FULL YEAR RESULTS 1 December 2003 to 30 November 2004

• Group turnover excluding VAT for the year amounted to SEK 53,695 m (48,238), an increase of 11 per cent compared to last year. With comparable exchange rates, the increase was 12 per cent.

• Profit after financial items was SEK 11,005 m (9,609) an increase of 15 per cent. Group profit after tax amounted to SEK 7,275 m (6,386) corresponding to SEK 8.79 (7.72) per share.

• Turnover excluding VAT for the fourth quarter increased by 14 per cent (with comparable exchange rates 14 per cent) and amounted to SEK 15,874 m (13,923) excluding VAT.

• Operating margin for the fourth quarter amounted to a very satisfactory 25.0 per cent (22.9).

• Profit after financial items for the fourth quarter was SEK 4,056 m (3,274), an increase by 24 per cent.

• In 2005, 145-155 stores are planned to open, among those three stores in Ireland and one store in Hungary. Both countries are new markets for the group.

• The Board of Directors proposes a dividend of SEK 8.00 (6.00) per share.

Contact persons:
Carl-Henric Enhörning, IR +46-8-796 5410
Leif Persson, CFO +46-8-796 1300
Rolf Eriksen, CEO +46-8-796 5233
Switchboard +46-8-796 5500