Lower July sales drag Clas Ohlson shares down

Clas Ohlson AB

05/08/2022 08:29

** Shares of Sweden-based Clas Ohlson  CLASb.ST  drop around
8% after the hardware store chain's July sales fell in July
 urn:newsml:reuters.com:*:nFWN2ZGA7S
    ** Despite extending campaigns and marketing activities, as
well as implementing price reductions on seasonal products, the
company's total sales decreased by 4% to SEK 699 mln ($69.04
mln)
    ** "The market climate in July was weak," said Kristofer
Tonström, CEO and President of Clas Ohlson, adding that economic
uncertainty and inflation have made customers more cautious
    ** Including today's fall, the stock has dropped 25%
year-to-date
    
    
($ = 10.1248 Swedish Crowns)



 (Reporting by Louise Breusch Rasmussen)
 ((Louisebreusch.rasmussen@thomsonreuters.com))