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Third Quarter ReportMarch 1 to May 31, 2008

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� These materials may not be copied, published, distributed or transmitted to third parties.

� These materials may contain forward-looking statements. If so, such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read our earnings report and our most recent annual report for a better understanding of these risks and uncertainties.

� These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States.

Disclaimer

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Håkan Westin, CFO

Christian W. Jansson, President & CEO

Third Quarter ReportMarch 1 to May 31, 2008

Agenda� Introduction� Q3 2007/08

� Highlights � Income Statement� Sales� Profitability drivers

� Q1-Q3 2007/08� Highlights � Income Statement� Sales� Sales breakdown� Profitability drivers� Cash flow

� Property acquisition� Future approach� Key conclusions

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Håkan Westin, CFO

Christian W. Jansson, President & CEO

Third Quarter ReportMarch 1 to May 31, 2008

� Consistent development� Net sales MSEK 1140 (1106)� Operating profit MSEK 145 (132)

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86

135 45

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� 285 operating stores (+ 13) � 56 new stores under contract

Stores

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Advert used in e.g. daily press during Q3, 2008

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� Net sales MSEK 1 140 (1 106), an increase of 3.1 percent.

� Operating profit MSEK 145 (132). Excluding one-offs, an increase of 12.4 percent.

� Gross margin 63.8 (62.3) percent and operating margin 12.7 (11.9) percent.

� Profit after taxes MSEK 112 (79), equivalent SEK 1.49 (1.05) per share.

� Cash flow from continuing operations MSEK 221 (136).

Financial Highlights Q3March 1 to May 31, 2008

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07/081 140-413-727

-521-36

118

3-18103

-2974

0

79112Net profit-32-36Tax expense111148Profit before tax-32-21Financial expense1124Financial income

132145Operating profit3Other operating income

-32-35Administrative expenses-528-547Selling expenses689727Gross profit

-417-413Cost of goods sold11061140Net sales

2006/072007/08MSEK Mar-May

Income Statement Q3

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� End of period stronger than beginning

� Successful product launch for Number One and Comp.

� Successful relaunch of Kaxs

+3.11 140Net sales Q3 2007/08

-0.5Like For Like

+2.0New net stores

+1.6Currency effect

1 106Net sales Q3 2006/07

%MSEKMar-May

Sales Q3

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� Solid Inventory Control

112%Operating income

104%Costs

106%Gross profit

103%Sales

2007/08(excl. One-offs)

Profitability drivers Q3

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Advert used in e.g. daily press during Q3, 2008

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� Net sales MSEK 3 519 (3 383), an increase of 4.0 percent.

� Operating profit MSEK 469 (435). Excluding one-offs, an increase of 11.9 percent.

� Gross margin 62.5 (60.8) percent and operating margin 13.3 (12.9) percent.

� Profit after taxes MSEK 324 (540), equivalent SEK 4.32 (7.20) per share.

� Cash flow from continuing operations MSEK 600 (449).

Financial Highlights Q1-Q3September 1, 2007 to May 31, 2008

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Income statement Q1-Q3

540324Net profit163-118Tax expense377442Profit before tax-81-57Financial expense2330Financial income

435469Operating profit16Other operating income

-109-104Administrative expenses-1 529-1 626Selling expenses

20572199Gross profit-1 326-1 320Cost of goods sold3 3833 519Net sales

2006/072007/08MSEK Sep-May

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+4.03 519Net sales Q3 2007/08+0.7Like For Like+1.3New net stores+2.0Currency effect

3 383Net sales Q3 2006/07%MSEK

Sales Q1-Q3

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Finland12% (11%)

Sweden55% (57%)Norway

28% (28%)

Poland5% (4%)

1,315

679278

107

4,0%3 3833 519Totalt

18,5%29,8%131170Polen

6,7%8,6%383416Finland

-0,1%5,1%938986Norway

0,8%0,8%1 9311 947Sweden

Local currency

SEK

2006/072007/08MSEK Growth

Sales breakdown Q1-Q3

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� Further improved operating margin

112%Operating income106%Costs107%Gross profit104%Sales

2007/08(excl. One-offs)

Profitability drivers, Q1-Q3

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Cash flow, Q1-Q3

45-28Cash flow for the period-66166Other from financial activities

-188-825Redemption of shares /Dividend60675Change bank overdraft facility

239-44Cash flow after investments-210-644Cash flow from investment activities449600Cash flow from continuing operations-1578Changes in working capital

464522Cash flow from continuing operations before changes in working capital

2006/072007/08MSEK Sep-May

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Advert used in e.g. Magazines during Q3, 2008

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Property Acquisition

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� Maintain gross margin

� Strong store expansion program

� Establish additional markets

Future approach

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� Strong gross margin

� Excellent cash flow

� Contribution from new stores will increase

� 24th consecutive quarter with improved profit

Key conclusions

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Advert used in e.g. Magazines during Q3, 2008

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