RNB Retail posts 0.7% increase in Q3 sales
RNB Retail, the Swedish brand house that has kidswear brands Polarn O. Pyret, menswear label Brothers and the NK department stores in Stockholm and Gothenburg, saw net sales rise 0.7% to SEK 489m in Q3.
Operating income for the quarter amounted to SEK 0m, while operating income for the latest 12-month period totaled SEK 42m, up from 40m in the previous period. Loss before tax amounted to SEK10m, compared to SEK 8m in the previous quarter.
CEO and President Magnus Håkansson said the results were "a clear improvement on the previous quarter." He added: "During the third quarter, RNB was on the path to regained stability. Meanwhile, we made a lot of progress during the period in the work on establishing a new platform for profitability and on ensuring continued growth in Polarn O. Pyret."
Polarn O. Pyret saw sales rise from SEK 133m to SEK 143m in the period, while sales at Brothers were up 0.5% to SEK 131m. However, sales at the NK department stores fell 3.6% to SEK 215m. The company stated: "The number of visitors to both department stores has continually decreased since the middle of November last year. Through increased average spends and higher conversion rates, the decrease in the number of visitors has been compensated in terms of sales but not fully, however."
Håkansson also revealed that RNB is in the final phase of the work on launching a new e-commerce concept, which is targeted towards masculine style and fashion. He said more information will be provided when it launches in August.
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