Clas Ohlson jumps on strong January sales

Clas Ohlson AB

07/02/2024 09:42

** Shares in Clas Ohlson  SHBa.ST  rise more than 4% after
the Swedish retail company reported 18% organic sales growth in
January 
    ** On a reported basis, January sales including recently
acquired Spares Group were up 25% at SEK 794 million ($75.6
million), of which online sales made up SEK 153 million
        ** The company cites a "high pace" of new product
launches and growth in all prioritised product categories
  
        ** "In order to make room for all product news, we have
also chosen to sell out older products to reduced prices to a
higher extent than before," CEO Kristofer Tonström says
  
    ** Kepler Cheuvreux via Swedbank Aktiellt equity research
service says: "We expect a clear positive reaction in the stock
in today's trading driven by strong sales, but somewhat offset
by muted comments on pricing"
    ** The stock is on track for best day since early December
if gains hold

($1 = 10.5050 Swedish crowns)
    

 (Reporting by Agnieszka Oleńska)
 ((Agnieszka.Olenska@thomsonreuters.com;))