Negative restructuring effects
Lower net sales but e-commerce growth continued in the quarter. Discount-driven sales squeezed gross margins and profit. Restructuring work continues at a steady rate but affected business operations. Operating income before restructuring expenses and impairment of goodwill was SEK -32 M (3) in the quarter.
FOURTH QUARTER, JUNE 1, 2019 – AUGUST 31, 2019 IN SUMMARY
· Net sales decreased to SEK 552 M (561).
· Comparable sales for the Group on all national markets decreased by -1.3 percent.
· Sales for comparable units in Sweden decreased by -0.3 percent, which was lower than the market upturn of 1.3 percent.
· Operating income before restructuring costs and impairment of goodwill was SEK -32 M (-3).
· Operating income was SEK -101 M (-3).
· Profit after tax amounted to SEK -106 M (-13).
· Earnings per share was SEK -3.13 (-0.38).
· Cash flow from operating activities was SEK -43 M (-39).
THE PERIOD, SEPTEMBER 1, 2018 – AUGUST 31, 2019 IN SUMMARY
· Net sales increased to SEK 2,267 M (2,238).
· Comparable sales for the Group on all national markets increased by 0.6 percent.
· Sales for comparable units in Sweden increased by 0.9 percent, outperforming the market downturn of -2.7 percent.
· Operating income before depreciation, amortization and restructuring costs was SEK 29 M (89).
· Operating income before restructuring costs and impairment of goodwill was SEK -18 M (47).
· Operating income was SEK -110 M (47).
· Profit after tax amounted to SEK -142 M (36).
· Earnings per share was SEK -4.20 (1.07).
· Cash flow from operating activities was SEK 50 M (10), and after investments SEK -7 M (-57).
EVENTS AFTER THE END OF THE QUARTER
· RNB announced a guaranteed rights issue of SEK 85 M. The rights issue is subject to approval by an Extraordinary General Meeting.
· The company announced a proposed two-year extension of the bond loan, until February 2023.
This information is information that RNB RETAIL AND BRANDS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 07:00 CET on 10 October 2019.
For further information, please contact:
Magnus Håkansson, CEO, RNB RETAIL AND BRANDS AB
46 8 410 520 02, e-mail: email@example.com
Kristian Lustin, CFO, RNB RETAIL AND BRANDS AB
46 8 410 524 63, e-mail: firstname.lastname@example.org
RNB RETAIL AND BRANDS owns, operates and develops fashion wear, ready-to-wear clothing, accessories, jewelry and cosmetics stores and e-commerce that focus on providing excellent service and a world-class shopping
experience. Sales are conducted through the concepts Brothers, Departments & Stores, Man of a kind and Polarn O. Pyret. The Group has about 250 stores and e-commerce platforms in 10 countries. RNB RETAIL AND BRANDS is listed on Nasdaq Stockholm (RNBS). www.rnb.se (https://www.rnb.se/en/)
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