RNB Interim report for the period from Sep 08 - Feb 09

RNB Interim report for the period from Sep 08 - Feb 09

Second quarter, December 1, 2008 - February 28, 2009
- Net sales amounted to SEK 914.5 M (854.1), up 7.1%. Currency effects
positively impacted sales by 2.5%. Sales in comparable stores declined 3.6%.
- An operating loss of SEK 588.9 M (loss: 53.1) was reported including goodwill
impairment SEK of 500 M. The loss after net financial items was SEK 598.5 M
(loss: 63.8).
- As a result of inventory accumulation during autumn 2008, discount sales
during the second quarter were abnormally high, which had an adverse impact of
about SEK 50 M on earnings.
- The loss after tax was SEK 572.2 M (loss: 45.0), corresponding to a loss of
SEK 5.01 per share (loss: 0.77). 
- Cash flow from operating activities amounted to SEK 42.8 M (negative: 101.4). 
- The Board of Directors has decided on a goodwill impairment of SEK 500 M.

First six months, September 1, 2008 - February 28, 2009
- Net sales amounted to SEK 1,698.0 M (1,777.8), down 4.5%. Currency effects
positively impacted sales by 2.5%. Sales in comparable stores declined 6.3%.
- An operating loss of SEK 548.7 M (profit: 28.4) was reported including
goodwill impairment of SEK 500 M. The loss after net financial items was SEK
575.8 M (profit: 6.5). 
- As a result of inventory accumulation during autumn 2008, discount sales
during the first six months were abnormally high, which had an adverse impact of
about SEK 50 M on earnings.
- The loss after tax amounted to SEK 555.6 M (profit: 9.8), corresponding to a
loss of SEK 4.87 per share (profit: 0.18). 
- Cash flow from operating activities was a negative SEK 126.9 M (negative:
100.9). 
- The Board of Directors has decided on a goodwill impairment of SEK 500 M.

Events after the end of the period
- The Board of RNB RETAIL AND BRANDS decided to sell the operations at NK
Stockholm and NK Gothenburg, which are included in the Department Stores
business area, to Åhléns AB. The sales consideration amounts to SEK 440 M on a
debt-free basis.
- Polarn O. Pyret launched e-commerce in Sweden. 


RNB RETAIL AND BRANDS AB is organized on the basis of two business areas -
Polarn O. Pyret and a distribution platform for national and international
brands. Polarn O. Pyret is a brand focused on baby and children's wear. The
distribution platform consists of two main areas, Department Stores and Store
Concepts. Department store operations are conducted via stores in the NK, Steen& Ström, Illum and Kosta oulet department stores. The store concepts comprise
JC, Brothers and Sisters.