· Net sales totaled SEK 754 M (787), down 4.3 percent. Sales in comparable proprietary stores declined 3.7 percent
· The operating profit, excluding JC's operations in Norway, declined by SEK 28 M to SEK 24 M (52)
· JC's operations in Norway which is being closed, have had a negative impact on profit with SEK 39 M (-5). The result has been affected by a provision of SEK 33 M for restructuring costs. In addition, the next two quarters will be burdened with ongoing operating losses of approximately SEK 20 M to complete the closure.
· The profit before tax amounted to SEK -18 M (41). Excluding JC's operations in Norway the profit amounted to SEK 21 M (46). Unrealized results on currency futures affected the quarter up with SEK 6 M (2).
· Profit after tax amounted to SEK -28 M (34), corresponding to a profit per share of SEK – 0.17 (0.20).
· Cash flow from operating activities amounted to SEK -16 M (-35).
Events after the end of the period
· RNB has previously announced to reduce / restructure the Norwegian operations for JC down to five stores. The business will now instead be settled in full within the coming two quarters.
The Group has secured new business financing from the principal owner Konsumentföreningen Stockholm. The new operating funding is made up of a new loan of up to 150 million with a maturity of 24 months from March 2012. The loan is mortgage-free during the first year of maturity, and shall thereafter be repaid in full during the following year (March 2013-March 2014). The terms of the loan is at market conditions
For further information, contact:
Magnus Håkansson, CEO, RNB RETAIL AND BRANDS, +46 8 410 520 02, +46 768 87 20 02, firstname.lastname@example.org
Gunnar Bergquist, CFO, RNB RETAIL AND BRANDS, +46 8 410 520 01, +46 768 87 20 01, e-mail: email@example.com
RNB RETAIL AND BRANDS owns, operates and develops fashion, clothing, accessories, jewelry and cosmetics stores that focus on providing excellent service and a world-class shopping experience. Sales are mainly conducted in Scandinavia through the three store concepts Brothers & Sisters, JC and Polarn O. Pyret, as well as through shops in the department stores NK in Stockholm and Gothenburg. RNB RETAIL AND BRANDS has operation in 10 countries. RNB RETAIL AND BRANDS has been listed on the OMX Nordic Exchange since 2001.
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Source: RNB Retail and Brands AB via Thomson Reuters ONE