Operating income during the first quarter amounted to SEK 46 million, an improvement of SEK 16 M in total, compared to the first quarter of the previous year. The performance was strong with a strengthened positive momentum. Sales developed better than the market, despite the fact that the weather was challenging early in the quarter. The reorientation work relating to Polarn O. Pyret is now delivering positive results and Brothers is continuing to increase its sales and earnings. The challenges in Departments & Stores are expected to dampen from the second quarter.
First quarter September 1, 2016 – November 30, 2016 in summary
- Sales in comparable stores in Sweden decreased during the quarter by 1.4 percent, which was a better development compared to the market´s decrease of 2.1 percent (Swedish Retail and Wholesale Trade Research Institute (HUI).
- Net sales totaled SEK 584 M (556), an increase of 5.0 percent.
- Operating income increased to SEK 46 M (30).
- Operating income before amortization for the latest 12-month period totaled SEK 105 M (103).
- Profit after tax amounted to SEK 58 M (30), which corresponds to SEK 1.71 (0.90) per share.
- Cash flow from operating activities was SEK 38 M (16)
- Polarn O. Pyret’s operations in the Netherlands were closed down during the quarter.