Björn Borg — Call Transcript 2025

Good morning, everyone. It's Friday. Not only is the weather beautiful, and it's time for our compulsory sports hour in about a few hours, it's also time to present our Q3 results. We're super happy to share with you that our sports apparel collection continues to drive growth. Of course, as you probably recall or remember, we've been talking about this now for many, many quarters in a row. The whole dream with Björn Borg is to transition this in-the-past beautiful men's underwear brand into a bigger arena to build a sports fashion brand. With that, of course, growing. More than that, also inspiring people that if you should give something to yourself today, it's to move. Whether it's walking to office, taking the bike, or doing a triathlon, it doesn't really matter. Movement is the best gift to yourself. Not only will you be happier, you also will live a bit longer, and it's going to be a lot of fun. Perhaps not always doing the workout, but certainly afterwards. Q3, another quarter where our sports apparel collection continues to grow. Absolutely fantastic. By far, of course, the biggest highlight of the quarter. If we look at the sales, it's a record quarter. We never sold more than SEK 300 million in a quarter. That's, of course, fantastic. We like to break records. Also, our gross profit is improving versus last year. That, of course, consequently leads to a strong also EBIT upfit versus last year, where we're growing EBIT with 7.3% and closing at SEK 45.1 million in profit. Overall, a solid quarter behind us. That is making me really, really happy, of course. First, just a reminder of if you want to accomplish anything in life, you need to have a long-term goal. Of course, our ambition is to become a global iconic sports fashion brand. That is where we are heading. It takes a bit of time to get there, admittedly, but we are making progress. Every quarter, we get a bit closer. Our mission, and partly, I would say it is a bit unique. At least we like to think that. This is not about building a sports brand for athletes that want to break world records. You can buy the stuff too, but we think that training is so much more important than that. It is all about talking about this idea that we want to inspire you, unleash your own potential, remind you that you are the captain of your own destiny, and that working out and training with you, your friends, your kids is something absolutely fantastic that will give you a lot of different benefits. That is why and how we create the entire sports apparel collection. Looking at our financial objectives, we want to grow. We want to make money, of course. We want to make sure that we have a high dividend. Of course, we want to have a solid equity ratio, asset ratio. That is all in place. Of course, the business strategy has been to focus on multi-channels. Handling both wholesale, we believe that's super important, both brick and mortar and e-com, and also, of course, our own e-com, and then distributors and a few of our own stores. Managing those different channels, we believe, is a key strength. It's clear that if you want to grow, if you want to win consumers, you simply need to be where the consumers are. Looking at how far we got there, a couple of brand KPIs. The brand is tracking in the right direction. Of course, I am sure if you are working out, if you do some running events, you will see our Borg Tee almost for certain, no matter where you're working out right now. That product has really been instrumental in our quest to move the brand into a bigger arena. Of course, it's a 100% recycled polyester T-shirt. It's a beautifully crafted, perfect fit, and, of course, a very, very strong signature with the Borg on the left and right arm. A very, very strong and what turns into being an iconic product. We launched it 10 years ago, and it's still our most sold apparel. I think it resonates really well with what we want to bring to the market. Looking at a few of the KPIs here, I'm super happy that our work in Germany is continuing to grow in terms of that the brand is getting stronger. Germany as such is actually declining, but that's due to Zalando. It's not sales towards German consumer because that's actually growing 26%. Zalando is declining, of course, and here we can do a lot better and need to do so, of course, as well. Looking at consideration, I think this is one of the slides that makes me most happy. Of course, here we ask 440 consumers in all of our different markets. From Germany into the bigger ones in Sweden, a bunch of different questions. One is, out of this list of sports brands, who would you consider buying? Here we are number three, ahead of Puma, Under Armour, and a bunch of other brands. Of course, this means that there's just a huge potential for us to continue to drive sports apparel growth. More people out there want to buy our stuff than what they currently are doing. That is what this sign or slide is telling us. That is, of course, good news. Let me bring you back in time a bit, not that far. I think for me personally, the highlight in Q3 was August 16th. It was a Saturday. The weather was as beautiful as it is today, late evening, and I was surrounded by 35,500 runners all wearing our Diva Pink Borg Tee. This was only the Stockholm Midnight Run. We also did that, of course, in other cities, but I participated in the Stockholm race. It was absolutely incredible. It really showcased how far we have come compared to when we started this journey back in 2014. Just being surrounded by all these runners all wearing the Borg Tee was absolutely incredible. I think Midnattsloppet really resonates well with how we want to approach sports. Of course, there were a few that did it really, really quick and were competing. For the most part, those that participated did it because it is fun. It is good to have a run. They work out with different things throughout the week simply to be better and perhaps live a bit longer and do it simply because they feel stronger by doing it. That is why I think the Midnattsloppet really resonates with what we do. It is all about trying to live and not the other way around. Absolutely fantastic. Looking at our top line again, we broke the world record, at least for us, so SEK 300 million. Never sold anything more in an isolated quarter. If we divide it into the countries, of course, super happy to share with you that both of our big markets, Sweden and Netherlands, are continuing to grow. Germany and Belgium are the only ones declining. Germany is a bit concerning. It comes down to Zalando. Of course, here we need to be better. It is all about managing discounts, putting the right product in the right distribution channels. Here we can do more. We need to do better in order to change that negative trend. Looking at our channels, wholesale is doing really, really well, growing double digit. E-com has slowed down a bit. It is partly due to us being a bit more selective with discounts. Of course, finding our way with all the changes that are coming our way with Google as such. We believe, of course, ongoing that e-com is a very, very important channel for us. Looking at the year-to-date numbers, we are still up close to 18%. Very, very strong performance. On retail, here we are closing down stores. This will be close to the last year where we'll close down stores. Looking at next year, the store base is where it needs to be. From there, we will rather actually add retail stores if we would want to do anything. We found a good balance now with outlets that are really performing well, that can take care of excess inventories. They're all profitable. Now it's about really building them. We can expect then retail numbers to start growing again, as opposed to, of course, them being declining the last couple of years due to us cleaning up our store portfolio. Distributors are struggling. There are some good news depending on where you look. Austria is doing really, really well. The biggest one, Norway, is declining. Of course, here we need to do a better job. It's not a priority of ours, but still, of course, we need to maintain our business there as well. The big focus for us, obviously, is own e-com and really partnering up with the right wholesale partners to drive growth in those two channels and continue to win consumers. I think we do that fairly good. Here we've been tracking since 2018 our share of online business. It goes down a bit in Q3, but of course, still a very high share of our business is done online. That's, of course, been a part of our digital-first strategy that is working out really, really well. Looking at some categories, I brought some highlights. We launched a new category called Loungewear. It's just building on our underwear, but really soft hand-feel apparel for men. We will do a collection for women’s also in the future, but that’s going to come next year. That is working very, very well. Plus 57% versus last year. Again, our apparel has continued to grow. In the quarter, 24%. Full year, it’s growing more than 20%. Bags is also growing in the quarter. I haven’t showcased it here, but of course, the disappointment in the quarter is the footwear collection. We need to do it better. We have reinforced the team. We do a lot of product testing. I’m really happy to share with you that the product that we’re trying right now, that we’re currently selling in, are performing really, really, really well. Footwear, that's the area where I see the biggest potential, but also, of course, where it requires most of our focus to really enable that to also then become a growth engine, which is currently not the case. With that said, of course, there's also a lot of numbers in terms of the bottom line. As you already know, we're earning more than last year. That's good news. Jens will share some more lights into that. Jens, why don't you fire away? Thanks a lot, Henrik. Thank you. Thank you. Fantastic. Before I start, I've been homesick for a few days, and that made me realize how much I miss being part of the energy that you find in this company. I certainly miss my colleagues and being back in the office. People like Jessica Kim probably watching today. How are you? It's good to be back soon. I'm really looking forward to that. In terms of the numbers, the gross margin is now increasing again slightly, certainly partly due to a positive currency change that we see at the moment, especially the euro/dollar, but also the Swedish Krona versus the dollar. That's a good thing for us. Slightly going up again. The profitability, as you heard from Henrik before, is increasing, SEK 45 million in Q3 and year-to-date, as you can see in this slide, doing really, really well. Really, really good to see. In terms of the bottom line, SEK 37 million in the quarter. Again, a very strong bottom line result. In terms of net income year-to-date, we've already passed last year's full year numbers. That's good to see. A few numbers on the balance sheet. The equity through assets, so the solidity is again climbing up in 2025 after Q3 to 51%. Really solid and strong line that you see here, which is very good for the company, obviously. The net debt is slightly increasing compared to previous years, mainly due to the footwear integration that we said earlier, which requires more working capital clearly. In terms of our working capital, if you put that in relation to a rolling gross sales number, we strive to be around 20% now towards the end of Q3 this year, slightly above, but not concerning at all. A bit more overbuying the inventories to cover the markets that need that, but certainly the right inventory at the moment. No concerns regarding that. We are stable around 20ish percent, which is good for us. That is a good KPI for us to keep track of. That's all I wanted to say this morning. Have a wonderful Friday and good week. I'll leave the word again back to you, Henrik. Yes, yes. It was good to have you back, Jens. Thank you. You do not sound 100%, but of course, since you are 120% normally, I guess you are still running on the 100 then. A couple of key takeaways. The first one, we see an ongoing strength in our brand. The consideration slide that I showed you, of course, is going up. We see strong brand traction. Of course, here we need to continue to invest even more. We do know that we have good traction in big cities. We need simply to focus even more on those to continue to elevate the brand, given, of course, that brand is one of the things that are making us unique. We own the Björn Borg brand, and that's a very, very strong asset. Here we need to continue to invest. We see good traction. That's very, very good. Secondly, of course, I think one highlight, as I said, we are growing in our biggest market. That's super, super important. Especially Sweden is doing very, very good, 13% up. Also Holland and some of the smaller markets. Denmark is also really, really performing well. Finland, one of our mid-sized markets, also performing good. We need to work harder with Germany and Zalando to make sure that we can find a strong balance between top line and discounts to continue to drive that account. Our Hamburg push is working really well. Sales towards German consumers actually is up 26%, which is fantastic. Here we are doing a lot of things right, but we need to continue because one clear objective is to win the German market. That will, of course, be a massive game changer for the entire company. Lastly, if we look at categories, as I have said now many quarters, if you want to follow this brand and our journey, look at the sports apparel numbers. That is really what will showcase if we are successful or not. Continuing to have double-digit growth also in Q3, we are growing four times the pace of the market. We are taking market shares. Now it is getting to a fairly sustainable part of the business. This is really our growth driver. Super happy with how the sports apparel collection is developing, both year-to-date, also the last 10 quarters, and of course, also the, yes, the closed Q3 quarter. With that said, have a fantastic Friday. Enjoy the Friday. My last word probably goes to train to live. We believe that one core ingredient of creating a strong brand is to have a strong purpose, to create a meaning into what you do. If you disappear, people will actually miss you. Our whole idea is to inspire people that you should train, not because you should win medals or compete, but training will give you the control over so many other things. That is the cure to a lot of the stuff that is happening around us in the society right now. It is also something that you simply can do. It's not up to someone else, even though it might be hard somewhere to get it going. It's not about how fast you run. It's about just getting that run or that walk going. That's really what we want to do, to inspire you and myself, of course, and everyone around us to move, work out, have fun. Doing that will make the rest of life even more fun. With that said, have a fantastic Friday. If you want, 11:00 to 12:00. in the first week, we have our compulsory sports hour. You're welcome to join. Before I close, I'm sure that Jelmer has a couple of questions that he's dying to ask me. Of course, of course. Thank you so much for the presentation. I figured we could start with the gross margin. I mean, it is improving year-over-year, but you also mentioned some increasing discounts here. Could you highlight this a bit? Is this mainly relating to individual customers, or do you feel sort of like a wider price pressure maybe in the wholesale segment? I think the margin, of course, is getting impacted by many different things. Of course, one is the customer mix. We do see here that the bigger are getting even bigger, and the smaller are disappearing. The bigger you are, the bigger volumes you buy. Also, that comes in then to better terms. In some occasions, it is actually more discounts. Of course, with having the bigger accounts, our very strong sort of key account focus, like win with a winner approach, means that those accounts are growing. Of course, even if they do not get more discounts than what they had in the past, they have more discounts than some of the smaller accounts. That is one thing that is happening. The other one, of course, is the product mix. Depending on which category you are selling, that is also going to have an impact on the gross margin. We have done a lot of work with sports apparel, so the margin is really, really strong. However, it is not as strong as underwear, for example. As the ratio is changing, that is also changing the margin. In this case, it drags it down a bit. We have done a fantastic job, especially I think in footwear actually, where the margin is increasing drastically versus last year. Again, with no footwear growth, of course, we do not really benefit that in the overall picture because footwear is doing not very well. That is one, so the category mix. Then, the other one is the channel mix. If you look at the quarter, we see that own e-com is having a slightly lower share of our overall business than what we had, for example, in Q2. That also means that the margin goes down because e-com, we had very, very strong gross margins versus wholesale where we have slightly lower. Here we talk 15 percentage points lower. Adding all those together, that is the stuff that is sort of dragging down the margin a bit. Of course, on the other side, we're working with price increases because, of course, the brand is getting stronger. We're working with reducing discounts towards end consumers. Of course, that's going to improve the gross margin. Of course, the currency has a massive impact on the margin as well. If we look at Q3 isolated, the margin is up, but of course, that is solidly due to the currency impact. If we would have taken that out, the margin is declining a bit. Of course, we wanted to grow also without currency help. Super happy because, of course, as you know, since 2014, I think the U.S. SEK conversion then was 60 or something. Even though, of course, it's SEK 9.40, SEK 9.41 right now, it's still a completely different business than when I started. However, of course, we came from almost close to 11. Currency is what it is. I think we need to continue to drive profitable growth independently on what the currency is. Yeah, yeah. On the shoe or the product mix side, I mean, you mentioned maybe some current pressure from the footwear segment, but what do you see in the long-term prospects here? Can this segment as a whole be sort of gross margin accretive? What has to develop favorably for this to happen? I think we know from the past that if you do lesser footwear the way you should do them, the margin should be as high or higher than sports apparel. That is the clear conclusion from, of course, many, many years at Adidas, who is very, very good at sneakers. Of course, that's the midterm goal when it comes to footwear and margin. Of course, we do know and we feel that there is an expectation and also there's a lot of consumers out there that would want to buy performance footwear from us. We're currently, of course, reviewing that. That, of course, comes with a slightly different price tag in terms of margin pressure. That's not going to be a margin uplift if we do performance footwear. Stuff that you can actually run in will probably be dragging down the margin. Again, of course, that will be incremental business. That's going to drive growth on the other hand. It's all about finding that right balance. We believe that our ambition has been to be around 55%. We've been going up and down a bit, but of course, we're a bit too far away still from the 55% target. That's still what we're aiming towards. If we manage to do that, that's a very strong margin if you would compare to other sports brands or some of the other D2C players. Most of them are probably just high 40%, just shy of 50%. We believe that we have a very strong margin mix. That's a high focus going forward. Yeah, yeah. On the own online channel, I mean, you mentioned maybe, I mean, you're facing tough comps, of course, because last year growth was very impressive there. Could you elaborate a bit on, are you seeing some challenges maybe relating to, I mean, paid marketing or something like that? You mentioned Google there as one of the challenges. Yeah. No, but I think there's, well, online, as with everything, of course, it's changing. The environment around you is constantly moving. What worked yesterday might work tomorrow, but potentially not. Of course, that is only increasing. We see, of course, AI overuse with Google. We see a lot of different things that are just happening in the various different platforms that we're working with, that if you're quick, it will enable us to continue to grow. If you're not quick, clearly what you did yesterday is not going to work as good tomorrow. You need to be quicker and even more agile to continue to drive growth. That's just a conclusion. We've seen that trend probably the last year, but it's really picking up. You need to be really, really on your numbers and also really looking into the engine room for e-com to continue to drive profitable growth. And then also, of course, we elaborate with discounts. We want to ideally, of course, sell all our products at full price. So we took away mid-season sale, for example. We will participate in Black Friday, but not as aggressive as potentially some of the other brands because we believe that we have the right price points already before any mid-season sale or Black Friday discounts. But it is a commercial happening. So of course, a lot of the volume created in the whole industry is done in those periods. We want to be there as well. That is also an impact, of course. A bit tight on discounts. On top of that, of course, we had a fantastic success last year on own e-com with Wooly, which is a women's footwear winterized model. It has been an exceptionally nice weather. It started out in August, which was simply incredible. It continued into September. Actually, it is still really, really warm. Of course, now we are into Q4. Of course, that means that you will not sell as many jackets and some of the more expensive items. That is not so much related to us, but I am thinking about in general in the sporting goods industry. What needs to happen right now for the whole industry is snow. Of course, I expect Black Friday and Christmas to be record sales for the industry as such. Yeah, yeah. Like you mentioned, I think, I mean, you managed previously to sort of drive sales without participating in maybe the campaigns that the wider market sort of are. Are you confident that you still can do that in the direct-to-consumer channels? Like, do you see currently any sort of campaign pressure from competitors? How do you sort of view the current landscape as of maybe now going into the campaign season here? No, I think the pressure there is increasing. Of course, we see, of course, on one hand that consumers have more money. That goes for almost the entire Northern Europe than what they had a year ago. However, of course, they're still as worried as they were a year ago. We see consumer confidence shifting a bit, so actually growing a bit in Sweden. I think Denmark's a bit flat. Germany's a bit up, but something's happening. Unfortunately, of course, the world is not turning into a more stable place, at least not as quick as I was hoping. Of course, that affects a bit how we consume. The feeling I'm getting when we're out there talking to end consumers, but also customers, is that the expectation is that there's a bit of a, there is a desire to purchase. People are cautious, of course. Off price has been almost like a new, well, perhaps not a new, but a sport. You want to buy exactly what you want, but you simply want to have a bit of a discount. With that, you need to participate, but of course, you need to be cautious how you participate so you can also long-term build a very, very strong brand. We constantly, of course, evaluate the right approach. We will definitely participate in Black Friday, but we will not be the most aggressive ones. With that said, I expect us still to be able to grow Black Friday because I really foresee the Black Friday to become a record sales period, not perhaps so much for us in that sense, but for the whole consumption. I think people have been waiting a bit. Everyone wants to make a good deal, obviously. Yeah. You mentioned the loungewear concept. Could you elaborate a bit on this? Is this a concept that you're targeting current customers? Is this sort of like an upselling challenge to current customers? Maybe some on what customers you're targeting here and what potential you could see? Yeah, no, it's really built on this very, very strong underwear heritage. Similar distribution points. Perhaps you bought our organic cotton stretch for many, many years. You really love the underwear. Of course, the next step would be to buy a lightweight organic cotton T-shirt or like a soft product that you can wear at home. It is close to like a pajamas kind of a feeling. That has been received very well. We will also add actually a collection for women in the future. It is not a big business, but I think it is something to add towards our really loyal underwear customers. Of course, we are seeing the quarter has been perceived and received very, very well, growing 57%. That is super happy. Somewhere in between underwear and the sports apparel that you train in. We need to continue to elaborate a bit and try new things in our journey to become a sports fashion brand. Yeah, yeah. On sort of like a big picture kind of question, do you see with the product offering that you have and that you are developing, is the fashion risk increasing, maybe the risk relating to individual collections so far? Or do you still feel that that is roughly the same as it has been previously? Yeah, I don't think there's no risk in terms of changes in fashion so that we do a color that for fashion reasons is not relevant when it's been launched. I think our biggest challenge and our biggest opportunity and our biggest focus is all the same, and that is to create really, really good stuff. It sounds easy, but of course, it's not that easy. For us, it comes down to creating a product that has a unique expression. Of course, this one says Borg, so of course, that makes it unique, but also create garments that perhaps without a logo look like a Björn Borg product. That is one thing. The second one, of course, we want to create stuff that has a very good fit. When you put it on, it needs to be perceived as this is simply perfect for me, just like our underwear. This one is oversized, so it should be a bit bigger. Some other stuff is not. Perfect fit is the second attribute that we really are focusing on. Then it is about making the products good in terms of functionality. Here we have said that there is no point in overdoing the training T-shirt because most people do not need a compression T-shirt for EUR 200. It is enough with a recycled polyester. It is really nice for EUR 40. Let's do that instead. And then, of course, we work with long-lasting quality, which comes then to a very, very high sustainability focus. Also, of course, not creating product that is not on trend. We want to create stuff that makes you look good today, but you can wear the same T-shirt four years down the road, and it will still make you look good. I have no concerns that we are entering into fashion and by that, of course, being vulnerable for trend shifts. Of course, I'm always concerned that we're not making the best product that we can and that we need to continue doing and continue to invest in. Yeah. Okay. Thank you. Then, I mean, maybe we could finish off with the, you mentioned the consumer sentiment in Sweden. We see an uptick here. Some actors are predicting or sort of quoting expectations on a very strong Q4 in terms of retail apparel sales in the market. Do you feel optimistic about Q4 and what can we expect going ahead? No, but so, and we try not to, of course, give any forecasts on Björn Borg. I will leave Björn Borg on the side. Yes, talking about what I see around me. What I see around me is a quarter that I will believe will be finishing strong, but there will be a high share of off-price business that I think will increase more. If we look at how November and December will finish off in Northern Europe versus how we will finish off last year, I believe that the volume will be much higher, probably 5%-10% higher than what it was last year in total. I also believe that the off-price business in general will be having a higher share versus last year. That is my view in terms of what happens outside Björn Borg. Of course, for us, it is about continuing on our journey, focusing on doing the right things, not getting distracted and jumping on too big clearances because that will help a short-term result, but rather to build every quarter so it becomes better and better. Ideally, of course, at a quick pace, but at a solid pace. We do not do something that will then simply later hurt us. That is the world that we are living in, to sort of balance that off. Thank you. We actually have a viewer question as well on the share repurchase possibilities. Could you elaborate a bit on the prospect for this and how are you reasoning with regards to share repurchases? What we do, of course, we have a very, very active board. Of course, that is when we have those conversations. In the same light as we talk about the dividend, my personal, of course, view on share price repurchase is that it needs to be a long-term strategy. Those that have done it really, really successfully, I think Swedish Match is one that they usually use as a reference, has done it over time. For me, I think it is a possibility. I think it comes down then to a bit of a change in direction in terms of how we would want to evolve the company. Because I believe if you want to do it successfully, it's about doing that over a 5, 10, 15-year period. That's when you're going to make the biggest impact for the benefit of the shareholders. If you are too optimistic or too perhaps entrepreneurial, whatever you want to call it, and then you do it once, but not then, I think that's going to not be good. Again, that's a discussion with the board. What will happen next year, we will see. We will do that, of course, together when we talk about the dividend. If we will start doing that, then I would think that's going to be then part of a sort of a long-term strategy because that's clearly what will be the best interest for the shareholders, such as myself. Of course, I want to make sure that my shares are going up and being a solid investment, which by the way, they've been doing. I'm super happy from an investor perspective as well. That was that on, I think, share price. Thank you so much. I'll leave it to you for any concluding remarks. No, thank you so much. Happy to be here. Join our sports hour. For those that are tapping in and listening to me and to us, we're super grateful for all of your shareholders. You can't have a public company without having a lot of fans believing in what we do. I'm very, very happy for that. I think, again, the clear highlight and of course, what makes me really proud is the team and our efforts in really repositioning the brand and moving this whole brand into a new arena. I think the midnight run that Saturday evening was just the pinnacle of that. When I stood there surrounded by 35,500, whatever, Diva Pink Borg tees, it was clear that we have a long road ahead to become a global iconic sports brand. Also when I looked back, we've come a long, long way from when we started this journey with colorful underwear. It made me super, super proud. Of course, thank you all for joining us on this quest to take a fairly small Swedish company and turn it into a global iconic brand. Perhaps we're not even halfway, but at least we're making progress. Have a great Friday. And thanks for listening.

Speaker 1: Good morning, everyone. It's Friday. Not only is the weather beautiful, and it's time for our compulsory sports hour in about a few hours, it's also time to present our Q3 results. We're super happy to share with you that our sports apparel collection continues to drive growth. Of course, as you probably recall or remember, we've been talking about this now for many, many quarters in a row. The whole dream with Björn Borg is to transition this in-the-past beautiful men's underwear brand into a bigger arena to build a sports fashion brand. With that, of course, growing. More than that, also inspiring people that if you should give something to yourself today, it's to move. Whether it's walking to office, taking the bike, or doing a triathlon, it doesn't really matter. Movement is the best gift to yourself. Good morning, everyone. good morning everyone It's Friday. it's friday Not only is the weather beautiful, and it's time for our compulsory sports hour in about a few hours, it's also time to present our Q3 results. not only is the weather beautiful and it's time for our compulsory sports hour in about a few hours it's also time to present our q3 results We're super happy to share with you that our sports apparel collection continues to drive growth. we're super happy to share with you that our sports apparel collection continues to drive growth Of course, as you probably recall or remember, we've been talking about this now for many, many quarters in a row. of course as you probably recall or remember we've been talking about this now for many many quarters in a row The whole dream with Björn Borg is to transition this in-the-past beautiful men's underwear brand into a bigger arena to build a sports fashion brand. the whole dream with björn borg is to transition this in-the-past beautiful men's underwear brand into a bigger arena to build a sports fashion brand With that, of course, growing. with that of course growing More than that, also inspiring people that if you should give something to yourself today, it's to move. more than that also inspiring people that if you should give something to yourself today it's to move Whether it's walking to office, taking the bike, or doing a triathlon, it doesn't really matter. whether it's walking to office taking the bike or doing a triathlon it doesn't really matter Movement is the best gift to yourself. movement is the best gift to yourself Not only will you be happier, you also will live a bit longer, and it's going to be a lot of fun. Perhaps not always doing the workout, but certainly afterwards. Q3, another quarter where our sports apparel collection continues to grow. Absolutely fantastic. By far, of course, the biggest highlight of the quarter. If we look at the sales, it's a record quarter. We never sold more than SEK 300 million in a quarter. That's, of course, fantastic. We like to break records. Also, our gross profit is improving versus last year. That, of course, consequently leads to a strong also EBIT upfit versus last year, where we're growing EBIT with 7.3% and closing at SEK 45.1 million in profit. Overall, a solid quarter behind us. That is making me really, really happy, of course. Not only will you be happier, you also will live a bit longer, and it's going to be a lot of fun. not only will you be happier you also will live a bit longer and it's going to be a lot of fun Perhaps not always doing the workout, but certainly afterwards. perhaps not always doing the workout but certainly afterwards Q3, another quarter where our sports apparel collection continues to grow. q3 another quarter where our sports apparel collection continues to grow Absolutely fantastic. absolutely fantastic By far, of course, the biggest highlight of the quarter. by far of course the biggest highlight of the quarter If we look at the sales, it's a record quarter. if we look at the sales it's a record quarter We never sold more than SEK 300 million in a quarter. we never sold more than sek 300 million in a quarter That's, of course, fantastic. that's of course fantastic We like to break records. we like to break records Also, our gross profit is improving versus last year. also our gross profit is improving versus last year That, of course, consequently leads to a strong also EBIT upfit versus last year, where we're growing EBIT with 7.3% and closing at SEK 45.1 million in profit. that of course consequently leads to a strong also ebit upfit versus last year where we're growing ebit with 7.3% and closing at sek 45.1 million in profit Overall, a solid quarter behind us. overall a solid quarter behind us That is making me really, really happy, of course. that is making me really really happy of course First, just a reminder of if you want to accomplish anything in life, you need to have a long-term goal. Of course, our ambition is to become a global iconic sports fashion brand. That is where we are heading. It takes a bit of time to get there, admittedly, but we are making progress. Every quarter, we get a bit closer. Our mission, and partly, I would say it is a bit unique. At least we like to think that. This is not about building a sports brand for athletes that want to break world records. You can buy the stuff too, but we think that training is so much more important than that. First, just a reminder of if you want to accomplish anything in life, you need to have a long-term goal. first just a reminder of if you want to accomplish anything in life you need to have a long-term goal Of course, our ambition is to become a global iconic sports fashion brand. That is where we are heading. of course our ambition is to become a global iconic sports fashion brand. that is where we are heading It takes a bit of time to get there, admittedly, but we are making progress. it takes a bit of time to get there admittedly but we are making progress Every quarter, we get a bit closer. every quarter we get a bit closer Our mission, and partly, I would say it is a bit unique. our mission and partly i would say it is a bit unique At least we like to think that. at least we like to think that This is not about building a sports brand for athletes that want to break world records. this is not about building a sports brand for athletes that want to break world records You can buy the stuff too, but we think that training is so much more important than that. you can buy the stuff too but we think that training is so much more important than that It is all about talking about this idea that we want to inspire you, unleash your own potential, remind you that you are the captain of your own destiny, and that working out and training with you, your friends, your kids is something absolutely fantastic that will give you a lot of different benefits. That is why and how we create the entire sports apparel collection. Looking at our financial objectives, we want to grow. We want to make money, of course. We want to make sure that we have a high dividend. Of course, we want to have a solid equity ratio, asset ratio. That is all in place. Of course, the business strategy has been to focus on multi-channels. It is all about talking about this idea that we want to inspire you, unleash your own potential, remind you that you are the captain of your own destiny, and that working out and training with you, your friends, your kids is something absolutely fantastic that will give you a lot of different benefits. it is all about talking about this idea that we want to inspire you unleash your own potential remind you that you are the captain of your own destiny and that working out and training with you your friends your kids is something absolutely fantastic that will give you a lot of different benefits That is why and how we create the entire sports apparel collection. that is why and how we create the entire sports apparel collection Looking at our financial objectives, we want to grow. looking at our financial objectives we want to grow We want to make money, of course. we want to make money of course We want to make sure that we have a high dividend. we want to make sure that we have a high dividend Of course, we want to have a solid equity ratio, asset ratio. of course we want to have a solid equity ratio asset ratio That is all in place. that is all in place Of course, the business strategy has been to focus on multi-channels. of course the business strategy has been to focus on multi-channels Handling both wholesale, we believe that's super important, both brick and mortar and e-com, and also, of course, our own e-com, and then distributors and a few of our own stores. Managing those different channels, we believe, is a key strength. It's clear that if you want to grow, if you want to win consumers, you simply need to be where the consumers are. Looking at how far we got there, a couple of brand KPIs. The brand is tracking in the right direction. Of course, I am sure if you are working out, if you do some running events, you will see our Borg Tee almost for certain, no matter where you're working out right now. That product has really been instrumental in our quest to move the brand into a bigger arena. Of course, it's a 100% recycled polyester T-shirt. Handling both wholesale, we believe that's super important, both brick and mortar and e-com, and also, of course, our own e-com, and then distributors and a few of our own stores. handling both wholesale we believe that's super important both brick and mortar and e-com and also of course our own e-com and then distributors and a few of our own stores Managing those different channels, we believe, is a key strength. managing those different channels we believe is a key strength It's clear that if you want to grow, if you want to win consumers, you simply need to be where the consumers are. it's clear that if you want to grow if you want to win consumers you simply need to be where the consumers are Looking at how far we got there, a couple of brand KPIs. looking at how far we got there a couple of brand kpis The brand is tracking in the right direction. the brand is tracking in the right direction Of course, I am sure if you are working out, if you do some running events, you will see our Borg Tee almost for certain, no matter where you're working out right now. of course i am sure if you are working out if you do some running events you will see our borg tee almost for certain no matter where you're working out right now That product has really been instrumental in our quest to move the brand into a bigger arena. that product has really been instrumental in our quest to move the brand into a bigger arena Of course, it's a 100% recycled polyester T-shirt. of course it's a 100% recycled polyester t-shirt It's a beautifully crafted, perfect fit, and, of course, a very, very strong signature with the Borg on the left and right arm. A very, very strong and what turns into being an iconic product. We launched it 10 years ago, and it's still our most sold apparel. I think it resonates really well with what we want to bring to the market. Looking at a few of the KPIs here, I'm super happy that our work in Germany is continuing to grow in terms of that the brand is getting stronger. Germany as such is actually declining, but that's due to Zalando. It's not sales towards German consumer because that's actually growing 26%. Zalando is declining, of course, and here we can do a lot better and need to do so, of course, as well. It's a beautifully crafted, perfect fit, and, of course, a very, very strong signature with the Borg on the left and right arm. it's a beautifully crafted perfect fit and of course a very very strong signature with the borg on the left and right arm A very, very strong and what turns into being an iconic product. a very very strong and what turns into being an iconic product We launched it 10 years ago, and it's still our most sold apparel. we launched it 10 years ago and it's still our most sold apparel I think it resonates really well with what we want to bring to the market. i think it resonates really well with what we want to bring to the market Looking at a few of the KPIs here, I'm super happy that our work in Germany is continuing to grow in terms of that the brand is getting stronger. looking at a few of the kpis here i'm super happy that our work in germany is continuing to grow in terms of that the brand is getting stronger Germany as such is actually declining, but that's due to Zalando. germany as such is actually declining but that's due to zalando It's not sales towards German consumer because that's actually growing 26%. it's not sales towards german consumer because that's actually growing 26% Zalando is declining, of course, and here we can do a lot better and need to do so, of course, as well. zalando is declining of course and here we can do a lot better and need to do so of course as well Looking at consideration, I think this is one of the slides that makes me most happy. Of course, here we ask 440 consumers in all of our different markets. From Germany into the bigger ones in Sweden, a bunch of different questions. One is, out of this list of sports brands, who would you consider buying? Here we are number three, ahead of Puma, Under Armour, and a bunch of other brands. Of course, this means that there's just a huge potential for us to continue to drive sports apparel growth. More people out there want to buy our stuff than what they currently are doing. That is what this sign or slide is telling us. That is, of course, good news. Let me bring you back in time a bit, not that far. Looking at consideration, I think this is one of the slides that makes me most happy. looking at consideration i think this is one of the slides that makes me most happy Of course, here we ask 440 consumers in all of our different markets. of course here we ask 440 consumers in all of our different markets From Germany into the bigger ones in Sweden, a bunch of different questions. from germany into the bigger ones in sweden a bunch of different questions One is, out of this list of sports brands, who would you consider buying? one is out of this list of sports brands who would you consider buying Here we are number three, ahead of Puma, Under Armour, and a bunch of other brands. here we are number three ahead of puma under armour and a bunch of other brands Of course, this means that there's just a huge potential for us to continue to drive sports apparel growth. of course this means that there's just a huge potential for us to continue to drive sports apparel growth More people out there want to buy our stuff than what they currently are doing. more people out there want to buy our stuff than what they currently are doing That is what this sign or slide is telling us. that is what this sign or slide is telling us That is, of course, good news. that is of course good news Let me bring you back in time a bit, not that far. let me bring you back in time a bit not that far I think for me personally, the highlight in Q3 was August 16th. It was a Saturday. The weather was as beautiful as it is today, late evening, and I was surrounded by 35,500 runners all wearing our Diva Pink Borg Tee. This was only the Stockholm Midnight Run. We also did that, of course, in other cities, but I participated in the Stockholm race. It was absolutely incredible. It really showcased how far we have come compared to when we started this journey back in 2014. Just being surrounded by all these runners all wearing the Borg Tee was absolutely incredible. I think Midnattsloppet really resonates well with how we want to approach sports. Of course, there were a few that did it really, really quick and were competing. I think for me personally, the highlight in Q3 was August 16th. i think for me personally the highlight in q3 was august 16th It was a Saturday. it was a saturday The weather was as beautiful as it is today, late evening, and I was surrounded by 35,500 runners all wearing our Diva Pink Borg Tee. the weather was as beautiful as it is today late evening and i was surrounded by 35,500 runners all wearing our diva pink borg tee This was only the Stockholm Midnight Run. this was only the stockholm midnight run We also did that, of course, in other cities, but I participated in the Stockholm race. we also did that of course in other cities but i participated in the stockholm race It was absolutely incredible. it was absolutely incredible It really showcased how far we have come compared to when we started this journey back in 2014. it really showcased how far we have come compared to when we started this journey back in 2014 Just being surrounded by all these runners all wearing the Borg Tee was absolutely incredible. just being surrounded by all these runners all wearing the borg tee was absolutely incredible I think Midnattsloppet really resonates well with how we want to approach sports. i think midnattsloppet really resonates well with how we want to approach sports Of course, there were a few that did it really, really quick and were competing. of course there were a few that did it really really quick and were competing For the most part, those that participated did it because it is fun. It is good to have a run. They work out with different things throughout the week simply to be better and perhaps live a bit longer and do it simply because they feel stronger by doing it. That is why I think the Midnattsloppet really resonates with what we do. It is all about trying to live and not the other way around. Absolutely fantastic. Looking at our top line again, we broke the world record, at least for us, so SEK 300 million. Never sold anything more in an isolated quarter. If we divide it into the countries, of course, super happy to share with you that both of our big markets, Sweden and Netherlands, are continuing to grow. Germany and Belgium are the only ones declining. Germany is a bit concerning. For the most part, those that participated did it because it is fun. It is good to have a run. for the most part those that participated did it because it is fun. it is good to have a run They work out with different things throughout the week simply to be better and perhaps live a bit longer and do it simply because they feel stronger by doing it. they work out with different things throughout the week simply to be better and perhaps live a bit longer and do it simply because they feel stronger by doing it That is why I think the Midnattsloppet really resonates with what we do. It is all about trying to live and not the other way around. that is why i think the midnattsloppet really resonates with what we do. it is all about trying to live and not the other way around Absolutely fantastic. absolutely fantastic Looking at our top line again, we broke the world record, at least for us, so SEK 300 million. looking at our top line again we broke the world record at least for us so sek 300 million Never sold anything more in an isolated quarter. never sold anything more in an isolated quarter If we divide it into the countries, of course, super happy to share with you that both of our big markets, Sweden and Netherlands, are continuing to grow. if we divide it into the countries of course super happy to share with you that both of our big markets sweden and netherlands are continuing to grow Germany and Belgium are the only ones declining. germany and belgium are the only ones declining Germany is a bit concerning. germany is a bit concerning It comes down to Zalando. Of course, here we need to be better. It is all about managing discounts, putting the right product in the right distribution channels. Here we can do more. We need to do better in order to change that negative trend. Looking at our channels, wholesale is doing really, really well, growing double digit. E-com has slowed down a bit. It is partly due to us being a bit more selective with discounts. Of course, finding our way with all the changes that are coming our way with Google as such. We believe, of course, ongoing that e-com is a very, very important channel for us. Looking at the year-to-date numbers, we are still up close to 18%. Very, very strong performance. On retail, here we are closing down stores. It comes down to Zalando. it comes down to zalando Of course, here we need to be better. It is all about managing discounts, putting the right product in the right distribution channels. of course here we need to be better. it is all about managing discounts putting the right product in the right distribution channels Here we can do more. here we can do more We need to do better in order to change that negative trend. we need to do better in order to change that negative trend Looking at our channels, wholesale is doing really, really well, growing double digit. looking at our channels wholesale is doing really really well growing double digit E-com has slowed down a bit. It is partly due to us being a bit more selective with discounts. e-com has slowed down a bit. it is partly due to us being a bit more selective with discounts Of course, finding our way with all the changes that are coming our way with Google as such. of course finding our way with all the changes that are coming our way with google as such We believe, of course, ongoing that e-com is a very, very important channel for us. we believe of course ongoing that e-com is a very very important channel for us Looking at the year-to-date numbers, we are still up close to 18%. looking at the year-to-date numbers we are still up close to 18% Very, very strong performance. very very strong performance On retail, here we are closing down stores. on retail here we are closing down stores This will be close to the last year where we'll close down stores. Looking at next year, the store base is where it needs to be. From there, we will rather actually add retail stores if we would want to do anything. We found a good balance now with outlets that are really performing well, that can take care of excess inventories. They're all profitable. Now it's about really building them. We can expect then retail numbers to start growing again, as opposed to, of course, them being declining the last couple of years due to us cleaning up our store portfolio. Distributors are struggling. There are some good news depending on where you look. Austria is doing really, really well. The biggest one, Norway, is declining. Of course, here we need to do a better job. This will be close to the last year where we'll close down stores. this will be close to the last year where we'll close down stores Looking at next year, the store base is where it needs to be. looking at next year the store base is where it needs to be From there, we will rather actually add retail stores if we would want to do anything. from there we will rather actually add retail stores if we would want to do anything We found a good balance now with outlets that are really performing well, that can take care of excess inventories. we found a good balance now with outlets that are really performing well that can take care of excess inventories They're all profitable. they're all profitable Now it's about really building them. now it's about really building them We can expect then retail numbers to start growing again, as opposed to, of course, them being declining the last couple of years due to us cleaning up our store portfolio. we can expect then retail numbers to start growing again as opposed to of course them being declining the last couple of years due to us cleaning up our store portfolio Distributors are struggling. distributors are struggling There are some good news depending on where you look. there are some good news depending on where you look Austria is doing really, really well. austria is doing really really well The biggest one, Norway, is declining. the biggest one norway is declining Of course, here we need to do a better job. of course here we need to do a better job It's not a priority of ours, but still, of course, we need to maintain our business there as well. The big focus for us, obviously, is own e-com and really partnering up with the right wholesale partners to drive growth in those two channels and continue to win consumers. I think we do that fairly good. Here we've been tracking since 2018 our share of online business. It goes down a bit in Q3, but of course, still a very high share of our business is done online. That's, of course, been a part of our digital-first strategy that is working out really, really well. Looking at some categories, I brought some highlights. We launched a new category called Loungewear. It's just building on our underwear, but really soft hand-feel apparel for men. It's not a priority of ours, but still, of course, we need to maintain our business there as well. it's not a priority of ours but still of course we need to maintain our business there as well The big focus for us, obviously, is own e-com and really partnering up with the right wholesale partners to drive growth in those two channels and continue to win consumers. the big focus for us obviously is own e-com and really partnering up with the right wholesale partners to drive growth in those two channels and continue to win consumers I think we do that fairly good. i think we do that fairly good Here we've been tracking since 2018 our share of online business. here we've been tracking since 2018 our share of online business It goes down a bit in Q3, but of course, still a very high share of our business is done online. it goes down a bit in q3 but of course still a very high share of our business is done online That's, of course, been a part of our digital-first strategy that is working out really, really well. that's of course been a part of our digital-first strategy that is working out really really well Looking at some categories, I brought some highlights. looking at some categories i brought some highlights We launched a new category called Loungewear. we launched a new category called loungewear It's just building on our underwear, but really soft hand-feel apparel for men. it's just building on our underwear but really soft hand-feel apparel for men We will do a collection for women’s also in the future, but that’s going to come next year. That is working very, very well. Plus 57% versus last year. Again, our apparel has continued to grow. In the quarter, 24%. Full year, it’s growing more than 20%. Bags is also growing in the quarter. I haven’t showcased it here, but of course, the disappointment in the quarter is the footwear collection. We need to do it better. We have reinforced the team. We do a lot of product testing. I’m really happy to share with you that the product that we’re trying right now, that we’re currently selling in, are performing really, really, really well. We will do a collection for women’s also in the future, but that’s going to come next year. we will do a collection for women’s also in the future but that’s going to come next year That is working very, very well. that is working very very well Plus 57% versus last year. plus 57% versus last year Again, our apparel has continued to grow. again our apparel has continued to grow In the quarter, 24%. in the quarter 24% Full year, it’s growing more than 20%. full year it’s growing more than 20% Bags is also growing in the quarter. bags is also growing in the quarter I haven’t showcased it here, but of course, the disappointment in the quarter is the footwear collection. i haven’t showcased it here but of course the disappointment in the quarter is the footwear collection We need to do it better. we need to do it better We have reinforced the team. we have reinforced the team We do a lot of product testing. we do a lot of product testing I’m really happy to share with you that the product that we’re trying right now, that we’re currently selling in, are performing really, really, really well. i’m really happy to share with you that the product that we’re trying right now that we’re currently selling in are performing really really really well Footwear, that's the area where I see the biggest potential, but also, of course, where it requires most of our focus to really enable that to also then become a growth engine, which is currently not the case. With that said, of course, there's also a lot of numbers in terms of the bottom line. As you already know, we're earning more than last year. That's good news. Jens will share some more lights into that. Jens, why don't you fire away? Footwear, that's the area where I see the biggest potential, but also, of course, where it requires most of our focus to really enable that to also then become a growth engine, which is currently not the case. footwear that's the area where i see the biggest potential but also of course where it requires most of our focus to really enable that to also then become a growth engine which is currently not the case With that said, of course, there's also a lot of numbers in terms of the bottom line. with that said of course there's also a lot of numbers in terms of the bottom line As you already know, we're earning more than last year. as you already know we're earning more than last year That's good news. that's good news Jens will share some more lights into that. jens will share some more lights into that Jens, why don't you fire away? jens why don't you fire away

Speaker 2: Thanks a lot, Henrik. Thanks a lot, Henrik. thanks a lot henrik

Speaker 1: Thank you. Thank you. thank you

Speaker 2: Thank you. Fantastic. Before I start, I've been homesick for a few days, and that made me realize how much I miss being part of the energy that you find in this company. I certainly miss my colleagues and being back in the office. People like Jessica Kim probably watching today. How are you? Thank you. thank you Fantastic. fantastic Before I start, I've been homesick for a few days, and that made me realize how much I miss being part of the energy that you find in this company. before i start i've been homesick for a few days and that made me realize how much i miss being part of the energy that you find in this company I certainly miss my colleagues and being back in the office. i certainly miss my colleagues and being back in the office People like Jessica Kim probably watching today. people like jessica kim probably watching today How are you? how are you It's good to be back soon. I'm really looking forward to that. In terms of the numbers, the gross margin is now increasing again slightly, certainly partly due to a positive currency change that we see at the moment, especially the euro/dollar, but also the Swedish Krona versus the dollar. That's a good thing for us. Slightly going up again. The profitability, as you heard from Henrik before, is increasing, SEK 45 million in Q3 and year-to-date, as you can see in this slide, doing really, really well. Really, really good to see. In terms of the bottom line, SEK 37 million in the quarter. Again, a very strong bottom line result. In terms of net income year-to-date, we've already passed last year's full year numbers. That's good to see. A few numbers on the balance sheet. It's good to be back soon. it's good to be back soon I'm really looking forward to that. i'm really looking forward to that In terms of the numbers, the gross margin is now increasing again slightly, certainly partly due to a positive currency change that we see at the moment, especially the euro/dollar, but also the Swedish Krona versus the dollar. in terms of the numbers the gross margin is now increasing again slightly certainly partly due to a positive currency change that we see at the moment especially the euro/dollar but also the swedish krona versus the dollar That's a good thing for us. that's a good thing for us Slightly going up again. slightly going up again The profitability, as you heard from Henrik before, is increasing, SEK 45 million in Q3 and year-to-date, as you can see in this slide, doing really, really well. the profitability as you heard from henrik before is increasing sek 45 million in q3 and year-to-date as you can see in this slide doing really really well Really, really good to see. really really good to see In terms of the bottom line, SEK 37 million in the quarter. in terms of the bottom line, sek 37 million in the quarter Again, a very strong bottom line result. again a very strong bottom line result In terms of net income year-to-date, we've already passed last year's full year numbers. in terms of net income year-to-date we've already passed last year's full year numbers That's good to see. that's good to see A few numbers on the balance sheet. a few numbers on the balance sheet The equity through assets, so the solidity is again climbing up in 2025 after Q3 to 51%. Really solid and strong line that you see here, which is very good for the company, obviously. The net debt is slightly increasing compared to previous years, mainly due to the footwear integration that we said earlier, which requires more working capital clearly. In terms of our working capital, if you put that in relation to a rolling gross sales number, we strive to be around 20% now towards the end of Q3 this year, slightly above, but not concerning at all. A bit more overbuying the inventories to cover the markets that need that, but certainly the right inventory at the moment. No concerns regarding that. We are stable around 20ish percent, which is good for us. That is a good KPI for us to keep track of. The equity through assets, so the solidity is again climbing up in 2025 after Q3 to 51%. the equity through assets so the solidity is again climbing up in 2025 after q3 to 51% Really solid and strong line that you see here, which is very good for the company, obviously. really solid and strong line that you see here which is very good for the company obviously The net debt is slightly increasing compared to previous years, mainly due to the footwear integration that we said earlier, which requires more working capital clearly. the net debt is slightly increasing compared to previous years mainly due to the footwear integration that we said earlier which requires more working capital clearly In terms of our working capital, if you put that in relation to a rolling gross sales number, we strive to be around 20% now towards the end of Q3 this year, slightly above, but not concerning at all. in terms of our working capital if you put that in relation to a rolling gross sales number we strive to be around 20% now towards the end of q3 this year slightly above but not concerning at all A bit more overbuying the inventories to cover the markets that need that, but certainly the right inventory at the moment. a bit more overbuying the inventories to cover the markets that need that but certainly the right inventory at the moment No concerns regarding that. no concerns regarding that We are stable around 20ish percent, which is good for us. That is a good KPI for us to keep track of. we are stable around 20ish percent which is good for us. that is a good kpi for us to keep track of That's all I wanted to say this morning. Have a wonderful Friday and good week. I'll leave the word again back to you, Henrik. That's all I wanted to say this morning. that's all i wanted to say this morning Have a wonderful Friday and good week. have a wonderful friday and good week I'll leave the word again back to you, Henrik. i'll leave the word again back to you henrik

Speaker 1: Yes, yes. It was good to have you back, Jens. Yes, yes. yes yes It was good to have you back, Jens. it was good to have you back jens

Speaker 2: Thank you. Thank you. thank you

Speaker 1: You do not sound 100%, but of course, since you are 120% normally, I guess you are still running on the 100 then. A couple of key takeaways. The first one, we see an ongoing strength in our brand. The consideration slide that I showed you, of course, is going up. We see strong brand traction. Of course, here we need to continue to invest even more. We do know that we have good traction in big cities. We need simply to focus even more on those to continue to elevate the brand, given, of course, that brand is one of the things that are making us unique. You do not sound 100%, but of course, since you are 120% normally, I guess you are still running on the 100 then. you do not sound 100% but of course since you are 120% normally i guess you are still running on the 100 then A couple of key takeaways. a couple of key takeaways The first one, we see an ongoing strength in our brand. the first one we see an ongoing strength in our brand The consideration slide that I showed you, of course, is going up. the consideration slide that i showed you of course is going up We see strong brand traction. we see strong brand traction Of course, here we need to continue to invest even more. of course here we need to continue to invest even more We do know that we have good traction in big cities. we do know that we have good traction in big cities We need simply to focus even more on those to continue to elevate the brand, given, of course, that brand is one of the things that are making us unique. we need simply to focus even more on those to continue to elevate the brand given of course that brand is one of the things that are making us unique We own the Björn Borg brand, and that's a very, very strong asset. Here we need to continue to invest. We see good traction. That's very, very good. Secondly, of course, I think one highlight, as I said, we are growing in our biggest market. That's super, super important. Especially Sweden is doing very, very good, 13% up. Also Holland and some of the smaller markets. Denmark is also really, really performing well. Finland, one of our mid-sized markets, also performing good. We need to work harder with Germany and Zalando to make sure that we can find a strong balance between top line and discounts to continue to drive that account. Our Hamburg push is working really well. Sales towards German consumers actually is up 26%, which is fantastic. We own the Björn Borg brand, and that's a very, very strong asset. we own the björn borg brand and that's a very very strong asset Here we need to continue to invest. here we need to continue to invest We see good traction. we see good traction That's very, very good. that's very very good Secondly, of course, I think one highlight, as I said, we are growing in our biggest market. secondly of course i think one highlight as i said we are growing in our biggest market That's super, super important. that's super super important Especially Sweden is doing very, very good, 13% up. especially sweden is doing very very good 13% up Also Holland and some of the smaller markets. also holland and some of the smaller markets Denmark is also really, really performing well. denmark is also really really performing well Finland, one of our mid-sized markets, also performing good. finland one of our mid-sized markets also performing good We need to work harder with Germany and Zalando to make sure that we can find a strong balance between top line and discounts to continue to drive that account. we need to work harder with germany and zalando to make sure that we can find a strong balance between top line and discounts to continue to drive that account Our Hamburg push is working really well. our hamburg push is working really well Sales towards German consumers actually is up 26%, which is fantastic. sales towards german consumers actually is up 26% which is fantastic Here we are doing a lot of things right, but we need to continue because one clear objective is to win the German market. That will, of course, be a massive game changer for the entire company. Lastly, if we look at categories, as I have said now many quarters, if you want to follow this brand and our journey, look at the sports apparel numbers. That is really what will showcase if we are successful or not. Continuing to have double-digit growth also in Q3, we are growing four times the pace of the market. We are taking market shares. Now it is getting to a fairly sustainable part of the business. This is really our growth driver. Here we are doing a lot of things right, but we need to continue because one clear objective is to win the German market. here we are doing a lot of things right but we need to continue because one clear objective is to win the german market That will, of course, be a massive game changer for the entire company. that will of course be a massive game changer for the entire company Lastly, if we look at categories, as I have said now many quarters, if you want to follow this brand and our journey, look at the sports apparel numbers. That is really what will showcase if we are successful or not. lastly if we look at categories as i have said now many quarters if you want to follow this brand and our journey look at the sports apparel numbers. that is really what will showcase if we are successful or not Continuing to have double-digit growth also in Q3, we are growing four times the pace of the market. continuing to have double-digit growth also in q3 we are growing four times the pace of the market We are taking market shares. we are taking market shares Now it is getting to a fairly sustainable part of the business. now it is getting to a fairly sustainable part of the business This is really our growth driver. this is really our growth driver Super happy with how the sports apparel collection is developing, both year-to-date, also the last 10 quarters, and of course, also the, yes, the closed Q3 quarter. With that said, have a fantastic Friday. Enjoy the Friday. My last word probably goes to train to live. We believe that one core ingredient of creating a strong brand is to have a strong purpose, to create a meaning into what you do. If you disappear, people will actually miss you. Our whole idea is to inspire people that you should train, not because you should win medals or compete, but training will give you the control over so many other things. That is the cure to a lot of the stuff that is happening around us in the society right now. It is also something that you simply can do. Super happy with how the sports apparel collection is developing, both year-to-date, also the last 10 quarters, and of course, also the, yes, the closed Q3 quarter. super happy with how the sports apparel collection is developing both year-to-date also the last 10 quarters and of course also the yes the closed q3 quarter With that said, have a fantastic Friday. with that said have a fantastic friday Enjoy the Friday. enjoy the friday My last word probably goes to train to live. my last word probably goes to train to live We believe that one core ingredient of creating a strong brand is to have a strong purpose, to create a meaning into what you do. we believe that one core ingredient of creating a strong brand is to have a strong purpose to create a meaning into what you do If you disappear, people will actually miss you. if you disappear people will actually miss you Our whole idea is to inspire people that you should train, not because you should win medals or compete, but training will give you the control over so many other things. our whole idea is to inspire people that you should train not because you should win medals or compete but training will give you the control over so many other things That is the cure to a lot of the stuff that is happening around us in the society right now. that is the cure to a lot of the stuff that is happening around us in the society right now It is also something that you simply can do. it is also something that you simply can do It's not up to someone else, even though it might be hard somewhere to get it going. It's not about how fast you run. It's about just getting that run or that walk going. That's really what we want to do, to inspire you and myself, of course, and everyone around us to move, work out, have fun. Doing that will make the rest of life even more fun. With that said, have a fantastic Friday. If you want, 11:00 to 12:00. in the first week, we have our compulsory sports hour. You're welcome to join. Before I close, I'm sure that Jelmer has a couple of questions that he's dying to ask me. It's not up to someone else, even though it might be hard somewhere to get it going. it's not up to someone else even though it might be hard somewhere to get it going It's not about how fast you run. it's not about how fast you run It's about just getting that run or that walk going. it's about just getting that run or that walk going That's really what we want to do, to inspire you and myself, of course, and everyone around us to move, work out, have fun. that's really what we want to do to inspire you and myself of course and everyone around us to move work out have fun Doing that will make the rest of life even more fun. doing that will make the rest of life even more fun With that said, have a fantastic Friday. with that said have a fantastic friday If you want, 11:00 to 12:00 . in the first week, we have our compulsory sports hour. if you want, 11:00 to 12:00 in the first week we have our compulsory sports hour You're welcome to join. you're welcome to join Before I close, I'm sure that Jelmer has a couple of questions that he's dying to ask me. before i close i'm sure that jelmer has a couple of questions that he's dying to ask me Of course, of course. Thank you so much for the presentation. I figured we could start with the gross margin. Of course, of course. of course of course Thank you so much for the presentation. thank you so much for the presentation I figured we could start with the gross margin. i figured we could start with the gross margin I mean, it is improving year-over-year, but you also mentioned some increasing discounts here. Could you highlight this a bit? Is this mainly relating to individual customers, or do you feel sort of like a wider price pressure maybe in the wholesale segment? I mean, it is improving year-over-year, but you also mentioned some increasing discounts here. i mean it is improving year-over-year but you also mentioned some increasing discounts here Could you highlight this a bit? could you highlight this a bit Is this mainly relating to individual customers, or do you feel sort of like a wider price pressure maybe in the wholesale segment? is this mainly relating to individual customers or do you feel sort of like a wider price pressure maybe in the wholesale segment I think the margin, of course, is getting impacted by many different things. Of course, one is the customer mix. We do see here that the bigger are getting even bigger, and the smaller are disappearing. The bigger you are, the bigger volumes you buy. Also, that comes in then to better terms. In some occasions, it is actually more discounts. Of course, with having the bigger accounts, our very strong sort of key account focus, like win with a winner approach, means that those accounts are growing. I think the margin, of course, is getting impacted by many different things. i think the margin of course is getting impacted by many different things Of course, one is the customer mix. of course one is the customer mix We do see here that the bigger are getting even bigger, and the smaller are disappearing. we do see here that the bigger are getting even bigger and the smaller are disappearing The bigger you are, the bigger volumes you buy. the bigger you are the bigger volumes you buy Also, that comes in then to better terms. also that comes in then to better terms In some occasions, it is actually more discounts. in some occasions it is actually more discounts Of course, with having the bigger accounts, our very strong sort of key account focus, like win with a winner approach, means that those accounts are growing. of course with having the bigger accounts our very strong sort of key account focus like win with a winner approach means that those accounts are growing Of course, even if they do not get more discounts than what they had in the past, they have more discounts than some of the smaller accounts. That is one thing that is happening. The other one, of course, is the product mix. Depending on which category you are selling, that is also going to have an impact on the gross margin. We have done a lot of work with sports apparel, so the margin is really, really strong. However, it is not as strong as underwear, for example. As the ratio is changing, that is also changing the margin. In this case, it drags it down a bit. We have done a fantastic job, especially I think in footwear actually, where the margin is increasing drastically versus last year. Of course, even if they do not get more discounts than what they had in the past, they have more discounts than some of the smaller accounts. of course even if they do not get more discounts than what they had in the past they have more discounts than some of the smaller accounts That is one thing that is happening. that is one thing that is happening The other one, of course, is the product mix. the other one of course is the product mix Depending on which category you are selling, that is also going to have an impact on the gross margin. depending on which category you are selling, that is also going to have an impact on the gross margin We have done a lot of work with sports apparel, so the margin is really, really strong. we have done a lot of work with sports apparel so the margin is really really strong However, it is not as strong as underwear, for example. however it is not as strong as underwear for example As the ratio is changing, that is also changing the margin. as the ratio is changing that is also changing the margin In this case, it drags it down a bit. We have done a fantastic job, especially I think in footwear actually, where the margin is increasing drastically versus last year. in this case it drags it down a bit. we have done a fantastic job especially i think in footwear actually where the margin is increasing drastically versus last year Again, with no footwear growth, of course, we do not really benefit that in the overall picture because footwear is doing not very well. That is one, so the category mix. Then, the other one is the channel mix. If you look at the quarter, we see that own e-com is having a slightly lower share of our overall business than what we had, for example, in Q2. That also means that the margin goes down because e-com, we had very, very strong gross margins versus wholesale where we have slightly lower. Here we talk 15 percentage points lower. Adding all those together, that is the stuff that is sort of dragging down the margin a bit. Again, with no footwear growth, of course, we do not really benefit that in the overall picture because footwear is doing not very well. again with no footwear growth of course we do not really benefit that in the overall picture because footwear is doing not very well That is one, so the category mix. that is one so the category mix Then, the other one is the channel mix. then the other one is the channel mix If you look at the quarter, we see that own e-com is having a slightly lower share of our overall business than what we had, for example, in Q2. if you look at the quarter we see that own e-com is having a slightly lower share of our overall business than what we had for example in q2 That also means that the margin goes down because e-com, we had very, very strong gross margins versus wholesale where we have slightly lower. that also means that the margin goes down because e-com we had very very strong gross margins versus wholesale where we have slightly lower Here we talk 15 percentage points lower. here we talk 15 percentage points lower Adding all those together, that is the stuff that is sort of dragging down the margin a bit. adding all those together that is the stuff that is sort of dragging down the margin a bit Of course, on the other side, we're working with price increases because, of course, the brand is getting stronger. We're working with reducing discounts towards end consumers. Of course, that's going to improve the gross margin. Of course, the currency has a massive impact on the margin as well. If we look at Q3 isolated, the margin is up, but of course, that is solidly due to the currency impact. If we would have taken that out, the margin is declining a bit. Of course, we wanted to grow also without currency help. Super happy because, of course, as you know, since 2014, I think the U.S. SEK conversion then was 60 or something. Even though, of course, it's SEK 9.40, SEK 9.41 right now, it's still a completely different business than when I started. Of course, on the other side, we're working with price increases because, of course, the brand is getting stronger. of course on the other side we're working with price increases because of course the brand is getting stronger We're working with reducing discounts towards end consumers. we're working with reducing discounts towards end consumers Of course, that's going to improve the gross margin. of course that's going to improve the gross margin Of course, the currency has a massive impact on the margin as well. of course the currency has a massive impact on the margin as well If we look at Q3 isolated, the margin is up, but of course, that is solidly due to the currency impact. if we look at q3 isolated the margin is up but of course that is solidly due to the currency impact If we would have taken that out, the margin is declining a bit. if we would have taken that out the margin is declining a bit Of course, we wanted to grow also without currency help. of course we wanted to grow also without currency help Super happy because, of course, as you know, since 2014, I think the U.S. super happy because of course as you know since 2014 i think the u.s SEK conversion then was 60 or something. sek conversion then was 60 or something Even though, of course, it's SEK 9.40, SEK 9.41 right now, it's still a completely different business than when I started. even though of course it's sek 9.40 sek 9.41 right now it's still a completely different business than when i started However, of course, we came from almost close to 11. Currency is what it is. I think we need to continue to drive profitable growth independently on what the currency is. However, of course, we came from almost close to 11. however of course we came from almost close to 11 Currency is what it is. currency is what it is I think we need to continue to drive profitable growth independently on what the currency is. i think we need to continue to drive profitable growth independently on what the currency is Yeah, yeah. On the shoe or the product mix side, I mean, you mentioned maybe some current pressure from the footwear segment, but what do you see in the long-term prospects here? Can this segment as a whole be sort of gross margin accretive? What has to develop favorably for this to happen? Yeah, yeah. yeah yeah On the shoe or the product mix side, I mean, you mentioned maybe some current pressure from the footwear segment, but what do you see in the long-term prospects here? on the shoe or the product mix side i mean you mentioned maybe some current pressure from the footwear segment but what do you see in the long-term prospects here Can this segment as a whole be sort of gross margin accretive? can this segment as a whole be sort of gross margin accretive What has to develop favorably for this to happen? what has to develop favorably for this to happen I think we know from the past that if you do lesser footwear the way you should do them, the margin should be as high or higher than sports apparel. That is the clear conclusion from, of course, many, many years at Adidas, who is very, very good at sneakers. I think we know from the past that if you do lesser footwear the way you should do them, the margin should be as high or higher than sports apparel. i think we know from the past that if you do lesser footwear the way you should do them the margin should be as high or higher than sports apparel That is the clear conclusion from, of course, many, many years at Adidas, who is very, very good at sneakers. that is the clear conclusion from of course many many years at adidas who is very very good at sneakers Of course, that's the midterm goal when it comes to footwear and margin. Of course, we do know and we feel that there is an expectation and also there's a lot of consumers out there that would want to buy performance footwear from us. We're currently, of course, reviewing that. That, of course, comes with a slightly different price tag in terms of margin pressure. That's not going to be a margin uplift if we do performance footwear. Stuff that you can actually run in will probably be dragging down the margin. Again, of course, that will be incremental business. That's going to drive growth on the other hand. It's all about finding that right balance. We believe that our ambition has been to be around 55%. Of course, that's the midterm goal when it comes to footwear and margin. of course that's the midterm goal when it comes to footwear and margin Of course, we do know and we feel that there is an expectation and also there's a lot of consumers out there that would want to buy performance footwear from us. of course we do know and we feel that there is an expectation and also there's a lot of consumers out there that would want to buy performance footwear from us We're currently, of course, reviewing that. we're currently of course reviewing that That, of course, comes with a slightly different price tag in terms of margin pressure. that of course comes with a slightly different price tag in terms of margin pressure That's not going to be a margin uplift if we do performance footwear. that's not going to be a margin uplift if we do performance footwear Stuff that you can actually run in will probably be dragging down the margin. stuff that you can actually run in will probably be dragging down the margin Again, of course, that will be incremental business. again of course that will be incremental business That's going to drive growth on the other hand. that's going to drive growth on the other hand It's all about finding that right balance. it's all about finding that right balance We believe that our ambition has been to be around 55%. we believe that our ambition has been to be around 55% We've been going up and down a bit, but of course, we're a bit too far away still from the 55% target. That's still what we're aiming towards. If we manage to do that, that's a very strong margin if you would compare to other sports brands or some of the other D2C players. Most of them are probably just high 40%, just shy of 50%. We believe that we have a very strong margin mix. That's a high focus going forward. We've been going up and down a bit, but of course, we're a bit too far away still from the 55% target. we've been going up and down a bit but of course we're a bit too far away still from the 55% target That's still what we're aiming towards. that's still what we're aiming towards If we manage to do that, that's a very strong margin if you would compare to other sports brands or some of the other D2C players. if we manage to do that that's a very strong margin if you would compare to other sports brands or some of the other d2c players Most of them are probably just high 40%, just shy of 50%. most of them are probably just high 40% just shy of 50% We believe that we have a very strong margin mix. we believe that we have a very strong margin mix That's a high focus going forward. that's a high focus going forward Yeah, yeah. On the own online channel, I mean, you mentioned maybe, I mean, you're facing tough comps, of course, because last year growth was very impressive there. Could you elaborate a bit on, are you seeing some challenges maybe relating to, I mean, paid marketing or something like that? Yeah, yeah. yeah yeah On the own online channel, I mean, you mentioned maybe, I mean, you're facing tough comps, of course, because last year growth was very impressive there. on the own online channel i mean you mentioned maybe i mean you're facing tough comps of course because last year growth was very impressive there Could you elaborate a bit on, are you seeing some challenges maybe relating to, I mean, paid marketing or something like that? could you elaborate a bit on are you seeing some challenges maybe relating to i mean paid marketing or something like that You mentioned Google there as one of the challenges. You mentioned Google there as one of the challenges. you mentioned google there as one of the challenges Yeah. No, but I think there's, well, online, as with everything, of course, it's changing. The environment around you is constantly moving. What worked yesterday might work tomorrow, but potentially not. Of course, that is only increasing. We see, of course, AI overuse with Google. We see a lot of different things that are just happening in the various different platforms that we're working with, that if you're quick, it will enable us to continue to grow. If you're not quick, clearly what you did yesterday is not going to work as good tomorrow. You need to be quicker and even more agile to continue to drive growth. That's just a conclusion. We've seen that trend probably the last year, but it's really picking up. Yeah. yeah No, but I think there's, well, online, as with everything, of course, it's changing. no but i think there's well online as with everything of course it's changing The environment around you is constantly moving. the environment around you is constantly moving What worked yesterday might work tomorrow, but potentially not. what worked yesterday might work tomorrow but potentially not Of course, that is only increasing. of course that is only increasing We see, of course, AI overuse with Google. we see of course ai overuse with google We see a lot of different things that are just happening in the various different platforms that we're working with, that if you're quick, it will enable us to continue to grow. we see a lot of different things that are just happening in the various different platforms that we're working with that if you're quick it will enable us to continue to grow If you're not quick, clearly what you did yesterday is not going to work as good tomorrow. if you're not quick clearly what you did yesterday is not going to work as good tomorrow You need to be quicker and even more agile to continue to drive growth. you need to be quicker and even more agile to continue to drive growth That's just a conclusion. that's just a conclusion We've seen that trend probably the last year, but it's really picking up. we've seen that trend probably the last year but it's really picking up You need to be really, really on your numbers and also really looking into the engine room for e-com to continue to drive profitable growth. And then also, of course, we elaborate with discounts. We want to ideally, of course, sell all our products at full price. So we took away mid-season sale, for example. We will participate in Black Friday, but not as aggressive as potentially some of the other brands because we believe that we have the right price points already before any mid-season sale or Black Friday discounts. But it is a commercial happening. So of course, a lot of the volume created in the whole industry is done in those periods. We want to be there as well. That is also an impact, of course. A bit tight on discounts. You need to be really, really on your numbers and also really looking into the engine room for e-com to continue to drive profitable growth. you need to be really really on your numbers and also really looking into the engine room for e-com to continue to drive profitable growth And then also, of course, we elaborate with discounts. and then also of course we elaborate with discounts We want to ideally, of course, sell all our products at full price. we want to ideally of course sell all our products at full price So we took away mid-season sale, for example. so we took away mid-season sale for example We will participate in Black Friday, but not as aggressive as potentially some of the other brands because we believe that we have the right price points already before any mid-season sale or Black Friday discounts. we will participate in black friday but not as aggressive as potentially some of the other brands because we believe that we have the right price points already before any mid-season sale or black friday discounts But it is a commercial happening. but it is a commercial happening So of course, a lot of the volume created in the whole industry is done in those periods. so of course a lot of the volume created in the whole industry is done in those periods We want to be there as well. we want to be there as well That is also an impact, of course. that is also an impact of course A bit tight on discounts. a bit tight on discounts On top of that, of course, we had a fantastic success last year on own e-com with Wooly, which is a women's footwear winterized model. It has been an exceptionally nice weather. It started out in August, which was simply incredible. It continued into September. Actually, it is still really, really warm. Of course, now we are into Q4. Of course, that means that you will not sell as many jackets and some of the more expensive items. That is not so much related to us, but I am thinking about in general in the sporting goods industry. What needs to happen right now for the whole industry is snow. Of course, I expect Black Friday and Christmas to be record sales for the industry as such. On top of that, of course, we had a fantastic success last year on own e-com with Wooly, which is a women's footwear winterized model. on top of that of course we had a fantastic success last year on own e-com with wooly which is a women's footwear winterized model It has been an exceptionally nice weather. it has been an exceptionally nice weather It started out in August, which was simply incredible. it started out in august which was simply incredible It continued into September. it continued into september Actually, it is still really, really warm. actually it is still really really warm Of course, now we are into Q4. of course now we are into q4 Of course, that means that you will not sell as many jackets and some of the more expensive items. of course that means that you will not sell as many jackets and some of the more expensive items That is not so much related to us, but I am thinking about in general in the sporting goods industry. that is not so much related to us but i am thinking about in general in the sporting goods industry What needs to happen right now for the whole industry is snow. what needs to happen right now for the whole industry is snow Of course, I expect Black Friday and Christmas to be record sales for the industry as such. of course i expect black friday and christmas to be record sales for the industry as such Yeah, yeah. Yeah, yeah. yeah yeah Like you mentioned, I think, I mean, you managed previously to sort of drive sales without participating in maybe the campaigns that the wider market sort of are. Are you confident that you still can do that in the direct-to-consumer channels? Like, do you see currently any sort of campaign pressure from competitors? How do you sort of view the current landscape as of maybe now going into the campaign season here? Like you mentioned, I think, I mean, you managed previously to sort of drive sales without participating in maybe the campaigns that the wider market sort of are. like you mentioned i think i mean you managed previously to sort of drive sales without participating in maybe the campaigns that the wider market sort of are Are you confident that you still can do that in the direct-to-consumer channels? are you confident that you still can do that in the direct-to-consumer channels Like, do you see currently any sort of campaign pressure from competitors? like do you see currently any sort of campaign pressure from competitors How do you sort of view the current landscape as of maybe now going into the campaign season here? how do you sort of view the current landscape as of maybe now going into the campaign season here No, I think the pressure there is increasing. Of course, we see, of course, on one hand that consumers have more money. That goes for almost the entire Northern Europe than what they had a year ago. However, of course, they're still as worried as they were a year ago. We see consumer confidence shifting a bit, so actually growing a bit in Sweden. I think Denmark's a bit flat. No, I think the pressure there is increasing. no i think the pressure there is increasing Of course, we see, of course, on one hand that consumers have more money. of course we see of course on one hand that consumers have more money That goes for almost the entire Northern Europe than what they had a year ago. that goes for almost the entire northern europe than what they had a year ago However, of course, they're still as worried as they were a year ago. however of course they're still as worried as they were a year ago We see consumer confidence shifting a bit, so actually growing a bit in Sweden. we see consumer confidence shifting a bit so actually growing a bit in sweden I think Denmark's a bit flat. i think denmark's a bit flat Germany's a bit up, but something's happening. Unfortunately, of course, the world is not turning into a more stable place, at least not as quick as I was hoping. Of course, that affects a bit how we consume. The feeling I'm getting when we're out there talking to end consumers, but also customers, is that the expectation is that there's a bit of a, there is a desire to purchase. People are cautious, of course. Off price has been almost like a new, well, perhaps not a new, but a sport. You want to buy exactly what you want, but you simply want to have a bit of a discount. With that, you need to participate, but of course, you need to be cautious how you participate so you can also long-term build a very, very strong brand. Germany's a bit up, but something's happening. germany's a bit up but something's happening Unfortunately, of course, the world is not turning into a more stable place, at least not as quick as I was hoping. unfortunately of course the world is not turning into a more stable place at least not as quick as i was hoping Of course, that affects a bit how we consume. of course that affects a bit how we consume The feeling I'm getting when we're out there talking to end consumers, but also customers, is that the expectation is that there's a bit of a, there is a desire to purchase. the feeling i'm getting when we're out there talking to end consumers but also customers is that the expectation is that there's a bit of a there is a desire to purchase People are cautious, of course. people are cautious of course Off price has been almost like a new, well, perhaps not a new, but a sport. off price has been almost like a new well perhaps not a new but a sport You want to buy exactly what you want, but you simply want to have a bit of a discount. you want to buy exactly what you want but you simply want to have a bit of a discount With that, you need to participate, but of course, you need to be cautious how you participate so you can also long-term build a very, very strong brand. with that you need to participate but of course you need to be cautious how you participate so you can also long-term build a very very strong brand We constantly, of course, evaluate the right approach. We will definitely participate in Black Friday, but we will not be the most aggressive ones. With that said, I expect us still to be able to grow Black Friday because I really foresee the Black Friday to become a record sales period, not perhaps so much for us in that sense, but for the whole consumption. I think people have been waiting a bit. Everyone wants to make a good deal, obviously. We constantly, of course, evaluate the right approach. we constantly of course evaluate the right approach We will definitely participate in Black Friday, but we will not be the most aggressive ones. we will definitely participate in black friday but we will not be the most aggressive ones With that said, I expect us still to be able to grow Black Friday because I really foresee the Black Friday to become a record sales period, not perhaps so much for us in that sense, but for the whole consumption. with that said i expect us still to be able to grow black friday because i really foresee the black friday to become a record sales period not perhaps so much for us in that sense but for the whole consumption I think people have been waiting a bit. i think people have been waiting a bit Everyone wants to make a good deal, obviously. everyone wants to make a good deal obviously Yeah. You mentioned the loungewear concept. Could you elaborate a bit on this? Is this a concept that you're targeting current customers? Is this sort of like an upselling challenge to current customers? Maybe some on what customers you're targeting here and what potential you could see? Yeah. yeah You mentioned the loungewear concept. you mentioned the loungewear concept Could you elaborate a bit on this? could you elaborate a bit on this Is this a concept that you're targeting current customers? is this a concept that you're targeting current customers Is this sort of like an upselling challenge to current customers? is this sort of like an upselling challenge to current customers Maybe some on what customers you're targeting here and what potential you could see? maybe some on what customers you're targeting here and what potential you could see Yeah, no, it's really built on this very, very strong underwear heritage. Similar distribution points. Yeah, no, it's really built on this very, very strong underwear heritage. yeah no it's really built on this very very strong underwear heritage Similar distribution points. similar distribution points Perhaps you bought our organic cotton stretch for many, many years. You really love the underwear. Of course, the next step would be to buy a lightweight organic cotton T-shirt or like a soft product that you can wear at home. It is close to like a pajamas kind of a feeling. That has been received very well. We will also add actually a collection for women in the future. It is not a big business, but I think it is something to add towards our really loyal underwear customers. Of course, we are seeing the quarter has been perceived and received very, very well, growing 57%. That is super happy. Somewhere in between underwear and the sports apparel that you train in. We need to continue to elaborate a bit and try new things in our journey to become a sports fashion brand. Perhaps you bought our organic cotton stretch for many, many years. perhaps you bought our organic cotton stretch for many many years You really love the underwear. you really love the underwear Of course, the next step would be to buy a lightweight organic cotton T-shirt or like a soft product that you can wear at home. of course the next step would be to buy a lightweight organic cotton t-shirt or like a soft product that you can wear at home It is close to like a pajamas kind of a feeling. it is close to like a pajamas kind of a feeling That has been received very well. that has been received very well We will also add actually a collection for women in the future. It is not a big business, but I think it is something to add towards our really loyal underwear customers. we will also add actually a collection for women in the future. it is not a big business but i think it is something to add towards our really loyal underwear customers Of course, we are seeing the quarter has been perceived and received very, very well, growing 57%. of course we are seeing the quarter has been perceived and received very very well growing 57% That is super happy. that is super happy Somewhere in between underwear and the sports apparel that you train in. somewhere in between underwear and the sports apparel that you train in We need to continue to elaborate a bit and try new things in our journey to become a sports fashion brand. we need to continue to elaborate a bit and try new things in our journey to become a sports fashion brand Yeah, yeah. Yeah, yeah. yeah yeah On sort of like a big picture kind of question, do you see with the product offering that you have and that you are developing, is the fashion risk increasing, maybe the risk relating to individual collections so far? Or do you still feel that that is roughly the same as it has been previously? On sort of like a big picture kind of question, do you see with the product offering that you have and that you are developing, is the fashion risk increasing, maybe the risk relating to individual collections so far? on sort of like a big picture kind of question do you see with the product offering that you have and that you are developing is the fashion risk increasing maybe the risk relating to individual collections so far Or do you still feel that that is roughly the same as it has been previously? or do you still feel that that is roughly the same as it has been previously Yeah, I don't think there's no risk in terms of changes in fashion so that we do a color that for fashion reasons is not relevant when it's been launched. I think our biggest challenge and our biggest opportunity and our biggest focus is all the same, and that is to create really, really good stuff. It sounds easy, but of course, it's not that easy. For us, it comes down to creating a product that has a unique expression. Yeah, I don't think there's no risk in terms of changes in fashion so that we do a color that for fashion reasons is not relevant when it's been launched. yeah i don't think there's no risk in terms of changes in fashion so that we do a color that for fashion reasons is not relevant when it's been launched I think our biggest challenge and our biggest opportunity and our biggest focus is all the same, and that is to create really, really good stuff. i think our biggest challenge and our biggest opportunity and our biggest focus is all the same and that is to create really really good stuff It sounds easy, but of course, it's not that easy. it sounds easy but of course it's not that easy For us, it comes down to creating a product that has a unique expression. for us it comes down to creating a product that has a unique expression Of course, this one says Borg, so of course, that makes it unique, but also create garments that perhaps without a logo look like a Björn Borg product. That is one thing. The second one, of course, we want to create stuff that has a very good fit. When you put it on, it needs to be perceived as this is simply perfect for me, just like our underwear. This one is oversized, so it should be a bit bigger. Some other stuff is not. Perfect fit is the second attribute that we really are focusing on. Then it is about making the products good in terms of functionality. Here we have said that there is no point in overdoing the training T-shirt because most people do not need a compression T-shirt for EUR 200. It is enough with a recycled polyester. It is really nice for EUR 40. Of course, this one says Borg, so of course, that makes it unique, but also create garments that perhaps without a logo look like a Björn Borg product. of course this one says borg so of course that makes it unique but also create garments that perhaps without a logo look like a björn borg product That is one thing. that is one thing The second one, of course, we want to create stuff that has a very good fit. the second one of course we want to create stuff that has a very good fit When you put it on, it needs to be perceived as this is simply perfect for me, just like our underwear. when you put it on it needs to be perceived as this is simply perfect for me just like our underwear This one is oversized, so it should be a bit bigger. this one is oversized so it should be a bit bigger Some other stuff is not. some other stuff is not Perfect fit is the second attribute that we really are focusing on. perfect fit is the second attribute that we really are focusing on Then it is about making the products good in terms of functionality. then it is about making the products good in terms of functionality Here we have said that there is no point in overdoing the training T-shirt because most people do not need a compression T-shirt for EUR 200. here we have said that there is no point in overdoing the training t-shirt because most people do not need a compression t-shirt for eur 200 It is enough with a recycled polyester. It is really nice for EUR 40. it is enough with a recycled polyester. it is really nice for eur 40 Let's do that instead. And then, of course, we work with long-lasting quality, which comes then to a very, very high sustainability focus. Also, of course, not creating product that is not on trend. We want to create stuff that makes you look good today, but you can wear the same T-shirt four years down the road, and it will still make you look good. I have no concerns that we are entering into fashion and by that, of course, being vulnerable for trend shifts. Of course, I'm always concerned that we're not making the best product that we can and that we need to continue doing and continue to invest in. Let's do that instead. let's do that instead And then, of course, we work with long-lasting quality, which comes then to a very, very high sustainability focus. and then of course we work with long-lasting quality which comes then to a very very high sustainability focus Also, of course, not creating product that is not on trend. also of course not creating product that is not on trend We want to create stuff that makes you look good today, but you can wear the same T-shirt four years down the road, and it will still make you look good. we want to create stuff that makes you look good today but you can wear the same t-shirt four years down the road and it will still make you look good I have no concerns that we are entering into fashion and by that, of course, being vulnerable for trend shifts. i have no concerns that we are entering into fashion and by that of course being vulnerable for trend shifts Of course, I'm always concerned that we're not making the best product that we can and that we need to continue doing and continue to invest in. of course i'm always concerned that we're not making the best product that we can and that we need to continue doing and continue to invest in Yeah. Okay. Thank you. Then, I mean, maybe we could finish off with the, you mentioned the consumer sentiment in Sweden. We see an uptick here. Yeah. yeah Okay. okay Thank you. thank you Then, I mean, maybe we could finish off with the, you mentioned the consumer sentiment in Sweden. then i mean maybe we could finish off with the you mentioned the consumer sentiment in sweden We see an uptick here. we see an uptick here Some actors are predicting or sort of quoting expectations on a very strong Q4 in terms of retail apparel sales in the market. Do you feel optimistic about Q4 and what can we expect going ahead? Some actors are predicting or sort of quoting expectations on a very strong Q4 in terms of retail apparel sales in the market. some actors are predicting or sort of quoting expectations on a very strong q4 in terms of retail apparel sales in the market Do you feel optimistic about Q4 and what can we expect going ahead? do you feel optimistic about q4 and what can we expect going ahead No, but so, and we try not to, of course, give any forecasts on Björn Borg. I will leave Björn Borg on the side. Yes, talking about what I see around me. What I see around me is a quarter that I will believe will be finishing strong, but there will be a high share of off-price business that I think will increase more. If we look at how November and December will finish off in Northern Europe versus how we will finish off last year, I believe that the volume will be much higher, probably 5%-10% higher than what it was last year in total. No, but so, and we try not to, of course, give any forecasts on Björn Borg. no but so and we try not to of course give any forecasts on björn borg I will leave Björn Borg on the side. i will leave björn borg on the side Yes, talking about what I see around me. yes talking about what i see around me What I see around me is a quarter that I will believe will be finishing strong, but there will be a high share of off-price business that I think will increase more. what i see around me is a quarter that i will believe will be finishing strong but there will be a high share of off-price business that i think will increase more If we look at how November and December will finish off in Northern Europe versus how we will finish off last year, I believe that the volume will be much higher, probably 5%-10% higher than what it was last year in total. if we look at how november and december will finish off in northern europe versus how we will finish off last year i believe that the volume will be much higher probably 5%-10% higher than what it was last year in total I also believe that the off-price business in general will be having a higher share versus last year. That is my view in terms of what happens outside Björn Borg. Of course, for us, it is about continuing on our journey, focusing on doing the right things, not getting distracted and jumping on too big clearances because that will help a short-term result, but rather to build every quarter so it becomes better and better. Ideally, of course, at a quick pace, but at a solid pace. We do not do something that will then simply later hurt us. That is the world that we are living in, to sort of balance that off. I also believe that the off-price business in general will be having a higher share versus last year. i also believe that the off-price business in general will be having a higher share versus last year That is my view in terms of what happens outside Björn Borg. that is my view in terms of what happens outside björn borg Of course, for us, it is about continuing on our journey, focusing on doing the right things, not getting distracted and jumping on too big clearances because that will help a short-term result, but rather to build every quarter so it becomes better and better. of course for us it is about continuing on our journey focusing on doing the right things not getting distracted and jumping on too big clearances because that will help a short-term result but rather to build every quarter so it becomes better and better Ideally, of course, at a quick pace, but at a solid pace. ideally of course at a quick pace but at a solid pace We do not do something that will then simply later hurt us. we do not do something that will then simply later hurt us That is the world that we are living in, to sort of balance that off. that is the world that we are living in to sort of balance that off Thank you. We actually have a viewer question as well on the share repurchase possibilities. Thank you. thank you We actually have a viewer question as well on the share repurchase possibilities. we actually have a viewer question as well on the share repurchase possibilities Could you elaborate a bit on the prospect for this and how are you reasoning with regards to share repurchases? Could you elaborate a bit on the prospect for this and how are you reasoning with regards to share repurchases? could you elaborate a bit on the prospect for this and how are you reasoning with regards to share repurchases What we do, of course, we have a very, very active board. Of course, that is when we have those conversations. In the same light as we talk about the dividend, my personal, of course, view on share price repurchase is that it needs to be a long-term strategy. Those that have done it really, really successfully, I think Swedish Match is one that they usually use as a reference, has done it over time. For me, I think it is a possibility. I think it comes down then to a bit of a change in direction in terms of how we would want to evolve the company. What we do, of course, we have a very, very active board. what we do of course we have a very very active board Of course, that is when we have those conversations. of course that is when we have those conversations In the same light as we talk about the dividend, my personal, of course, view on share price repurchase is that it needs to be a long-term strategy. in the same light as we talk about the dividend my personal of course view on share price repurchase is that it needs to be a long-term strategy Those that have done it really, really successfully, I think Swedish Match is one that they usually use as a reference, has done it over time. those that have done it really really successfully i think swedish match is one that they usually use as a reference has done it over time For me, I think it is a possibility. for me i think it is a possibility I think it comes down then to a bit of a change in direction in terms of how we would want to evolve the company. i think it comes down then to a bit of a change in direction in terms of how we would want to evolve the company Because I believe if you want to do it successfully, it's about doing that over a 5, 10, 15-year period. That's when you're going to make the biggest impact for the benefit of the shareholders. If you are too optimistic or too perhaps entrepreneurial, whatever you want to call it, and then you do it once, but not then, I think that's going to not be good. Again, that's a discussion with the board. What will happen next year, we will see. We will do that, of course, together when we talk about the dividend. If we will start doing that, then I would think that's going to be then part of a sort of a long-term strategy because that's clearly what will be the best interest for the shareholders, such as myself. Because I believe if you want to do it successfully, it's about doing that over a 5, 10, 15-year period. because i believe if you want to do it successfully it's about doing that over a 5 10 15-year period That's when you're going to make the biggest impact for the benefit of the shareholders. that's when you're going to make the biggest impact for the benefit of the shareholders If you are too optimistic or too perhaps entrepreneurial, whatever you want to call it, and then you do it once, but not then, I think that's going to not be good. if you are too optimistic or too perhaps entrepreneurial whatever you want to call it and then you do it once but not then i think that's going to not be good Again, that's a discussion with the board. again that's a discussion with the board What will happen next year, we will see. what will happen next year we will see We will do that, of course, together when we talk about the dividend. we will do that of course together when we talk about the dividend If we will start doing that, then I would think that's going to be then part of a sort of a long-term strategy because that's clearly what will be the best interest for the shareholders, such as myself. if we will start doing that then i would think that's going to be then part of a sort of a long-term strategy because that's clearly what will be the best interest for the shareholders such as myself Of course, I want to make sure that my shares are going up and being a solid investment, which by the way, they've been doing. I'm super happy from an investor perspective as well. That was that on, I think, share price. Of course, I want to make sure that my shares are going up and being a solid investment, which by the way, they've been doing. of course i want to make sure that my shares are going up and being a solid investment which by the way they've been doing I'm super happy from an investor perspective as well. i'm super happy from an investor perspective as well That was that on, I think, share price. that was that on i think share price Thank you so much. I'll leave it to you for any concluding remarks. Thank you so much. thank you so much I'll leave it to you for any concluding remarks. i'll leave it to you for any concluding remarks No, thank you so much. Happy to be here. Join our sports hour. For those that are tapping in and listening to me and to us, we're super grateful for all of your shareholders. You can't have a public company without having a lot of fans believing in what we do. I'm very, very happy for that. No, thank you so much. no thank you so much Happy to be here. happy to be here Join our sports hour. join our sports hour For those that are tapping in and listening to me and to us, we're super grateful for all of your shareholders. for those that are tapping in and listening to me and to us we're super grateful for all of your shareholders You can't have a public company without having a lot of fans believing in what we do. you can't have a public company without having a lot of fans believing in what we do I'm very, very happy for that. i'm very very happy for that I think, again, the clear highlight and of course, what makes me really proud is the team and our efforts in really repositioning the brand and moving this whole brand into a new arena. I think the midnight run that Saturday evening was just the pinnacle of that. When I stood there surrounded by 35,500, whatever, Diva Pink Borg tees, it was clear that we have a long road ahead to become a global iconic sports brand. Also when I looked back, we've come a long, long way from when we started this journey with colorful underwear. It made me super, super proud. Of course, thank you all for joining us on this quest to take a fairly small Swedish company and turn it into a global iconic brand. Perhaps we're not even halfway, but at least we're making progress. I think, again, the clear highlight and of course, what makes me really proud is the team and our efforts in really repositioning the brand and moving this whole brand into a new arena. i think again the clear highlight and of course what makes me really proud is the team and our efforts in really repositioning the brand and moving this whole brand into a new arena I think the midnight run that Saturday evening was just the pinnacle of that. i think the midnight run that saturday evening was just the pinnacle of that When I stood there surrounded by 35,500, whatever, Diva Pink Borg tees, it was clear that we have a long road ahead to become a global iconic sports brand. when i stood there surrounded by 35,500 whatever diva pink borg tees it was clear that we have a long road ahead to become a global iconic sports brand Also when I looked back, we've come a long, long way from when we started this journey with colorful underwear. also when i looked back we've come a long long way from when we started this journey with colorful underwear It made me super, super proud. it made me super super proud Of course, thank you all for joining us on this quest to take a fairly small Swedish company and turn it into a global iconic brand. of course thank you all for joining us on this quest to take a fairly small swedish company and turn it into a global iconic brand Perhaps we're not even halfway, but at least we're making progress. perhaps we're not even halfway but at least we're making progress Have a great Friday. And thanks for listening. Have a great Friday. have a great friday And thanks for listening. and thanks for listening