Clas Ohlson releases interim statement

Earlier today Clas Ohlson released it's first quarter interim report.

* Sales totalled SEK 1,387 M (1,324), up 5%.
In local currencies, growth was up 7%
* Operating profit amounted to SEK 120 M (115), up 4%
* Profit after tax amounted to SEK 85 M (84)
* Earnings per share amounted to SEK 1.33 (1.32)
Events after the end of the reporting period
* Sales in August totalled SEK 527 M (480), up 10%.
In local currencies, growth was up 11%

CEO Klas Balkow comments:
“We are continuing to grow in all markets despite a generally weak retail environment. The quarter reflects the continued positive effect on our gross margin of a higher proportion of direct purchases without intermediaries. We increased our profit in the quarter compared with the year-earlier period including continued investment in the UK market.”

“Our long-term initiative to strengthen Clas Ohlson prior to entering the European market continues. In August, we opened our 12th store in the UK market. In August, we increased sales by 11 per cent, measured in local currencies, and updated our extensive range with 900 news in conjunction with the release of our new catalogue.”

Source : cisionwire.com
www.cisionwire.com/clas-ohlson/r/clas-ohlson--interim-report-1-may-2011---31-july-2011,c9158883