Q1 2026 Clas Ohlson AB Earnings Call Transcript
Key Points
- Clas Ohlson AB (STU:OHCB) reported a strong start to the fiscal year with 10% organic sales growth and a 37% increase in operating profit compared to the previous year.
- The company achieved an operating margin of 9.9% and maintained a strong financial position with a net cash position and a net debt to EBITDA ratio of 0.3.
- Online sales showed significant growth, with e-commerce sales up 28% for the Clas Ohlson part of the business, driven by a robust online-only product assortment.
- Customer satisfaction remains high, with a Net Promoter Score of 57% and strong product reviews, indicating a high-quality assortment and competitive pricing.
- The company continues to expand its store network, with plans to add 10 new stores this year, and has seen strong like-for-like sales growth and high customer satisfaction in existing stores.
- Sales in markets outside Sweden, Norway, and Finland, particularly in the Spares business, were down by 35% due to changing market dynamics and currency effects.
- The Norwegian krone continues to exert negative pressure on financial results due to its low value compared to the Swedish krona.
- The company faces challenges in maintaining its gross margin due to currency fluctuations, particularly the impact of the Norwegian krone.
- Marketing costs have increased, and while they are expected to remain at higher levels, they could impact profitability if not managed effectively.
- The growth rate in August was slightly lower than in previous months, attributed to a transition from summer to autumn products, which may indicate variability in monthly sales performance.
Welcome to the Clas Ohlson Q1 2025/2026 report presentation. (Operator Instructions)
Now I will hand the conference over to CEO, Kristofer Tonstroem; and CFO, Pernilla Walfridsson. Please go ahead.
Good morning, and welcome to the Clas Ohlson Q1 report presentation. My name is Kristofer Tonstroem. I'm the CEO, and I'm here with Pernilla Walfridsson, CFO. So we'll go through a business update. Pernilla will take us through the financial development, and then I'll cover the events after the reporting period and then the strategy update and summary before we move into Q&A.
So overall, looking at the first quarter, we've had a strong start to the new year, and we have shown again that we can deliver both growth and profitability. Looking at some of the highlights, the first quarter sales came in at 10% organic growth and the operating profit came in at SEK278 million, which is up 37% versus last year. And this resulted in an operating margin of 9.9%. Also cash flow was
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