SWEDEN: Clas Ohlson Reports Solid Q3 Growth

Clas Ohlson has reported solid profit and sales growth for its fiscal third quarter, helped partially by the expansion of its store network.

For the three months to end-January, sales were up 9% to SEK2.7bn (+5% constant-currency basis), with operating profit up 2% to SEK390m, and net profit up 4% to SEK305m.

The chain said the results were helped by the addition of five net new stores, including outlets in Hamburg and Dubai.  It also recorded a “high level of activity” in stores and online, adding that it was “very pleased with our Christmas trading performance”.

The results meant year-to-date sales were up 5% to SEK6.5bn (+4% constant-currency), although operating profit was down 6.5% to SEK459m, and net profit declined by 5.6% to SEK459m.

Clas Ohlson said it aims to open 10-15 new outlets in the next fiscal year, even as it continues working on its new formats and online operations.