Here is the company report from Lucas following Björn Borg’s Q3 results 
Björn Borg’s Q3 report exceeded our expectations, with strong profitability driven by a favorable channel mix. The earnings beat raised our near-term earnings forecasts, while our medium-term revenue forecasts decreased slightly due to continued weakness in wholesale and slower-than-expected progress in footwear. The announced CEO change introduces a minor short-term transition risk, but we believe the strategic foundation remains solid. Thanks to expected earnings growth and a high dividend yield, we find the stock’s risk-reward profile to remain attractive. We therefore reiterate our Buy rating and SEK 66 target price.