RNB is increasing the pace of its digital transformation by investing in technology and competences, and by developing its omni-channel offerings further. Sales in comparable Swedish stores increased in the quarter, outperforming the market significantly. E-commerce sales continued to grow. Earnings in the first quarter were down year-on-year due to increased marketing costs. Operating income for the first quarter was SEK 40 M (46).
FIRST QUARTER, SEPTEMBER 1, 2017 – NOVEMBER 30, 2017 IN SUMMARY
- Sales for comparable stores in Sweden increased by 0.6 percent in the quarter, above the market downturn of -2.3 percent.
- Net sales were SEK 583 M (584).
- Operating income increased to SEK 40 M (46).
- Profit after tax was SEK 45 M (58), of which market valuation of currency hedges was SEK 9 M (15).
- Market value of currency hedges was SEK -0,4 M in the last 15 month period.
- Earnings per share were SEK 1.34 (1.71).
- Cash flow from operating activities was SEK 62 M (38).
EVENTS IN THE FIRST QUARTER
- Frontmen.com was acquired in the quarter to further consolidate the company’s digital offering. Frontmen is an established retailer in men’s online fashion in Sweden.
- Polarn O. Pyret entered into a cooperation with Boozt. The collaboration implies that Bootz.com will become an exclusive partner of Polarn O. Pyret, in addition to the proprietary business, and a channel for reaching new markets.
- Brothers opened a new store in Hallarna just outside Halmstad.
- Lina Söderqvist has been appointed new CEO of Departments & Stores as of April 16, 2018. Nanna Hedlund is acting CEO of Departments & Stores from December 1, 2017 until April 15, 2018.