Q3 2025 sales grew 8.3% in local currencies, with 4.1% organic growth and 4.2% from acquisitions, despite a weak market environment.
Cotton Classics was consolidated from September, contributing SEK 14 million to operating profit and strengthening the group's position in Germany.
Gross margin reached a record 51.1% in Q3, attributed to favorable product mix and limited discounting.
One-off costs in the U.S. related to PPP loan repayment (SEK 66 million) impacted operating profit, but underlying performance remained strong.
All regions reported local currency growth, with North America, Sweden, and Benelux leading.
Q3 net sales reached SEK 2,390 million, up 3.6% year-over-year; rolling 12-month sales at SEK 9,702 million.
Operating profit was SEK 253 million (313 million last year), with a Q3 operating margin of 10.6% (13.6%).
Net income for Q3 was SEK 166 million (204 million last year); EPS was SEK 1.25 (1.54).
Cash flow from operations was -SEK 249 million, mainly due to increased inventory and investments.
Equity ratio stood at 52% after Cotton Classics consolidation.
Management expects further growth if retail, especially sports retail, improves, but a market turnaround is still several quarters away.
The company targets 10–20% annual growth over a business cycle, with 5–10% organic growth and an operating margin of 20%.
Cotton Classics is expected to gradually improve operating margin, targeting 5–7% over time.
Investments in automation, new warehouses in Ireland and Texas, and product launches are set to support future organic growth.
Integration of Cotton Classics is progressing well, with positive early results.
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