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Interim report 1 September 2018 – 28 February 2019

Continued increased e-com in a mixed quarter

RNB’s sales continued to outperform the clothing and fashion sector on all national markets also in the second quarter. Growth in e-commerce remained strong across all concepts, up more than 40% in the quarter. Discount-driven sales pressured gross margins and profit.  The restructuring of the Group is well under way, but is generating costs. Operating income before restructuring costs totaled SEK -12 M (4) in the quarter.

SECOND QUARTER, DECEMBER 1, 2018 – FEBRUARY 28, 2019 IN SUMMARY

  • Net sales increased to SEK 604 M (589).
  • Comparable sales for the Group on all national markets increased by 2.2 percent.
  • Sales for comparable units in Sweden increased by 1.5 percent, outperforming the market downturn of -1.6 percent.
  • Operating income before restructuring costs was SEK -12 M (4).
  • Operating income was SEK -28 (4) M.
  • Profit after tax was SEK -35 M (1).
  • Earnings per share was SEK -1.02 (0.02).    
  • Cash flow from operating activities was SEK 27 M (-16).

THE PERIOD, SEPTEMBER 1, 2018 – FEBRUARY 28, 2019 IN SUMMARY

  • Net sales increased to SEK 1,203 M (1,171).
  • Comparable sales for the Group on all national markets increased by 2.3 percent.
  • Sales for comparable units in Sweden increased by 2.0 percent, outperforming the market downturn of -2.7 percent.
  • Operating income before restructuring costs was SEK 24 M (44).
  • Operating income was SEK 7 (44) M.
  • Profit after tax was SEK -9 M (46).
  • Earnings per share was SEK -0.27 (1.36).  
  • Cash flow from operating activities was SEK 74 M (47).

EVENTS IN THE QUARTER

  • Polarn O. Pyret received two awards; the Signum Award for best brand management and Sweden’s Greenest Brand 2018 (clothing).
  • The Annual General Meeting authorized the Board of Directors to restructure the group.