RNB Retail and Brands Q1 comparable sales up 0.6 percent

RNB Retail and Brands said in a press release that for the first quarter, sales in comparable Swedish stores increased by 0.6 percent above the market downturn of 2.3 percent. Net sales were 583 million Swedish krona (69 million dollars) compared to 584 million Swedish krona (69.5 million dollars) in the same quarter last year. E-commerce sales continued to grow, however, earnings in the first quarter were down year-on-year due to increased marketing costs.

Operating income for the first quarter was 40 million Swedish krona (4.7 million dollars) against 46 million Swedish krona (5.4 million dollars) last year. Profit after tax in the quarter was 45 million Swedish krona (5.3 million dollars) against 58 million Swedish krona (6.9 million dollars).

RNB acquires Frontmen.com in Q1

The company also said that Frontmen.com was acquired in the quarter to further consolidate the company’s digital offering. Frontmen is an established retailer in men’s online fashion in Sweden. Also Polarn O. Pyret entered into a co-operation with Boozt.

Brothers opened a new store in Hallarna outside Halmstad and Lina Söderqvist was appointed new CEO of Departments & Stores as of April 16, 2018, who will step into the role currently being held by Nanna Hedlund, acting CEO of company.

At an AGM held on December 21, 2017, RNB Retail and Brands proposed a dividend of 0.30 Swedish krona (0.04 dollar) per share to be paid for the September 1, 2065 – August 31, 2017 fiscal year. The AGM also approved the nomination committee's proposal that the board shall consist of six members. The AGM voted to re-elect board members Laszlo Kriss, Per Thunell, Michael Lemner, Monika Elling and Sara Wimmercranz and elected Joel Lindeman as new board Member. Laszlo Kriss was elected Chairman of the board.

Picture:Facebook/Polarn O. Pyret US