RNB’s sales increased in the first quarter. The trend from the previous quarter continued, with sales growth outperforming the clothing and fashion sector in Sweden as a whole. Sales on other national markets also increased in the quarter. Growth in e-commerce was strong with an increase of more than 60% in the quarter. The underlying trends in the business areas continued, and RNB maintained its high pace of restructuring in the quarter. Operating income was SEK 36 M (40) in the first quarter.
FIRST QUARTER, SEPTEMBER 1, 2018 – NOVEMBER 30, 2018 IN SUMMARY
- Net sales increased to SEK 600 M (583).
- Comparable sales for the Group on all national markets increased by 2.8 percent.
- Sales for comparable units in Sweden increased by 2.4 percent, outperforming the market downturn of -3.7 percent.
- Operating income was SEK 36 M (40).
- Profit after tax was SEK 26 M (45).
- Earnings per share was SEK 0.77 (1.34).
- Cash flow from operating activities was SEK 47 M (62).
EVENTS IN THE QUARTER
- Polarn O. Pyret was awarded “Design Concept of the Year” at the Habit Fashion Show 2018.
- In November, RNB announced that the Board of Directors would propose that the Annual General Meeting instruct the Board to restructure the Group with the aim of uncovering and creating shareholder value. This will be achieved by changing the main focus of the Parent Company away from creating synergies aimed at broadening the platform, and towards making the companies independent and minimizing Group structure.