Clas Ohlson: Interim report 1 May 2011 – 31 July 2011
* Sales totalled SEK 1,387 M (1,324), up 5%.
In local currencies, growth was up 7%
* Operating profit amounted to SEK 120 M (115), up 4%
* Profit after tax amounted to SEK 85 M (84)
* Earnings per share amounted to SEK 1.33 (1.32)
Events after the end of the reporting period
* Sales in August totalled SEK 527 M (480), up 10%.
In local currencies, growth was up 11%
CEO Klas Balkow comments:
“We are continuing to grow in all markets despite a generally weak retail environment. The quarter reflects the continued positive effect on our gross margin of a higher proportion of direct purchases without intermediaries. We increased our profit in the quarter compared with the year-earlier period including continued investment in the UK market.”
“Our long-term initiative to strengthen Clas Ohlson prior to entering the European market continues. In August, we opened our 12thstore in the UK market. In August, we increased sales by 11 per cent, measured in local currencies, and updated our extensive range with 900 news in conjunction with the release of our new catalogue.”
Analyst and media conference
An analyst and media conference will be held today, Wednesday 7 September at 10 a.m. (CET). For participation, please visit www.financialhearings.com
For more information, please contact:
Klas Balkow, CEO and President, Clas Ohlson AB: +46 (0)247-447 55
John Womack, Director of Information and IR, Clas Ohlson AB: +46 (0)70 678 24 99
Clas Ohlson AB is a Swedish chain store that sells, amongst other things, hardware, electrical, multimedia, and home and leisure products. It is the largest hardware chain in Scandinavia. The company was founded in 1918 by the technically-minded Clas Ohlson (1895–1979), as a mail order business based in the Swedish village of Insjön, Dalarna. Initially, only manuals and technical literature were sold. He opened his first shop in Insjön in 1926 and there are now stores throughout Sweden, as well as in Norway and Finland. In 2008, the company opened its first store in the United Kingdom, in Croydon, south London. There are now stores at the Arndale Centre in Manchester, at The Harlequin in Watford, in Kingston upon Thames, Reading, Liverpool, Leeds, Birmingham, Cardiff, Doncaster and Norwich.