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Profits leap for Swedish clothing company RNB

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10:57 CEST+02:00
Clothing company RNB, Retail and Brands, which owns Polarn o Pyret, has recorded a profit of 6 million kronor for the second quarter of the financial year.

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.

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