Clas Ohlson releases Q2 Interim Report

Clas Ohlson has today released an interim report for the Q2 period, between 1st May 2011 and 31st October 2011. Highlights are included below:

Second quarter
* Sales amounted to SEK 1,553 M (1,435), up 8%
(in local currencies, growth was 8%)
* Operating profit amounted to SEK 124 M (119), up 4%
* Profit after tax amounted to SEK 88 M (86), up 3%
* Earnings per share amounted to SEK 1.38 (1.35), up 2%

6 months
* Sales amounted to SEK 2,940 M (2,758), up 7% (in local currencies growth was 8%)
* Operating profit amounted to SEK 243 M (234), up 4%
* Profit after tax amounted to SEK 173 M (170), up 2%
* Earnings per share amounted to SEK 2.71 (2.66), up 2%
* Cash flow from operating activities amounted to SEK 512 M (148)

Events after the end of the reporting period
* Sales in November amounted to SEK 636 M (593), up 7% in local currencies, growth was 6%

CEO Klas Balkow comments:

“We are continuing to grow and claim market shares in all markets in an overall weak retail environment. During the quarter, an increased share of direct purchasing, without using intermediaries, continued to have a positive effect on our gross margin. Our profit increased in the quarter compared with the year-earlier period, including continued investments in the UK market. With our sales increase in November, we have a positive start of this year’s Christmas Sales period.

Our long-term efforts to strengthen Clas Ohlson for a European market continue. We have a strong base with more than 150 stores and have now achieved annual sales exceeding SEK 6 billion. We have a stable financial position and have never been stronger in our home markets, which gives us the scope and stamina to continue developing Clas Ohlson in a challenging market.”

Source : CisionWire
www.cisionwire.com/clas-ohlson/r/clas-ohlson--interim-report-1-may-2011---31-october-2011,c9197525