Clas Ohlson shares hit 6-yr high after Q2 beat

Clas Ohlson AB

06/12/2023 09:00

** Shares in Clas Ohlson  CLASb.ST  surge 10% to its highest
in six years after the Swedish hardware store chain posted its
Q2 figures, with analysts flagging an earnings beat, November
figures indicating sales trend continues
    ** The company's Q2 adjusted EBIT came in at SEK 277 million
 ($26.40 million), which Handelsbanken says is above consensus
of 219 million
    ** "Roughly three-quarters of the earnings beat is explained
by a stronger-than-expected gross margin," the brokerage says,
also noting "strong" cost control
    ** November sales with 7% organic growth is also somewhat
ahead of consensus, Handelsbanken adds, saying it indicates the
continuation of a "strong sales trend"
    ** Kepler Cheuvreux via Swedbank Aktiellt equity research
service notes that the gross margin of 41.3% recovered from last
year's pressured level
    ** Shares track their best day in three months 


($1 = 10.4910 Swedish crowns)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))