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RNB divests its operations at Steen & Ström in Oslo

30
Jan '10
RNB RETAIL AND BRANDS AB has decided to sell its operations at the Steen & Ström department store in Oslo, Norway, to Airport Retail Group AS. RNB currently sells women's and men's clothing. The retail area totals about 2,300 square meters.

Sales in the 2008/2009 fiscal year totaled SEK 117.6 M and the company posted an operating loss of SEK 5.2 M. In the first quarter of 2009/2010, sales at units under divestment amounted to SEK 25.6 M, resulting in an operating loss of SEK 3.0 M. The transaction will have a limited impact on earnings.

The transfer is expected to be completed no later than March 31, 2010, which means that Steen & Ström will be part of RNB up until the second quarter of the 2009/2010 fiscal year.

RNB RETAIL AND BRANDS owns, operates and develops fashion, clothing, accessories, jewelry and cosmetics stores that focus on providing excellent service and a world-class shopping experience.

RNB RETAIL AND BRANDS AB


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