September 2010 – August 2011

2 Håkan Westin, CFO

Christian W. Jansson CEO

Agenda

• Q4, June-Aug 2010/2011

• Full year, Sept-Aug 2010/2011

• Going forward

• Questions

3

Highlights

• Unsatisfactory offer to our customers

• Weak market

• Increased sourcing costs

• Cost control

• High inventory

4

Campaigns during period

4

5

Stores August 2011

• 369 stores

• Total of 24 new stores

2010/2011

• 47 new stores under

contract, of which 13 in Q1

and six in Q3

99

159 59

47

5

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Financial highlights, Q4 June - August 2011

• Net sales MSEK 1 208 (1 290),

in local currency -5.1 percent

• Operating profit MSEK 3 (156)

• Gross margin 54.0 (59.6) percent

• Operating margin 0.2 (12.1) percent

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Income statement, Q4 June - August 2011

MSEK 2010/11 2009/10

Net Sales 1 208 1 290

Cost of goods sold -556 -521

Gross profit 652 769

Selling expenses -616 -583

Administrative expenses -33 -30

Operating profit 3 156

Financial income 1 0

Financial expense -18 -24

Profit before tax -14 132

Tax expense -40 -7

Net profit -54 125

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Cash flow, Q4 June - August 2011

MSEK 2010/11 2009/10

Cash flow from continuing

operations before changes in

working capital

51 188

Changes in working capital -148 34

Cash flow from continuing

operations

-97 222

Cash flow from investment activities -75 -65

Cash flow after investments -172 157

Change bank overdraft facility 167 -147

Dividend 0 0

Cash flow for the period -5 10

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Sales, Q4 June - August 2011

MSEK %

Net sales 2009/10 1 290

New stores net 4.0

Like For Like -9.1

Currency effect -1.3

Net sales 2010/11 1 208 -6.4

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Financial highlights, FY September 2010 - August 2011

• Net sales MSEK 4 974 (5 111),

in local currency 0.3 percent

• Operating profit MSEK 222 (551)

• Gross margin 58.8 (61.8) percent

• Operating margin 4.5 (10.8) percent

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Income statement, FY September 2010 - August 2011

MSEK 2010/11 2009/10

Net Sales 4 974 5 111

Cost of goods sold -2 048 -1 954

Gross profit 2 926 3 157

Selling expenses -2 560 -2 467

Administrative expenses -144 -139

Operating profit 222 551

Financial income 1 1

Financial expense -72 -89

Profit before tax 151 463

Tax expense -83 -61

Net profit 68 402

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Sales, FY September 2010 - August 2011

MSEK %

Net sales 2009/10 5 111

New stores net 4.6

Like For Like -4.3

Currency effect -3.0

Net sales 2010/11 4 974 -2.7

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Sales breakdown, FY September 2010 - August 2011

MSEK 2010/11 2009/10

Change

in SEK

Local

currency

Sweden 2 639 2 696 -2.1% -2.1%

Norway 1 338 1 419 -5.7% -0.4%

Finland 616 658 -6.4% 2.3%

Poland 360 331 8.9% 16.4%

Czech Republic 21 7 226.3% 240.5%

Total 4 974 5 111 -2.7%

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Production conditions

• No more shortage of capacity

• High cotton prices but falling

• Increasing salaries

15

Going forward I

Improved attraction

• Offerings better tuned to our customers

– Width

– Colour

– Themes

• Marketing

– New expression compared to last autumn –

no more “fashionistas”

– Customer loyalty program

– Shop Online

• Inventory management

– Volume

– Timing

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Going forward II

• Cost savings

– Cost increase close to zero for full year

2011/2012 (incl new stores)

• Balance sheet

– New three year bank agreement (MSEK 2 550)

– New rights issue MSEK 600

– Reduction of inventory

– Cap ex MSEK 150 (241)

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Disclaimer

These materials may not be copied, published, distributed or transmitted to third parties.

These materials may contain forward-looking statements. If so, such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read our earnings report and our most recent annual report for a better understanding of these risks and uncertainties.

These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States.

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