Clas Ohlson’s sales increased by 8 percent in February and 7 percent in local currencies during its third financial quarter. The weak Norwegian currency remains a challenge.
CEO Klas Balkow is looking forward to opening in Germany this spring.
The operating profit increased by 9 percent to 382 MSEK (350) and profit after tax increased by 9 percent to 294 MSEK (270)
For the nine months period, sales increased by 5 percent to 6,098 MSEK (5,831), 7 percent in local currencies. Operating profit increased by 5 percent to 633 MSEK (604)
Sales in February increased by 3% to 495 MSEK (478), 8% in local currencies
During the coming 2016/17 financial year, Clas Ohlson plans to establish 10-15 new stores
President and CEO Klas Balkow says Clas Ohlson was breaking new records as a result of strong Christmas sales figures.
”The sharp increase in the USD and the weaker NOK remained a challenge for us, but by sustaining our focus on developing the sales mix and increasing cost efficiency, we succeeded again this quarter in reducing the negative impact.”
Club Clas loyalty program, established in Sweden and Finland, surpassed 2 million members during the quarter.
”During the quarter, we continued to open stores in Sweden, Finland and the UK, and have seen robust growth in our online channel. This spring, we are particularly looking forward to finally opening our first store in Germany, when we inaugurate the Jungfernstieg store in Hamburg in May. It will be a day that will go down in history as yet another key milestone in Clas Ohlson’s journey of growth,” comments Klas Balkow.