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July - September 2021 Net revenue increased by 10 % to SEK 361 ( 329 ) million . In local currencies growth was 11 % . ■ Growth despite clear pandemic challenges January - September 2021 Net revenue increased by 6 % to SEK 1,181 ( 1,109 ) million . In local currencies , growth was 10 % . Last year was positively impacted by Covid - 19 related effects . ■ ■ ■ EBITDA totaled SEK 14 ( 21 ) million . Adjusted EBITDA was SEK 15 ( 23 ) million , equivalent to a margin of 4.1 % ( 7.1 % ) . Operating profit ( EBIT ) was SEK 2 ( 10 ) million . Adjusted operating profit ( EBIT ) was SEK 3 ( 12 ) million , equaling a margin of 0.7 % ( 3.8 % ) . The margin was negatively impacted by increased shipping costs of SEK 9 million . Cash flow for the period was SEK -4 ( 0 ) million . Profit / loss for the period amounted to SEK -1 ( -9 ) million . The result improved primarily due to the change in the financing structure in conjunction with the listing . Earnings per share before dilution was SEK -0.03 ( -0.26 ) and SEK -0.03 ( -0.26 ) after dilution . SEKm ( unless stated otherwise ) Net revenue Growth ( % ) ¹ Growth in local currencies ( % ) ¹ Gross profit Profit after variable costs ¹ 2 Overhead costs¹ Adjusted EBITDA¹ Adjusted operating profit ( EBIT ) ¹ ³ 3 Items affecting comparability¹ EBITDA¹ Operating profit ( EBIT ) ³ Profit / loss for the period Gross margin ( % ) ¹ Profit after variable costs ( % ) ¹ Adjusted EBITDA ( % ) ¹ Adjusted operating margin ( EBIT ) ( % ) ¹ Jul - Sep 2021 361 06619775344 ^ Pierce Group A3 ( publ ) | Corp. ID number : 556967-4392 11 % 72 -1 2 -1 44.0 % 20.0 % 4.1 % 0.7 % ■ -4 1 ( 28 ) EBITDA totaled SEK 75 ( 83 ) million . Adjusted EBITDA was SEK 87 ( 87 ) million , equivalent to a margin of 7.4 % ( 7.9 % ) . Operating profit ( EBIT ) was SEK 41 ( 54 ) million . Adjusted operating profit ( EBIT ) totaled SEK 52 ( 59 ) million equaling a margin of 4.4 % ( 5.3 % ) . This margin was negatively impacted by increased shipping costs . 2020 329 Cash flow for the period was SEK -66 ( 86 ) million , mainly due to the build - up of inventory prior to the campaign season during the fourth quarter and start of 2022 . 13 % 16 % Profit / loss for the period amounted to SEK 20 ( -6 ) million . Earnings per share before dilution was SEK 0.54 ( -0.19 ) and SEK 0.54 ( -0.19 ) after dilution . 1503493221091 % 9 73 -2 -9 45.7 % 22.1 % 7.1 % 3.8 % O BAVEN Jan - Sep 2021 1,181 6 % 10 % Interim report January - September 2021 544 263 -176 87 52 -12 75 41 20 46.0 % 22.2 % 7.4 % 4.4 % -66 2020 1,109 23 % 24 % PIERCE 505 248 -161 87 59 -4 83 54 -6 45.5 % 22.4 % 7.9 % 5.3 % 86 Oct 2020 Sep 2021 1,595 10 % 13 % 750 372 -236 Cash flow for the period ¹ Alternative performance measures ( APM ) , see pages 22 - 27 for definitions and purpose of these measurements . ² Variable costs refers , in addition to cost of goods sold , to variable sales- and distribution costs . These include direct marketing costs as well as other direct costs and correlates essentially with net revenue . Other direct costs mainly consist of freight , invoicing and packaging . 3 Operating profit ( EBIT ) includes depreciation and amortisation . Amortisation attributable to business acquisitions¹ were SEK 1.5 million during the last twelve months and financial year . CEO's comments on the financial development " The quarter was characterised by covid related macro challenges , in the form of continued production and delivery disruptions , high prices for shipping and raw materials and , in part , changed shopping behaviour . For Pierce , the decrease in traffic was compensated by a higher conversion rate and an increased average order value , which resulted in a growth of 11 percent in local currency . The profitability development was burdened , amongst other , by increasing container shipping costs , which increased by SEK 9 million compared to previous year . We deem that these macro challenges are of a transitional nature and remain confident with the long - term growth in the online market . Given the current uncertainties of product availability in the market , we have worked with extra safety margins and have built up the inventory to ensure a strong customer offering prior the campaign season during the fourth quarter and start of 2022. " 137 91 -24 112 67 26 47.0 % 23.3 % 8.6 % 5.7 % Jan - Dec 2020 1,523 23 % 24 % -171 This is a translation of the Swedish original of Pierce Group's interim report for the period 1 January - 30 September 2021. In the event of any discrepancies between the two versions , the original Swedish version shall apply . 711 358 -221 137 97 -17 121 81 -1 46.7 % 23.5 % 9.0 % 6.4 % -19