Clas Ohlson: quarterly interim report

Swedish hardware retailer Clas Ohlson has released an interim report covering the period 1st May to 31st July 2012.

The company reported a decline in net profit in the three month period, as selling expenses increased compared with last year, and said that it plans to open 15 to 20 stores in the 2012/2013 financial year.

First quarter:

- Sales totalled SEK 1,462 M (1,387), up 5%.

In local currencies, growth was 5%

- Operating profit amounted to SEK 101 M (120), down 16%
- Profit after tax amounted to SEK 72 M (85), down 14%
- Earnings per share amounted to SEK 1.14 (1.33), down 14%

Events after the end of the reporting period

- Sales in August totalled SEK 530 M (527), up 1%.

In local currencies, growth was 3%

- New e-commerce platform now established in all markets

CEO Klas Balkow comments:

“We continue to expand and capture market shares in all markets. Sales in comparable stores were lower due to a generally weak market during the summer, which also impacted earnings. Our financial position is strong and the level of activity is high for our efforts to continue to develop and strengthen Clas Ohlson.

In August, growth corresponded to 3 per cent in local currencies and was mainly impacted by lower visitor traffic in our Swedish stores. The rate of traffic varied significantly, with a more positive trend noted during the latter part of the month.

“We have now launched our new e-commerce platform in all markets, which is key to our strategy to be easily accessible and offer sales and services via several collaborating channels. Clas Ohlson is now focusing on the autumn, with a new catalogue and more than 1,000 new products for people interested in home improvement,” Klas Balkow, President and CEO.

Source : Clas Ohlson via Cision Wire
www.cisionwire.com/clas-ohlson/r/clas-ohlson--interim-report-1-may-2012---31-july-2012,c9300990