Hardware, home and leisure chain Clas Ohlson AB (OMX: CLAS B) provided a better than expected interim report. Sales for May-July period were 1.387 billion SEK, which was an increase of 5 percent in local currencies. Comparable store sales were down by 4%. Operating profit grew to 120 million and profit after tax eked up slightly to 85 million.
The company also announced August sales and they were stronger than expected: up by 10% to 527 million Swedish Kronor. The growth plan continues and just yesterday Clas Ohlson announced they have signed a contract to open up a new store in Vantaa, Finland.
The aim is to continue to strengthen the company and to go to wider Europe in full force after that. The stock has been under pressure as of late but broke out with a gain of 23% today. The full report is available here.
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