Swedish fashion retailer KappAhl has recently announced its financial results for the first quarter ended November 2016. The company noted a surge of 8.3 per cent in net sales to SEK 1,261 million as against SEK 1,165 million in the corresponding period last year.
In the period under review, the company’s gross profit was SEK 824 million compared to SEK 764 million. Operating profit stood at SEK 144 million from last year’s SEK 117 million. Furthermore, selling and administrative expenses for the quarter amounted to SEK 680 million, up from prior year’s SEK 647 million.
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The total number of stores at the end of reporting period were 368. During the quarter, the apparel retailer upgraded 15 stores and opened three Newbie stores.
“We continue to consolidate our position and improve performance. As mentioned above, intense development work is in progress, which will mean a return to higher investment levels. Development of Newbie store continues and will expand to all markets in the coming quarter,” comments Danny Feltmann, President and Chief Executive Officer, KappAhl.
