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RNB to spin off Polarn O. Pyret

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11:17 CEST+02:00
Swedish fashion company Retail and Brands (RNB), which owns a number of high street chains, has revealed improved results in its year-end report. The firm now proposes to spin off its children's clothing brand Polarn O. Pyret to shareholders via a stock market listing.

RNB, which also owns the JC, Solo and Sisters and Brothers brands, returned a profit after financial items of 45.5 million kronor for its fourth quarter (June to August). In the same period last year, the company made a loss of 52.1 million kronor.

Turnover increased to 939 million kronor for the quarter, up from 539.1 million kronor. For the financial year as a whole the company returned a profit of 305.8 million kronor compared to 20.9 million kronor last year.

In its annual report, RNB said that it expected to spin off Polarn O. Pyret by the middle of 2008.

"RNB's Board of Directors considers that Polarn O. Pyret has now reached a stage at which separation from RNB would have a positive effect on its future development," wrote the directors in a statement.

"Polarn O. Pyret currently accounts for a minor share of RNB's sales and profits, and the synergies with other RNB operations are very limited because of significant differences between the business models. Polarn O. Pyret's business model is based on sales of the proprietary brand, while the rest of RNB is a distribution platform for external brands."

Today RNB has over 400 high street outlets.

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