Clas Ohlson Q1 profit lags

STOCKHOLM, Sweden - Swedish retailer Clas Ohlson posted fiscal first-quarter earnings below expectations on Wednesday while August sales were higher than forecast.

Clas Ohlson, which sells home, technology and hobby products, said its operating profit was 102 million Swedish crowns ($14.34 million), lagging expectations for 115 million crowns in a Reuters poll of analysts.

Sales in May-July increased by 9 percent to 1.64 billion crowns, in line with expectations.

Ads

Clas Ohlson's August sales rose by 9 percent to 611 million crowns, which was higher than the 7.6 percent rise seen in Reuters poll.

$1= 7.1131 Swedish crown