SWEDEN: Kappahl moves to strengthen balance sheet with rights issue
Swedish clothing retailer Kappahl has issued an SEK375m share issue as part of efforts to strengthen its balance sheet.
It has also signed an agreement to sell the property that contains the distribution centre and headquarters. The deal is expected to generate a capital gain of approximately SEK60m.
The announcement follows the company swinging to a full-year loss of SEK224m in the year ending August, against an SEK68m net profit in the prior year. Sales declined 7.8% over the full-year to SEK4.6bn.
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Fashion retailer Kappahl returned to profit in the first quarter of its fiscal year, thanks to a 4.4% sales increase and a 3% rise in comparable store sales....
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