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Estimates after the third year quarter
Legal grounds:
Art. 56 Section 1 point 2 of the Law on Public Offering – current and periodic information
Pursuant to § 5 point 1 clause 25 of the Regulation of the Minister of Finances dated 19 February 2009 on current and periodic information submitted by issuers of securities, in connection with § 31 of the said regulation, the Management Board of INTERSPORT Polska S.A. informs that according to preliminary estimates in the period from July to September 2014 the Company gained net revenue on sales of PLN 50,412 k, i.e. on the level comparable to the third quarter of 2013 (PLN 50,166 k) and recorded gross loss of PLN 1,964 k, i.e. comparable to the analogous period in 2013 (PLN 1,913 k loss).
Increasingly, after the three quarters of 2014, the Company recorded net revenue on sales of PLN 165,551 k, i.e. 3.6% higher than in the analogous period of 2013 (PLN 159,860 k).
In the period from January to September 2014 the structure of the financial result was different than in the previous year. The financial result of the Company after the three quarters of 2014 (loss of PLN 1,866 k) is a direct consequence of the low revenue recorded in the first quarter of 2014:
Increasingly, after the three quarters of 2014, the Company recorded net revenue on sales of PLN 165,551 k, i.e. 3.6% higher than in the analogous period of 2013 (PLN 159,860 k).
In the period from January to September 2014 the structure of the financial result was different than in the previous year. The financial result of the Company after the three quarters of 2014 (loss of PLN 1,866 k) is a direct consequence of the low revenue recorded in the first quarter of 2014:
- In the first quarter of 2014 the Company recorder low gross profit, primarily due to the lack of a typical winter weather and intensive sale of winter collection in February. The move had a negative impact on the margin and therefore on the result of the first quarter of 2014. At the same time, the Company was able to decrease winter assortment stocks. It is estimated that this move will bring the desired results in the fourth quarter due to the fact that the Company, having low stocks of the last year’s collection, will sell mostly new collection and therefore it should gain higher margin on sold goods;
- In the second quarter of 2014 the policy of increasing the share of all-year product groups in sales, implemented by the Management Board, had a positive impact on the result. In that period the Company recorded the loss by 71% lower than in the analogous period of the last year. That was the best result of the second quarter even gained in the Company’s history;
- In the third quarter, sales in July (+3.1%) and August (+5.9%) was good, however the turnover in September (-8.3%) was on the level below expectations (due to persisting high temperature). The sale of all-year assortment groups in September maintained on a comparable level on year-to-year basis whereas clients showed lower than usual at this time of the year interest in autumn attire. Furthermore, decrease of sales was influenced by the closure, at the beginning of September, of a large store at CH Riviera in Gdynia which is currently undergoing optimization of the sales area and will be re-opened at the end of November 2014.
At the same time we want to inform that on 14 November 2014 a detailed financial report for the third quarter of 2014 will be announced, complete with the information on the factors which, in the opinion of the Management Board, will have an impact on the Company’s financial result in the perspective of the next quarter.
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