• Q2 net profit amounts to SEK23m (US$2.7m)
  • Net sales grow reach SEK578m

Scandinavian retail business RNB Retail and Brands has moved to a profit in its second-quarter and booked a sales increase ahead of the market.

In the three months to the end of February, net profit amounted to SEK23m (US$2.7m) from a loss of SEK2m a year earlier.

Net sales increased to SEK578m versus SEK502m a year earlier, while comparable store sales were up 15.3%, compared to the market’s increase of 1.9% - the company’s fourth consecutive quarter with better sales than the market.

For the half year, profit after tax soared to SEK45m from SEK4m in the prior year quarter, which included a divested operation. Net sales remained relatively flat, dropping slightly to SEK1.09m from SEK1.10bn.