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First quarter September 1 to November 30, 2007

Best Q1 so far

Christian W. Jansson, President & CEO

Håkan Westin, CFO

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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materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States.

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Number of stores

279 stores end November 2007

34 new stores under contract

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133 43

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Financial highlights Q1September 1 – November 30, 2007

Net sales MSEK 1,247 (1,189), an increase of 4.9 percent.

Operating profit MSEK 206 (186), an increase of 10.8 percent.

Gross margin 63.9 (62.2) percent and operating margin16.5 (15.6) percent.

Profit after taxes MSEK 138 (123), equivalent SEK 1.84 (1.64) per share.

Cash flow from operating activities MSEK 196 (209).

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Income statement Q1

MSEK Sept-NovNet salesCost of goods soldGross profit

Selling expensesAdministrative expensesOperating profit

Financial incomeFinancial expenseProfit before tax

Tax expenseNet profit

07/081 247-450797

-558-33206

3-18191

-53138

06/071 189-449740

-513-37186

2-16172

-49123

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Sales Q1

Stable growth

Growth from new stores will increase

MSEK %Net sales Q1 2006/2007 1 189

Currency effect +2.1

New net stores +1.2

Like For Like growth +1.6

Net sales Q1 2007/2008 1 247 +4.9

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Sales breakdown, Q1

Finland11%

(11%)

Sweden56%

(57%)

Norway29%

(28%)

Poland4% (4%)

GrowthMSEK SEK Loc.cur.07/08 07/06Sweden 2.6% 2.6%701 683Norway 7.8% 0.8%359 333Finland 5.4% 4.7%137 130Poland 18.6% 13.2%51 43

Total 1 247 1 189 4.9%

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111%

107%

108%

105%

2007/2008

Profitability drivers Q1

Operating income

Costs

Gross profit

Sales

(excl one-offs)

Best Q1 so far

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Key conclusions

Stable sales development

Further improved gross margin

Strong operating margin

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Future approach

Maintain gross margin

Continue store expansion program

Continue refurbishment of existing stores

Evaluate a fifth market

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We don’t believe in selling a lifestyle.You have one already.

We don’t believe in expensive collections for an exclusive few.

We believe in fashion that suits you.We don’t believe in eternal youth, however we believe that people

mature, grow wiser and even more beautiful.

Take it as a compliment.

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