Clas Ohlson posted Q2 2025/26 net sales of SEK 3,009m (+7% y/y; +9% organic) and operating profit of SEK 410m (13.6% margin vs 11.0 prior year), with EPS SEK 4.85; H1 sales were SEK 5,824m (+7%) and operating profit SEK 688m. Management pointed to very strong consumer online growth (www.clasohlson.com +20% in the quarter; online sales SEK 572m) while B2B Spares was pressured by a weaker USD, and after the period the group acquired e‑commerce players Phonelife and Reservdelaronline to strengthen its online and spare‑parts offering. The Board approved a SEK 400–450m automation investment in the Insjön distribution centre (Mar 2026–H2 2027, ~4‑year payback), opened three stores, and reported high customer and employee metrics (NPS 57, 6m Club Clas members) alongside a solid start to Christmas trading, signalling continued margin recovery and a strategic push to scale online and logistics efficiency.
Clas Ohlson reported Q2 2025/26 net sales of 3,009 MSEK, up 7% year‑on‑year (9% organic, -2% currency effect), with operating profit rising to 410 MSEK and an operating margin of 13.6% versus 11.0% a year earlier; EPS improved to 4.85 SEK (3.63). Six‑month sales were 5,824 MSEK (+7%) and operating profit 688 MSEK, confirming that margin recovery is broad‑based across the period rather than a one‑quarter outcome. Online and customer metrics are a key driver: www.clasohlson.com grew 20% in the quarter and online sales reached 572 MSEK, while Club Clas membership hit 6 million and NPS was 57, supporting higher conversion and repeat purchases. Management completed two post‑quarter e‑commerce acquisitions (Phonelife and Reservdelaronline) to bolster the Spares and Connect niches, although B2B Spares activity was negatively affected by a weaker US dollar during the quarter. The Board approved a 400–450 MSEK automation investment in the Insjön distribution centre (start Mar 2026–H2 2027) with an estimated ~4‑year payback and management expects no negative earnings impact during the rebuild; this should increase throughput and lower unit logistics costs if executed to plan. Key near‑term risks are currency headwinds to B2B sales, integration execution of acquisitions, and the delivery/timing of the distribution‑centre project — all items investors should monitor in the upcoming webcast and monthly sales updates.
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Overall Sentiment
moderately positive
Sentiment Score
0.55
