Sales increase by 4.5 percent.
A 22 million profit during the quarter.
Once again – a happy report from RNB.
Retail and brand’s profit improvement trend is continuing – for the first quarter 2014/15, RNB reports positive operating income of 23 million SEK, an improvement of 14 million in total compared to the previous year. The first quarter 2014/15 was the company´s third consecutive quarter with better sales than the market, where all concepts also displayed a better performance than the market.
Sales in comparable stores increased during the quarter by +4.5 percent, compared to the market´s decrease of -2.2 percent.
Profit before tax amounted to 22 Million SEK (7, including the divested operation (JC)).
During the quarter, three new stores were opened, all in Polarn O. Pyret´s Norwegian operations. Meanwhile, a total of five stores were closed, three in Polarn O. Pyret Sweden, and two in Brothers Sweden.
After the end of the quarter, RNB entered into an agreement on extension of the business financing from the company´s main owner, Konsumentföreningen Stockholm (SEK 200 M). The agreement provides a possibility to extend the financing by one year from 2016 to 2017.
”Our positive performance is continuing and we are working purposefully towards reaching the next milestone. We have clear, carefully prepared plans and our operations are infused with creativity and energy. Everything is carried out based on strong teamwork where the entire organization is cooperating better and better in order to deliver strong value propositions to our customers,” CEO Magnus Håkansson comments.
At today’s press event he said Bothers have found its essence and he thinks Brothers clearly differentiate itself from competitors in the market. MQ is closest. He sees no threat from the Varner-concept Volt considering it ”not so exciting, a mixture of external brands without being particularly economical or efficient.”
”We also note that the role of e-commerce is continuing to be more and more important, both as a sales channel in combination with our physical stores and as an integrated part of the digital communication with our customers. This is a prioritized area for us during the current fiscal year and going forward.”