HALF-YEAR REPORT 1 December 1998 – 31 May 1999

• Group turnover amounted to SEK 15,683 M (SEK 12,065 M), an increase of 30 per cent. The sales development has been most satisfactory in all markets.

• Profit before tax was SEK 2,049 M (SEK 1,356 M), an increase of 51 per cent.

• Profit per share after comprehensive tax allocation was SEK 1.61 (SEK 1.06).

• Investments and start-up costs amounted to SEK 515 M (SEK 374 M). A total of 30 new shops were opened during the six month period.

• The negotiations for the first shop lease in the US has been finalised and the lease will be signed in June. In Spain, negotiations for several stores are in progress.