Martin Nordin has become the managing director of Fenix Outdoor, the Swedish group that owns the Naturkompaniet chain of outdoor shops and a score of outdoor brands including Fjällräven, Tierra, Primus and Hanwag. Son of Ake Nordin, who founded Fjällräven, he replaces Johan Vikman, who is quitting the group for other pursuits after only a year and a half in the job. Martin Nordin will continue to be responsible for Hanwag.
The group reports a 5 percent increase in net earnings to 30.2 million Swedish kronor (€3.2m-$4.4m) for the first six months of this year, benefiting in part from positive currency exchange gains. The operating profit (EBIT) improved by 9 percent to 47.7 million SEK (€5.1m-$3.5m) for the period, while total revenues rose by 7 percent to 395.8 million SEK (€42.2m-$57.7m), with an 11 percent increase on a comparable basis. Before amortization and depreciation, the operating profit (EBITDA) reached 56.4 million SEK (€6.0m-$8.2m).
Retail sales were off by 3 percent to 87.8 million SEK (€9.4m-$12.8m), but they showed a 12 percent increase on a comparable basis, excluding the Norwegian operations that were closed in July 2006. They rose by 12 percent in the 2nd quarter in terms of units sold. After a steady improvement in previous financial periods, their operating profit declined slightly to 2.5 million SEK (€0.3m-$0.4m).
The wholesale business posted a 10 percent increase in operating profit to 45.3 million SEK (€4.8m-$6.6m) for the first half on 11 percent higher sales of 308.0 million SEK (€33.9m-$44.9m). Germany remained the biggest market, representing 33 percent of the total wholesale turnover. Volumes rose by 10 percent in the 2nd quarter.
Further improvement in sales and profits is expected for the 2nd half of 2007.
