Clas Ohlson slumps as costs bite in Q1

Clas Ohlson AB

07/09/2022 09:04

** Shares in Clas Ohlson  CLASb.ST  plummet 11% to a
1.5-year low after the hardware store chain missed Q1
expectations, as it was hurt by increased costs
    ** The Sweden-based company reports a quarterly operating
loss of SEK 16 million ($1.5 million), while analysts' polled by
Refinitiv expected a profit of SEK 111.3 million  urn:newsml:reuters.com:*:nFWN30D1B3
    ** Clas Ohlson also says it prioritised price reductions due
to weaker market climate  
    ** Kepler Cheuvreux via Swedbank Aktiellt equity research
service says the results were very weak, expecting a clearly
negative price reaction
    ** The brokerage adds that the stock had already performed
weakly in the weeks leading up to the report



($1 = 10.8002 Swedish crowns)

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))