Lindex Year-End Report 2003/2004

STOCKHOLM, Sweden, Sept. 23, 2004 -- Lindex Year-End Report 1 September 2003-31 August 2004:

- Sales for the financial year increased by 0.8 (5.6) per cent to SEK5,352M (5,312). Same-stores sales, excluding the currency effect, roseby 3.2 (3.0) per cent compared with the previous year.

- Operating profit fell to SEK 28M (273) and was charged with structural costs and one-off costs of SEK 169M (10). Profit after financial items fell to SEK 28M (274). Excluding structural and one-off costs, operating profit amounted to SEK 197M.

- The operating margin fell to 0.5 (5.1) per cent and the gross margin to 53.2 (56.3) per cent. Excluding structural and one-off costs, the operating margin amounted to 3.7 (5.3) per cent and the gross margin to 54.5 (56.3) per cent.

- The result after tax fell significantly and amounted to SEK -76M (177), equivalent to SEK -5.50 (12.90) per share.

- Cash flow from current operations amounted to SEK 276M (589).

- The Board of Directors has decided to recommend that the Annual General Meeting sets a dividend of SEK 15.00 (12.00) per share for the 2003/2004 financial year.

Fourth quarter of the 2003/2004 financial year

- Sales for the fourth quarter fell by -3.4 (10.3) per cent to SEK 1,318M (1,365). Lindex's same-stores sales, excluding the currency effect, fell by 2.4 per cent compared with the previous year.

- The operating result fell and amounted to SEK -5M (96). It was charged with structural and one-off costs of SEK 98M. Of this, SEK 65M will have an effect on the cash flow in 2004/2005. Of the total structural and one-off costs, SEK 70M relate to the closure of seven stores in Germany.

- The operating margin fell to -0.4 (7.0) per cent. Excluding structural and one-off costs, the operating result amounted to SEK 93M and the operating margin to 7.1 per cent.

- The result after financial items for the fourth quarter fell to SEK -5M (98). In the Nordic operations, the result after financial items amounted to SEK 113M (123).

- The result after tax fell significantly and amounted to SEK -73M (57), equivalent to SEK -5.30 (4.20) per share.

- The gross margin fell to 50.9 (53.5) per cent.

- Costs in the current operations decreased.

The Lindex Group consists of two retail chains: Lindex, which has 315 stores in the Nordic market and 25 stores in Germany, and Twilfit, which has 58 stores in Sweden. The Group's business areas are Lingerie, Children's Clothing and Ladies' Wear.

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The following files are available for download:

http://www.waymaker.net/bitonline/2004/09/23/20040923BIT00050/wkr0001.pdf

The full Year-End Report

CONTACT:
  For further information, please contact:
 Conny Karlsson,                      Telephone: +46 31-739 50 02
 Acting President and CEO
                                      Mobile: +46 705-21 19 18

 Peter Andersson,                     Telephone: +46 31-739 50 10
 Chief Financial Officer
                                      Mobile: +46 705-84 44 37