Group restructuring continues
Net sales increased and e-commerce growth continued in the quarter. Weak comparable sales still outperformed the market. Discount-driven sales continued to pressure gross margins and profit. The Group restructuring is now fully underway and ownership changes are being considered in the fall. Operating income before restructuring expenses was SEK -10 M (6) in the quarter.
THIRD QUARTER, MARCH 1, 2019 – MAY 31, 2019 IN SUMMARY
- Net sales increased to SEK 511 M (510).
- Comparable sales for the Group on all national markets decreased by -1.1 percent.
- Sales for comparable units in Sweden decreased by -0.4 per- cent, outperforming the market downturn of -4.8 percent.
- Operating income before restructuring costs was SEK -10 M (6).
- Operating income was SEK -17 M (6).
- Profit after tax amounted to SEK -27 M (3).
- Earnings per share was SEK -0.79 (0.09).
- Cash flow from operating activities was SEK 18 M (3).
THE PERIOD, SEPTEMBER 1, 2018 – MAY 31, 2019 IN SUMMARY
- Net sales increased to SEK 1,715 M (1,678).
- Comparable sales for the Group on all national markets increased by 1.3 percent.
- Sales for comparable units in Sweden increased by 1.3 per- cent, outperforming the market downturn of -3.4 percent.
- Operating income before restructuring costs was SEK 14 M (50).
- Operating income was SEK -10 M (50).
- Profit after tax amounted to SEK -36 M (49).
- Earnings per share was SEK -1.07 (1.45).
- Cash flow from operating activities was SEK 92 M (50).
EVENTS IN THE QUARTER
- Departments & Stores opened an outlet store at the Stockholm Quality Outlet in Barkarby.
- Polarn O. Pyret won the category “Best ethical brand” at the 2019 Babyccino Awards.