Husqvarna: Interim Report January - March 2010
Magnus Yngen, President and CEO: "The year had a slow start due to an unusually long and cold winter in several markets. The weather affected the sell-in for the garden season and activities in the construction market. However, sales picked up and increased considerably towards the end of the quarter. The cautious inventory management by the trade, which has been a marked feature during the recession, continued. Inventory in the trade is estimated to be slightly lower than a year ago and retailers are likely to remain cautious.
The introduction of our new global organization is one of the most important steps for improving internal efficiency in the Group. The organization is now in place and several initiatives relating to supply chain, products and marketing and sales are in progress. The initiatives are already paying off, improving efficiency and reducing costs. The Group's operating margin improved and income was in line with the first quarter of 2009, despite the drop in sales. Construction, which was strongly impacted by the recession, returned to profit on the back of a strong mix and successful cost-reduction measures. Overall, it was very encouraging to see the margin development despite a difficult sell-in quarter."
• Net sales amounted to SEK 9,082m (11,152) and operating income was SEK 778m (786). Income for the period was SEK 535m (464), or SEK 0.92 (0.98) per share.
• Improved Group operating margin.
• Higher operating income and margin for Europe & Asia/Pacific and Construction, lower for Americas.
• Efficiency initiatives continue to generate cost savings.
• Long and cold winter delayed the start of the garden season.
(Copyright: Husqvarna AB - 04/2010)
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