Q3 sales were NOK 3.5bn, down 1.6% reported but up 0.6% in constant currency; earlier summer timing and weaker-than-expected campaigns weighed on footfall and results.
Q3 EBIT was NOK 244m versus NOK 256m a year earlier; gross margin rose 1.3pp to 42.0%.
9M sales rose 1.9% reported and 3.1% in constant currency; EBIT increased 10.6% to NOK 710m and operating cash flow reached NOK 900m.
Q3 net profit attributable to owners was NOK 129m versus NOK 154m; EPS was NOK 0.79 versus NOK 0.94.
9M net profit attributable to owners was NOK 378m versus NOK 350m; EPS rose 8.1% to NOK 2.31.
Q3 operating expenses rose 3.7% reported and 6.0% in constant currency; 9M expenses rose 5.0% and 6.2%, respectively, including Swedish remodelling.
9M gross margin was 41.4%, up 1.3pp; EBIT margin improved to 6.8% from 6.2%.
ÖoB targets SEK 5bn sales and a 5% EBIT margin by end-2028, with most improvement expected from stronger sales and gross margins.
Christmas is a key seasonal test for ÖoB; stores were well stocked, with a harmonized seasonal assortment, added marketing and better seasonal performance expected than in Q3.
Q4 operating expenses are expected to exceed last year, reflecting 10 remodels and higher marketing costs; Norway targets LFL growth above market and ~5 net new stores annually.
Dividend ambition is 50–60% of net profit attributable to owners while maintaining an efficient balance sheet.
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