TCM Group A/S Conference Call Transcript
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Good afternoon, ladies and gentlemen. And welcome to the teleconference where we will discuss the reasons for the profit warning that we issued yesterday, and put a few comments to the preliminary Q3 figures. We will, of course, also host a conference call in connection with the release of the full Q3 report on November 17, 2023. Presenters today are our CFO, Thomas Hjannung; and myself, CEO, Torben Paulin. We will comment on the business and the profit warning, after which we will hand over to the operator for the Q&A session.
Let us start the presentation and turn to page 2 for the business update. Sales in Q3 fell short of our expectations. And overall order intake for Q4 is also weaker than expected despite the fact that we did see a pickup in B2C orders. Our underlying gross margin improved slightly in the quarter driven by an improved sales mix and the effect of the capacity adjustments. As a result of the weaker trading, we did see more stores with cash flow issues, which is why we have increased our provisions for
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