NORDIC BUSINESS REPORT-July 9, 2020-RNB's Q3 2020 results affected by COVID-19 pandemic
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RNB Retail and Brands (RNB) (STO:RNBS), an owner, operator and developer of fashion wear, ready-to-wear clothing, accessories, jewellery and cosmetics stores and e-commerce, reported on Wednesday loss after tax of SEK318m, or SEK3.12 per share, for the third quarter of 2020, from 1 March 2020 to 31 May 2020.
This was a decline over loss after tax of SEK27m, or SEK0.79 per share, in Q3 2019.
Net sales for the quarter decreased to SEK324m, as compared with SEK511m in Q3 2019. Comparable sales for the group on all national markets decreased by 32.1%.
According to the company, the quarter was characterised by significantly lower store sales, while e -commerce sales grew, as a result of the COVID-19 pandemic. The sector's shift towards online sales accelerated in the quarter.
Also, the corporate restructuring led to many...