Swedish retailer RNB has posted a 34% hike in first quarter profit, despite a reported decline in sales.

Profits rose to SEK25.2m (US$3.6m), up from SEK16.6m a year earlier.

During the three months to 30 November, net sales totalled SEK743.2m, down 5.1% on the same period last year.

The company, which runs the Brothers & Sisters, JC and Polarn O Pyret store concepts, said that same-store sales fell 0.2%.

RNB said it implemented a private placement to Konsumentföreningen Stockholm and a rights issue to existing shareholders that provided the company with about SEK315m before issue costs.