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RNB Retail Q2’FY14 net sales drop 5.5%

April 22, 2014 (Sweden)

RNB Retail announces the interim report for September 1, 2013 - February 28, 2014 and reports second quarter results for December 1, 2013 – February 28, 2014.
 
Second quarter, December 1, 2013 – February 28, 2014
Net sales excluding the divested operation totaled SEK 502 M (531), a decrease of 5.5 percent. Operating income, excluding the divested operation, totaled SEK 2 M (2). Profit before tax, excluding the divested operation amounted to SEK -2 M (-10). Proft before tax, including the divested operation amounted to SEK -2 M (-41), excluding the previous year’s impairment of the JC trademark of SEK 260 M.
 
Profit after tax including the divested operation amounted to SEK -2 M (-300), corresponding to SEK -0.06 (-362.82) per share. The previous year’s result includes an impairment of SEK 203 M after tax of the JC trademark. Cash flow from operating activities was SEK 42 M (15). 24 new stores were added during the quarter, in connection with the acquisition of the Norwegian franchise business of Polarn O. Pyret. Otherwise, no new stores were opened during the period December - February.
 
During the quarter, Polarn O. Pyret AB acquired 100 percent of the shares in WAM AS in Norway. WAM AS was the master franchisee of Polarn O. Pyret in Noway. Completion of the acquisition occurred on January 2, 2014.
 
Half Year, September 1, 2013 – February 28, 2014 in Summary
-On November 1, 2013, RNB Agreement entered into an agreement to divest the subsidiary JC to Denim Island AB. During the first quarter of the present year, JC’s sales amounted to SEK 111 M (174) and operating income totaled SEK -6 M (-21).
-Net sales excluding the divested operation totaled SEK 986 M (1,025), a decrease of 3.8 percent.
-Operating income, excluding the divested operation, totaled SEK 17 M (22).
-Profit before tax, excluding the divested operation amounted to SEK 11 M (0).
-Proft before tax, including the divested operation amounted to SEK 5 M (-51), excluding the previous year’s impairment of the JC trademark of SEK 260 M.
-Profit after tax including the divested operation amounted to SEK 4 M (-311), corresponding to SEK 0.13 (-375.8) per share. The previous year’s result includes an impairment of SEK 203 M after tax of the JC trademark.
-Cash flow from operating activities was SEK 22 M (-41)
 
Apart from the takeover of 24 stores that occurred in Norway in connection with the acquistion of the Master Franchisee WAM AS, 1 new store (Polarn O. Pyret) was opened during the half-year.
 
During the first quarter, Polarn O. Pyret AB entered into an agreement to acquire 100 percent of the shares in WAM AS in Norway. WAM AS was the master franchisee of Polarn O. Pyret in Noway. Completion of the acquisition occurred on January 2, 2014.
 

RNB Retail and Brands
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