Swedish sports fashion brand Björn Borg reported its Q3 net sales increased 5 percent to SEK 262.1 million ($25.5 million) from SEK 248.6 million in the 2022 corresponding period.

Net sales for company-owned e-commerce and e-tailer customers amounted to SEK 95.6 million, an increase of 15 percent. Sales for company-owned e-commerce increased by 25 percent to SEK 37.6 million.

The gross margin was 52.6 percent of net sales in the third quarter, compared to 48.2 percent in the year-ago comparable period. Currency-neutral, the gross profit margin was 52.5 percent of sales, an increase of 4.3 percentage points.

Operating profit amounted to SEK 40.9 million, an increase of 34 percent from SEK 30.6 million in Q3 last year. Currency-neutral, the operating profit amounted to SEK 37.0 million, a year-over-year increase of 23 percent for the period.

Profit after tax amounted to SEK 32.0 million, an increase of 44 percent from SEK 22.2 million in the year-ago period. Earnings per share before and after dilution amounted to SEK 1.27, compared to SEK 0.88 in Q3 last year.

“Once again, we have improved both sales and operating profit compared to the previous year’s quarter,” said company CEO Henrik Bunge.

In the nine-month year-to-date (YTD) period, sales amounted to SEK 674.6 million, an increase of 6 percent compared to SEK 636.8 million in the year-ago YTD period. Net sales increased by 2 percent on a currency-neutral basis. Net sales for company-owned e-commerce and e-tailers amounted to SEK 265.3 million (230.1), an increase of 15 percent. Sales for company-owned e-commerce increased by 32 percent to SEK 108.5 million in the 2023 YTD period from SEK 82.2 million in the corresponding 2022 period.

The company said the “financial goals for Björn Borg that were adopted in 2019 for a five-year period have been prolonged with no change and are now valid until further notice.