Rational Tactics In Commercial Financing Clarified

At the end of the day, you had a very nice like-for-like development in this quarter, which supposedly means that you must have, maybe, some more clerks in the stores, etc. Could you give us some description of how you managed the quarter? If possible, maybe leave Poland out of it and just talk a little bit about operating leverage going forward please. Thanks. ——————————————————————————– Anders During, KappAhl publ AB – CFO [17] ——————————————————————————– Well, if we first start with the like for like, the reasons behind are the ones I mentioned before. So there are no other magic tricks that are happening. I think looking into the overhead cost, as such, and looking into what has driven those costs, there are two components that are the largest in terms of overhead cost. One being, of course, the effect on the foreign currencies that has been more costly to us on the overhead side as well, as it has given us an opportunity on the top line side, of course. But also, the cost has then increased converting into krona. And the second item, that is — and now particularly talking about loan requirements for small business the SEK33 million in difference between the overhead costs from last year first quarter compared to this year’s first quarter, one-third is about the currency effect, one-third is about simple inflation.

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