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Lauritz.com swings to loss in Q1

Lauritz.com Group A/S said its first-quarter normalized net income came to a loss of 161.14 Danish kroner per share, compared with 62.74 kroner per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.7 million kroner, compared with income of 3.8 million kroner in the year-earlier period.

The normalized profit margin declined to negative 22.1% from 12.2% in the year-earlier period.

Total revenue grew 41.5% year over year to 43.8 million kroner from 31.0 million kroner, and total operating expenses increased 78.9% year over year to 44.1 million kroner from 24.7 million kroner.

Reported net income totaled a loss of 11.9 million kroner, or a loss of 198.17 kroner per share, compared to income of 4.5 million kroner, or 75.80 kroner per share, in the prior-year period.

As of May 29, US$1 was equivalent to 6.80 Danish kroner.