Clas Ohlson's profit down in 2018/19.

NORDIC BUSINESS REPORT-June 6, 2019-Clas Ohlson's profit down in 2018/19

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Retailing company Clas Ohlson AB (STO:CLASB) reported on Wednesday profit after tax of SEK72m, or EPS of SEK1.13, for the financial year 2018/19, from 1 May 2018 to 30 April 2019

This was a decline from profit after tax of SEK358m, or EPS of SEK5.66, in the 2017/18 financial year.

According to the company, a non-recurring cost of SEK210m was charged to earnings as a result of the closure of the store network in the UK and Germany. This closure is expected to generate a positive earnings effect of approximately SEK75m per year, with full effect expected after the second quarter 2019/20.

Sales for the year increased to SEK8,772m, as compared with SEK8,211m in the prior year. Organic sales were up 4%, and up 1% in comparable units. Online sales increased by 47% during the year.

Also, the company proposed a dividend of SEK6.25 per share, unchanged from the prior year, which will be distributed as two separate payments of SEK3.125.

(EUR1.00=SEK10.6)

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