Björn Borg, the Swedish men’s wear company named after the famous tennis player, has signed a letter of intent to license its footwear business to Trend Design Group, although it will retain the distribution of the footwear line in Sweden and Finland. For the last quarter of 2009, the company has reported a 22 percent drop in net revenues to 102.2 million Swedish kronor (€10.4m-$14.2m). Brand sales declined by 11 percent to SEK 422 million (€42.9m-$58.7m). The operating profit for the fourth quarter was down by a quarter to SEK 19.4 million (€2.0m-$2.7m), and net profit plunged by 41 percent to SEK 13.5 million (€1.4m-$1.9m). However, the company managed an increase in the gross profit margin to 55.7 percent, up from 54.1 percent for the same period in 2008. For the full year, revenues declined by 1 percent to SEK 519.9 million (€52.8m-$72.4m), but sales of the brand ticked up by 0.3 percent to SEK 1,976 million (€200.8m-$275.0m). The annual net profit fell by 18.4 percent to SEK 80.9 million (€8.2m-$11.3m).