Negative restructuring effects
Lower net sales but e-commerce growth continued in the quarter. Discount-driven sales squeezed gross margins and profit. Restructuring work continues at a steady rate but affected business operations. Operating income before restructuring expenses and impairment of goodwill was SEK -32 M (3) in the quarter.
FOURTH QUARTER, JUNE 1, 2019 – AUGUST 31, 2019 IN SUMMARY
- Net sales decreased to SEK 552 M (561).
- Comparable sales for the Group on all national markets decreased by -1.3 percent.
- Sales for comparable units in Sweden decreased by -0.3 percent, which was lower than the market upturn of 1.3 percent.
- Operating income before restructuring costs and impairment of goodwill was SEK -32 M (-3).
- Operating income was SEK -101 M (-3).
- Profit after tax amounted to SEK -106 M (-13).
- Earnings per share was SEK -3.13 (-0.38).
- Cash flow from operating activities was SEK -43 M (-39).
THE PERIOD, SEPTEMBER 1, 2018 – AUGUST 31, 2019 IN SUMMARY
- Net sales increased to SEK 2,267 M (2,238).
- Comparable sales for the Group on all national markets increased by 0.6 percent.
- Sales for comparable units in Sweden increased by 0.9 percent, outperforming the market downturn of -2.7 percent.
- Operating income before depreciation, amortization and restructuring costs was SEK 29 M (89).
- Operating income before restructuring costs and impairment of goodwill was SEK -18 M (47).
- Operating income was SEK -110 M (47).
- Profit after tax amounted to SEK -142 M (36).
- Earnings per share was SEK -4.20 (1.07).
- Cash flow from operating activities was SEK 50 M (10), and after investments SEK -7 M (-57).
EVENTS AFTER THE END OF THE QUARTER
- RNB announced a guaranteed rights issue of SEK 85 M. The rights issue is subject to approval by an Extraordinary General Meeting.
- The company announced a proposed two-year extension of the bond loan, until February 2023.