- Prachi Singh |
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 statement that operating income was 285 million Swedish krona, down 17 percent, profit after tax was 318 million Swedish krona, down 27 percent and earnings per share were negative 3.12 Swedish krona compared to negative 0.79 Swedish krona last year.
The company added that the quarter was characterized by significantly lower store sales, while e-commerce sales grew. The sector’s shift towards online sales accelerated in the quarter. PO.P’s e-commerce sales increased by nearly 200 percent, and the fully digital Man of a Kind, by close to 100 percent.
For the period from September 1, 2019 to May 31, 2020, net sales decreased to 1,458 million Swedish krona compared to 1,715 million Swedish krona, while comparable sales for the group on all national markets decreased by 16.5 percent, while sales for comparable units in Sweden decreased by 15.8 percent. Operating income for the period was negative 325 million Swedish krona compared to negative 10 million Swedish krona, profit after tax was negative 385 million Swedish krona, down 36 percent, while earnings per share were negative 4.99 Swedish krona compared to negative 1.07 Swedish krona in the same period last year.
The Covid-19 pandemic continued to negatively affect sales in June, with comparable sales down by 39 percent and store sales by 45 percent, while ecommerce sales increased by 1 percent. The company said, sales and profit in the final quarter will be negatively affected by the pandemic, although it is currently hard to gage the extent of the impact because of the volatile situation.
Picture:Polarn O Pyret website