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Clas Ohlson reports record increase in profits and as such to carefully expand in to other marketsThursday, 08 March 2012
Swedish electronic Retail Company, Clas Ohlson, reported a profit before tax of Skr305 million for the period November – January, the third quarter in the company's broken financial year.
This corresponds to profit Skr268 million for the same period a year earlier. Turnover amounted to Skr2.049 million, compared to Skr1.906 million a year earlier.
In February, sales amounted to Skr 427 million, an increase of 12 percent. Quarterly earnings are the highest ever for Clas Ohlson and not least in Finland it has been positive, according to the interim report. The Company continues to expand and plans to open 15-20 new stores during the coming fiscal year.
Despite the economic dip and worry in the world economy Clas Ohlson stands up well:
“We are receiving impressive performances with our low prices and our product line, says CEO Klaus Balkow after delivering the highest quarterly figure.
“Customers appreciate our product range and we are constantly working to improve our offerings.”
Developments in Finland during the quarter were very positive with sales increase of 20 percent.
“It is perhaps the funniest part of the report. We have had a positive trend in Finland despite a challenging market there, too. We have strengthened our brand and even in our older stores, sales have increased.”
Britain remains a difficult market but Clas Ohlson activities there remain on long term,” says Balkow. Tightening of monetary policy in the country has reduced Britain's consumption capacity and dampened the confidence of the British retail sector.
“There are currently no new contracts going on there. But we follow the market very carefully.”
The same applies to any future investments in Europe.
By Scancomark.se Team
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