E-commerce sales continued to increase sharply, and were up by 65% in the quarter year on year. Brothers’ e-commerce sales doubled in the quarter. Polarn O. Pyret’s e-commerce sales increased by more than 40% in the quarter, with e-commerce comprising 16% of total net sales. Operating income increased to SEK 6 M (2) in the third quarter.
THIRD QUARTER, MARCH 1, 2018 – MAY 31, 2018 IN SUMMARY
- Net sales were SEK 510 M (490).
- Sales for comparable stores in the Group increased by 2.2 percent.
- Sales for comparable stores in Sweden increased by 1.0 percent against market growth of 1.4 percent.
- Operating income was SEK 6 m (2).
- Profit after tax increased to SEK 3 m (-12).
- Earnings per share increased to SEK 0.09 (-0.35).
- Cash flow from operating activities was SEK 3 m (11).
THE PERIOD, SEPTEMBER 1, 2017 – MAY 31, 2018 IN SUMMARY
- Net sales were SEK 1,678 m (1,662).
- Sales for comparable stores in Sweden were unchanged, outperforming the market downturn of -2.1 percent.
- Operating income was SEK 50 m (59).
- Profit after tax was SEK 49 m (43).
- Earnings per share was SEK 1.45 (1.27).
- Cash flow from operating activities was SEK 50 m (74).
EVENTS IN THE QUARTER
- Polarn O. Pyret was awarded Loyalty program of the year by the Swedish Retail Awards 2018.
- RNB invested, thru Retailers Lab, in Hyber, an e-commerce operator that is bringing the sharing economy to children’s clothing.
- Polarn O. Pyret opened a flagship store with an entirely new concept in central Stockholm. Three further stores were adapted according to the new concept in the quarter.
- Brothers opened stores in Mall of Scandinavia in Stockholm and in Bergvik mall outside Karlstad, Sweden.
- Lease contract signed for new stores for Polarn O. Pyret and Brothers in Gallerian in Stockholm.
- Lina Söderqvist assumed as CEO of Departments & Stores and Carl Franke as group CIO.