Clas Ohlson: Year-end report 1 May 2010 – 30 April 2011
Fourth quarter
* Sales totalled SEK 1,164 M (1,078), up 8%.
Sales growth in local currencies was 12%
* Operating profit amounted to SEK 4 M (14)
* Profit after tax totalled SEK 0 M (12)
* Earnings per share amounted to SEK 0 (0.19)
12 months
* Sales totalled SEK 5,828 M (5,556), up 5%.
Sales growth in local currencies was 8%
* Operating profit amounted to SEK 507 M (591), down 14%
* Profit after tax totalled SEK 364 M (433), down 16%
* Earnings per share amounted to SEK 5.71 (6.72), down 15%
* It is proposed that a dividend of SEK 3.75 per share (3.75) be paid
Events after the end of the reporting period
* Sales in May amounted to SEK 414 M (384), up 8%. The sales growth in local currencies was 12%
* Adjusted long term growth objective: Growth of at least 10% annually
* Decision by the Board of Directors to utilise its authorisation to buy back shares to secure LTI 2011
CEO Klas Balkow comments:
“We continue to grow and our sales in local currencies rose 12 per cent during the quarter, but were impacted strongly by negative exchange-rate effects on both sales and earnings.
“Profit for the year was lower year-on-year, mainly due to our investments in new markets and negative exchange-rate effects. We have continued to develop Clas Ohlson towards the aim of becoming a leading international retail chain. We have never been stronger in our domestic markets in Sweden and Norway, with higher market shares and strong profitability. In Finland, we showed positive growth during the financial year and are now continuing to expand with more stores. The expansion in the UK continued with another four stores opened, making a total of 11.”
Analyst and media conference
An analyst and media conference will be held today, Thursday 9 June 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)247-444 05
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.
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