SWEDEN: Kappahl “on right path” after Q1 profit
- Q1 net profit of SEK115m, versus SEK11m loss last year
- Net sales up 4.4% to SEK1.245bn
- Comparable store sales up 3%
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.
The Swedish company recorded a 4.9 percentage point increase in gross margin and kept control over its costs, despite opening 14 new stores.
It also posted a capital gain of SEK77m (US$11.9m) thanks to the sale of company-owned property, Kappahl said.
“It’s a little too early to say this is a new positive trend for the company, but it’s quite clear there are strong signals indicating we are on the right path,” said Johan Åberg, Kappahl president and CEO.
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