswear market..
