Clas Ohlson (CLAS) Q4 24/25 earnings summary

Executive summary

• Full-year net sales reached 11,627 MSEK, up 14% year-over-year, with 10% organic growth and strong Q4 sales of 2,343 MSEK; online sales grew 19% and now represent 19-21% of total sales.

• Operating profit for the year was 1,171 MSEK (10.1% margin), with Q4 operating profit at 109 MSEK; EPS rose to 13.91 SEK, and the board proposed a 7.00 SEK dividend per share.

• Store network expanded by 9-11 stores, reaching 241 locations; Club Clas membership neared 6 million, with strong growth among younger customers.

• Strategy execution focused on assortment, brand, and customer meeting, with all five product niches and adjacent segments growing.

• Customer satisfaction (NPS) improved to 59, and the company won the Sustainable Brand Index for 2025.

Financial highlights

• Q4 sales grew 8% (10% organic), with like-for-like up 7%; Q4 operating profit rose 68% to 109 MSEK.

• Full-year profit after tax was 882 MSEK; free cash flow increased to 1,114 MSEK; cash flow from operations reached 1,830 MSEK.

• Gross margin for the year was 39.1%-39.5%, with Q4 at 39.5%; currency effects were negative.

• Net debt/EBITDA (excl. IFRS 16) improved to -0.8x, indicating a strong net cash position; equity/assets ratio rose to 37%.

• Inventory at period end was 2,415 MSEK, slightly down from 2,448 MSEK.

Outlook and guidance

• Plan to open around 10 new stores net in 2025/26, with CapEx guidance raised to 250 MSEK for 2025-2026, focusing on store and distribution center upgrades.

• May 2025 sales up 4% (8% organic), with broad-based growth across Sweden, Norway, and Finland.

• U.S. dollar weakness expected to benefit sourcing costs; Norwegian krone remains a headwind.

• Margin guidance remains at 7%-9%; no structural factors expected to reduce margins in the short term.

• Continued focus on growth drivers: relevant assortment, online expansion, robust store network, and cost competitiveness.