• Q1 profit jumps 250.1% to SEK22.1m
  • Sales up 5.2% to SEK509.1m
  • Comparable store sales rise 4.5%

Scandinavian retail business RNB Retail and Brands has seen its first-quarter profit more than triple, thanks to improved sales and margins.

Net income reached SEK22.1m (US$2.9m) for the three months to 30 November, compared to SEK6.3m in the same period of last year.

Net sales increased 5.2% to SEK509.1m from SEK483.8m, after deferred purchases of outdoor garments and functional clothing were offset by strong sales increases in other categories. Comparable store sales were up 4.5%.

The company said the three month-period was its third consecutive quarter with better sales than the market, where all concepts also displayed a better performance than the market. Gross margin improved to 54.5% from 51.7% a year ago.

"Our positive performance is continuing and we are working purposefully towards reaching the next milestone," said president Magnus Håkansson.

He later added: "We also note that the role of e-commerce is continuing to be more and more important, both as a sales channel in combination with our physical stores and as an integrated part of the digital communication with our customers. This is a prioritised area for us during the current fiscal year and going forward."