Brothers news and archive

RNB Retail and Brands sells Brothers, appoints new CFO

RNB Retail and Brands AB has appointed Richard Roa as chief financial officer (CFO). The company also announced that after divesting the operations in Departments & Stores and the companies within Polarn O. Pyret earlier in 2021, an agreement has now been entered into to divest Brothers to Jotunfjell Partners AS for a purchase price of 10...

Business

RNB Retail and Brands Q4 sales increase

For the fourth quarter, net sales at RNB Retail and Brands increased to 85 million Swedish krona, while Brothers’ sales for comparable units in Sweden increased by 17.5 percent. The company said in a statement that operating income from remaining operations was negative 7 million Swedish krona, while profit after tax was negative 11 million...

Business

RNB Retail Q2 comparable sales drop by 26.2 percent

For the second quarter, net sales at RNB Retail decreased to 47 million Swedish krona compared to 118 million Swedish krona in the same quarter last year. The company said in a release that comparable sales on all national markets for all business decreased by 26.2 percent. RNB Retail posts negative result in Q2 Sales for comparable units in...

Business

RNB completes divestment of Polarn O. Pyret

RNB Retail and Brands AB has closed the divestment of Polarn O. Pyret, announced on March 10, 2021. The company said in a release that the transaction has now been approved by the company’s bondholders and the Swedish Competition Authority. The buyer is the private equity investor Procuritas. The company added that following a 40 million Swedish...

Business

RNB Retail posts 32.8 percent drop in Q4 comparable sales

For the fourth quarter, RNB Retail said net sales decreased to 326 million Swedish krona, while comparable sales for the group on all national markets decreased by 32.8 percent. The company said in a statement that sales for comparable units in Sweden decreased by 35.5 percent, compared to the market downturn of 18.4 percent and operating income...

Fashion

RNB Retail names Christopher Englinde as new CEO of Brothers

RNB Retail and Brands’ Brothers business CEO Lina Söderqvist is leaving the company. The company said in statement that Brothers’ current deputy CEO/assortment director Christopher Englinde has been appointed the new CEO. He will take office on September 1, 2020. “During Brother’s corporate reorganization, Lina has also done a very good job of...

Business

RNB Retail’s Q3 comparable sales down 32.1 percent

For the third quarter to May 31, 2020, RNB Retail said net sales decreased to 324 million Swedish krona compared to 511 million Swedish krona in the same quarter of the previous year, while the company’s comparable sales for decreased by 32.1, percent. Sales for comparable units in Sweden decreased by 32.5 percent. The company said in a...

Business

RNB Retail focuses on reducing costs as sales drop

RNB Retail and Brands AB has announced that its subsidiaries Department & Stores Europe, Polarn O. Pyret and Brothers have all been severely impacted by the ongoing Covid-19 pandemic. As a result, the company said in a statement, retail sales halved during the months of March and April, while e-commerce increased. The company added that during...

BusinessFeatured

Q2 sales and profit down at RNB Retail, applies for restructuring of its subsidiaries

In its interim report for the second quarter and first six months, RNB Retail said reported net sales for the group were 561 million Swedish krona (54 million dollars) compared to 604 million Swedish krona in the second quarter. For comparable units in Sweden, sales were down 9.4 percent compared to positive 1.5 percent previous year, and for...

Business

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...