RNB reports sales decline in Q1 but Man of a Kind segment returns to black

For the first quarter to November 30, 2019, RNB Retail said net sales decreased to 573 million Swedish krona (60.8 million dollars), while comparable sales for the group on all national markets decreased by 9 percent and sales for comparable units in Sweden decreased by 8.5 percent. The company has announced that Kristian Lustin had been appointed President and CEO of RNB from January 1, 2020.

RNB started e-commerce in the luxury segment for men, Man of a Kind in 2016. During the quarter, the company said in a statement, that the quarterly results returned to black figures for the first time and with focus on full price sales, the segment witnessed growth of 27 percent during the quarter and rolling twelve-month sales are now at 25 million Swedish krona (2.6 million dollars).

The company added that operating income before restructuring expenses and IFRS 16 amounted to 17 million Swedish krona (1.8 million dollars) in the quarter compared to 36 million Swedish krona. Profit after tax amounted to 4 million Swedish krona (0.4 million dollars) compared to 25 million Swedish krona in the previous year and earnings per share were 0.12 Swedish krona compared to 0.75 Swedish krona in the same quarter of previous year.

Picture:Facebook/Manofakind.com