Clas Ohlson jumps to 1-yr high after Q1 earnings beat, strong sales

Clas Ohlson AB

06/09/2023 08:17

** Shares in Clas Ohlson  CLASb.ST  jump 10% after the
Swedish hardware store chain reported better than expected Q1
results and strong sales in August
    ** Q1 adjusted EBIT was SEK 154 million ($13.9 million),
which Kepler Cheuvreux via Swedbank Aktiellt equity research
service says was 49 million above consensus
    ** The broker says the consensus beat is explained both by a
gross margin that was 1.5 percentage points higher than
expected, and better than expected cost control
    ** The brokerage also notes sales have stayed strong at the
beginning of Q2
    ** The stock hits its highest level in over a year, having
gained more than 50% year-to-date

($1 = 11.1052 Swedish crowns)

 (Reporting by Jagoda Darlak)
 ((jagoda.darlak@tr.com))