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.