**Björn Borg Reports Strong E-commerce Growth in H1 FY23**
Swedish sportswear company Björn Borg has reported a 6% increase in net sales to SEK 271.2 million for the first half of FY23, ended 31st August 2023, driven by strong growth in its e-commerce channel.
**Key Financial Highlights**
* Net sales increased by 6% to SEK 271.2 million (H1 FY22: SEK 255.9 million).
* E-commerce sales grew by 17%.
* Gross profit margin decreased slightly to 53.2% (H1 FY22: 53.6%).
* Operating profit increased by 11% to SEK 27.1 million (H1 FY22: SEK 24.4 million).
* Net profit increased by 12% to SEK 17.9 million (H1 FY22: SEK 15.9 million)
**E-commerce Growth**
Björn Borg’s e-commerce channel has been a key driver of growth for the company. In H1 FY23, e-commerce sales grew by a significant 17%, continuing the strong performance from previous quarters.
**International Expansion**
The company has also been focusing on expanding its international presence. During H1 FY23, Björn Borg opened new stores in Germany and the Netherlands, bringing its total number of retail locations to 51 in 19 markets.
**Outlook**
Björn Borg remains cautiously optimistic about the remainder of FY23, despite the challenging macroeconomic environment. The company expects continued growth in its e-commerce channel and further expansion into new markets.
**CEO Statement**
Henrik Bunge, CEO of Björn Borg, commented on the results:
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