• Full-year losses widened to SEK524m
  • Sales fell 6.1% to SEK2.62bn from SEK2.79bn 
  • Company opened 15 new stores

RNB Retail and Brands has seen its full-year net loss widen, after the Swedish apparel company was weighed down by lower sales in tough market conditions.

Net loss widened to SEK524m (US$81.1m) during the year to 31 August, compared to SEK329m in the same period of last year.

This included a write-down of SEK203m after tax of the JC trademark and last year's SEK201m write-down of goodwill in Brothers & Sisters.

Meanwhile, sales fell 6.1% to SEK2.62bn from SEK2.79bn in the prior year. During the year, the company sold its off-price fashion unit Kosta Outlet Mode, started closing its Sisters concept, and conducted a strategic review of the business concept in JC.

CEO and president Magnus Håkansson said: "It has been an eventful but challenging year for RNB as the market has been characterised by increasing competition from e-commerce players and a continued weak market trend."

Commenting on the company's outlook, he added: "I am confident about the potential for development within RNB, a potential we have a chance to realise by fully focusing."