Profits leap for Swedish clothing company RNB
8 Apr 2005, 10:57
Published: 08 Apr 2005 10:57 GMT+02:00
In a press statement, the company revealed profits were up just over 4 million kronor compared to the same period last year, despite a downturn in the overall Swedish ready-to-wear clothing sector during the second quarter.
RNB's net sales during the second quarter amounted to 222 million kronor, up from 219 million last year.
RNB acquired C/O Departments & Stores Nordic AB (DSN) on March 1, 2005. DSN is a leading cosmetics, lingerie and accessories in Sweden with stores in NK in Stockholm and Gothenburg.
The acquisition is estimated to bring in a further 10 million kronor annually, with full effect during the fiscal year 2005/2006.
RNB believes the outlook for the future is considered favorable and estimates that earnings for the current fiscal year will significantly exceed the level achieved for 2003/04.