Clas Ohlson falls after weaker-than-expected Q3 operating result

Clas Ohlson AB

06/03/2024 08:28

** Shares in Clas Ohlson  CLASb.ST  fall 10% after the
Swedish retail company posted its Q3 figures below expectations
    ** The company posted Q3 operating result of 422 million
Swedish crowns ($40.66 million), 10% below Infront's analysts
projected consensus of 469 million Swedish crowns 
    ** "The fact that the result did not reach consensus was
mainly explained by the fact that the gross margin was 1.0
percentage points lower than expected," says Kepler Cheuvreux
via Swedbank Aktiellt equity research service
    ** The broker points to marginal gross margin increase to
38.4% from 2022, yet a 2.6 percentage point drop from pre-COVID
levels
    ** Shares are on track for a worst day since September 2022

    ($1 = 10.3800 Swedish crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))