RNB started e-commerce in the luxury segment for men, Man of a kind in 2016. During the quarter, a very important milestone was reached by the quarterly results reaching black figures for the first time. The focus has been on full price sales and despite the lack of discounts, the segment has grown by 27% during the quarter and rolling twelve-month sales are now at SEK 25 million. RNBs operating income before restructuring expenses and IFRS 16 amounted to SEK 17 million in the quarter.
FIRST QUARTER, SEPTEMBER 1, 2019 – NOVEMBER 30, 2019 IN SUMMARY
- Net sales decreased to SEK 573 M (600).
- Comparable sales for the Group on all national markets decreased by -9.0 percent.
- Sales for comparable units in Sweden decreased by -8.5 percent, compared to the market downturn of -2.5 percent.
- Operating income was SEK 12 M (36). Operating income, excluding restructuring costs and IFRS 16, the new accounting standard, amounted to SEK 17 M (36).
- Profit after tax amounted to SEK -4 M (25). Exkluding IFRS 16 was profit after tax 0 Mkr (25).
- Earnings per share was SEK -0.12 (0.75).
- Cash flow from operating activities was SEK 99 M (47).
EVENTS IN THE QUARTER
- The Extraordinary General Meeting on October 30, 2019 decided to implement a fully guaranteed new issue expected to raise some SEK 84.8 M before issue expenses.
- In a written procedure, bondholders approved changes to the terms of the bonds which included an extension of the bond loan to February 2023, and adjustments to repayment on final maturity and voluntary buy-back.
- The Company announced that Kristian Lustin had been appointed President and CEO of RNB from January 1, 2020.
EVENTS AFTER THE END OF THE QUARTER
- The rights issue was completed and RNB received the issue proceeds. The increased share capital and new shares have been registered.