Clas Ohlson shares shine after Q4 profit beat

Clas Ohlson AB

05/06/2024 08:33

** Shares in Swedish retail company Clas Ohlson  CLASb.ST 
jump 16% after fourth quarter profits came in above expectations
    ** Q4 operating profit (EBIT) was SEK 65 million ($6.24
million), 27% above Infront's consensus of SEK 51 million cited
by Kepler Cheuvreux via Swedbank Aktiellt equity research
service
    ** "Higher-than-consensus earnings were mainly due to a
gross margin that was 50 basis points higher than expected,"
Kepler adds
    ** Online sales in the quarter grew 88% from a year ago to
SEK 414 million and will continue to be an important growth
driver going forward, the company says
    ** Clas Ohlson proposed a dividend of 4.25 SEK per share, up
from SEK 1.5 from a year ago
    ** Shares are on track for their best day since March 2023
    


($1 = 10.4173 Swedish crowns)

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com;))