Kvartalsrapport Q3 2023

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===== SIDA 1 =====

CLAS OHLSON THREE - MONTH REPORT 2023/24  1  
 
 
 
 
 
 
  
*The 2023/24 financial year comprises the period from 1 May 2023 to 30 April 2024.  
 
 
 
 
 
 
Contact person: 
Niklas Carlsson, Head of Communications & IR 
+46 247 444 29, niklas.carlsson@clasohlson.se   
 
Q1 presentation, 6 September 9:00 a.m. CEST 
The report will be presented at 9:00 a.m. via a webcast teleconference. For more 
information, visit https://about.clasohlson.com 
 
This is information that Clas Ohlson AB (publ) is obliged to publish pursuant to the EU Market Abuse 
Regulation. This information was submitted for publication, through the agency of the contact person set 
out above, on 6 September 2023 at 7:00 a.m. (CEST). 
 
This three-month report is an English translation of the Swedish original. In the event of any discrepancies, 
the Swedish version shall govern. 
 
 
 May 2023 May 2022 Percentage Aug 2022 May 2022
 - Jul 2023 - Jul 2022 change - Jul 2023 - Apr 2023
Sales, MSEK 2,193 2,044 7 9,174 9,024
Operating profit, MSEK -16 -16 4 306 305
Profit after tax, MSEK -26 -24 -9 178 181
Gross margin, % 38.2 35.1 3.1 p.p 38.2 37.5
Operating margin, % -0.7 -0.8 0.1 p.p 3.3 3.4
Return on capital employed, % – – – 9.2 8.8
Return on equity, % – – – 11.8 10.6
Cashflow from operating activities, MSEK 328 -35 1,049 1,304 941
Equity/assets ratio, % 27.6 36.6 -9.0 p.p 27.6 28.1
Net debt/EBITDA ratio – – – 1.3 1.6
Net debt/EBITDA excl. IFRS 16 ratio – – – -0.1 0.2
Earnings per share before dilution, SEK -0.42 -0.38 -9 2.81 2.85
3 Months 12 Months
First quarter – 1 May to 31 July 
• Sales increased by 7% to 2,193 MSEK (2,044), 
organic growth up 8% and up 9% in comparable units 
• Online sales increased by 9% to 253 MSEK (232)  
• Operating profit, excluding costs of 170 MSEK linked 
to the write-down of IT systems and headcount 
reductions, totalled 154 MSEK (previous year 
19 MSEK excluding non-recurring costs for the 
closure of operations in the UK). Operating loss 
amounted to -16 MSEK (-16) 
• The operating margin was -0.7% (-0.8) 
• Net debt/EBITDA (12 months) excluding the effect of 
IFRS 16 amounted to -0.1 times (-0.4) 
• Loss after tax totalled -26 MSEK (-24) 
• Earnings per share amounted to -0.42 SEK (-0.38) 
 
 
 
Events after the end of the reporting period 
• Sales in August increased by 14% to 
860 MSEK (758), an increase of 14% 
organically and an increase of 14% in 
comparable units 
• Online sales in August increased by 11% to 
92 MSEK (83) 
 
 
 
 
 
ORGANIC GROWTH 
QUARTER 
 
 
ORGANIC GROWTH AUGUST 
 
 
Three-month Report 
2023/24 
+14% 
+8%

===== SIDA 2 =====

CEO’S COMMENTS 
CLAS OHLSON THREE - MONTH REPORT 2023/24  2  
 
A strong quarter with sales growth and  
improved gross margin 
 
With an organic growth of 8 per cent and a strengthened gross margin, the 2023/24 
financial year has started off well. The positive trend continued in August with organic 
sales growth of 14 per cent. This, despite relatively weak demand for several typically 
seasonal products. I see it as a testament to the success of the whole organisation in 
making the customer offering relevant every month throughout the year and that 
customers appreciate the service and availability we offer in stores and online. We 
have achieved this in parallel with extensive cost-saving initiatives, and the underlying 
operating profit improved significantly compared to previous year.
 
 
Growth for all prioritised product categories  
We are continueing to systematically work through our product offering and 
strengthen our position as the first-hand choice for all home fixing. Our performance in 
the first quarter shows that these efforts are yielding results. In fact, all five prioritised 
product categories grew during the quarter in a market characterised by cautious and 
price-sensitive consumers. There is great interest in products that both save money 
and are good for the environment, an example of this is a 21-per cent increase in sales 
of spare parts during the quarter compared with last year. Sales in local currency and 
comparable units increased by a total of 9 per cent. Online shopping continues to 
contribute to total growth with sales increasing 9 per cent year-on-year. 
 
Savings programmes start to generate effects 
The realisation of previously announced cost savings is proceeding according to plan. 
To make our work leaner and quicker, we have changed our way of working and 
organisation. During the autumn, the workforce at our offices will be reduced by 160 
positions, corresponding to 25 per cent of the entire white collar organisation. This, 
together with an otherwise strong focus on reducing costs, has largely offset increased 
purchase prices resulting from unfavourable currency exchange rates and higher 
salaries and rent. Ensuring a competitive cost base is a priority also going forward as 
uncertainty remains about macroeconomic development, in particular the strong USD, 
which will have a negative impact on the gross margin. We are also working intensively 
to quickly adapt prices both up and down to retain our strong price position in each 
market. In addition, efficiency in the purchasing organisation and robust inventory 
management have created a good balance in inventory levels. The inventory value was 
255 MSEK lower compared with last year. Cash flow from operating activities totalled 
328 MSEK for the quarter (-35). 
 
Continued implementation of the strategy 
Clas Ohlson is always assessing opportunities to strengthen the core business. In 
addition to the development of the product range, expansion of the store network is key 
to profitable growth. Recently, a new Clas Ohlson store was opened in Kristiansand, 
Norway, and the objective is to open a net of approximately 10 new stores during this 
financial year. At the time of writing, a further eight new store contracts have been 
signed and are scheduled to open before 2024/25. We will also grow profitably online. 
In this work, our primary focus is to devote all resources to giving customers visiting our 
own e-commerce, clasohlson.com, the best possible experience. Therefore, in line with 
the previous decision to end the cooperation with Amazon, we are now choosing to end 
the partnerships with the e-commerce platforms Mathem and Oda. The Clas Ohlson 
customer is also the centre point of Club Clas. The number of members has continued 
to increase, particularly in Norway and Finland, and member sales are becoming an 
increasingly important part of total sales. Through customised offerings and cost-
 
 
 
 
IN ADDITION TO THE 
DEVELOPMENT OF THE 
PRODUCT RANGE, 
EXPANSION OF THE STORE 
NETWORK IS KEY TO 
PROFITABLE GROWTH . THE 
OBJECTIVE IS TO OPEN A 
NET  OF  APPROXIMATELY 
10 NEW STORES DURING 
THIS FINANCIAL YEAR.

===== SIDA 3 =====

CEO’S COMMENTS 
CLAS OHLSON THREE - MONTH REPORT 2023/24  3  
 
efficient communication, Club Clas will continue to strengthen relationships with 
customers and Clas Ohlson’s position in the market moving forward. 
 
Prepared for the autumn season 
As we now enter the autumn, there is still great uncertainty about the economic 
situation and how this will impact consumer purchasing behaviour. We are 
concentrating on what we influence ourselves – delivering on our focus areas for 
profitable growth and quickly adapting to changes in the market. Preparations for the 
important Christmas shopping season are also in full swing. With many exciting new 
products and motivated co-workers, I am convinced that we can successfully create 
value for customers and shareholders. We look forward to seeing you in our stores and 
online this autumn. 
  
 Contents  
 
 
Kristofer Tonström 
President and CEO of Clas Ohlson AB 
 
Financial statements 9 
Key ratios 14 
Accounting policies 17 
Alternative performance 
measures 18 
Key ratio definitions 21 
Glossary 22 
The share 23 
Clas Ohlson in brief 24 
  
  
Hundreds of customers were present when Clas Ohlson opened a new store in Kristiansand, Norway, in August.

===== SIDA 4 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  4  
 
Sal es   
 
  
 
First quarter 
Sales increased 7 per cent to 2,193 MSEK (2,044). Organic sales increased 8 per cent 
compared with the preceding year. Online sales increased by 9 per cent to 253 MSEK 
(232). At the end of the quarter, the total number of stores was 221, which was a decrease 
of a net four stores compared with the year-earlier period (a net decrease of three stores 
in the previous year). For more information about the store network, refer to page 24. 
 
 
 
CCI is an indicator calculated as an average of consumer assessments of the following four 
components; 1) household’s financial situation now and 2) expected financial situation for the next 12 
months, 3) expected economic situation for the country for the next 12 months and 4) expected major 
purchases over the next 12 months. The quarterly value in the diagram above is a weighted average of 
the monthly outcomes during the quarter. Since Q2 2022/23 a slight recovery have occurred in 
Sweden, Norway and Finland despite an uncertain economic climate.  
 
 
 May 2023 May 2022
MSEK - Jul 2023 - Jul 2022 SEK organic
Sweden 1,014 930 9 9
Norway 934 870 7 11
Finland 246 231 6 -3
Outside the Nordics 0 12 – –
Total 2,193 2,044 7 8
Of which online sales 253 232 9 10
Distribution of sales
3 Months
Percentage change
Distribution of sales increase
 May 2023
Per cent - Jul 2023
Comparable units in local currency 9
Change in store network -1
Exchange-rate effects -1
Total 7
-35.0
-30.0
-25.0
-20.0
-15.0
-10.0
-5.0
0. 0
5. 0
10.0
Q2 21/22 Q3 21/22 Q4 21/22 Q1 22/23 Q2 22/23 Q3 22/23 Q4 22/23 Q1 23/24
Sw eden Norway Finland
Consumer Confidence development*
*Source: Opinion AS
 
Sales, MSEK 
 
 
Distribution of sales R12, % 
 
 
 
Distribution of sales, % 
 
 
 
Distribution of numbers of stores 
 
 
 
 
 
 
 
 
0
500
1, 000
1, 500
2, 000
2, 500
3, 000
3, 500
Q1 Q2 Q3 Q4
2022/23 2023/24
88
12R12
Stores Onli ne
46
43
11
Q1
Sweden Norway Finland
0
20
40
60
80
100
Swede n Norway Fi nl an d

===== SIDA 5 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  5  
 
Results 
 
 
First quarter 
The gross margin increased by 3.1 percentage points to 38.2 per cent (35.1). The gross 
margin was positively impacted by an improved product and price mix, reduced sourcing 
costs and the effects of hedging (NOK). This was largely offset by a weaker SEK in 
relation to the purchasing currency (USD). 
 
The share of selling expenses declined by 2.0 percentage points to 29.7 per cent (31.7). 
The share declined mainly as a result of higher sales and cost savings related to 
previously announced activities in 2022/23.  
 
Administrative expenses amounted to -46 MSEK (-44). There was a continued major 
focus on costs.  
 
Operating loss amounted to -16 MSEK (-16) Excluding previously announced write-down 
of IT systems and costs for headcount reductions of 170 MSEK, operating profit totalled 
154 MSEK (previous year 19 MSEK, excluding costs for the closure of operations in the UK 
of 35 MSEK). The operating margin was -0.7 (-0.8). Loss after financial items totalled  
- 32 MSEK (- 31). Depreciation for the quarter amounted to 184 MSEK (190).  
 
May 2023 May 2022 Aug 2022 May 2022
MSEK - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Sales 2,193.1 2,043.6 9,173.9 9,024.3
Cost of goods sold -1,356.3 -1,325.3 -5,671.7 -5,640.6
Gross profit 836.8 718.3 3,502.2 3,383.6
Selling expenses -652.1 -648.8 -2,730.9 -2,727.6
Administrative expenses -46.0 -44.4 -186.3 -184.8
Other operating income/expenses* -154.3 -41.2 -279.4 -166.3
Operating profit** -15.5 -16.2 305.6 305.0
**Head count reductions during Q1 current year allocates: Cost of goods sold -10.1 MSEK, Selling expenses -6.8 MSEK, 
Administrative expenses -1.2 MSEK
Head count reductions during Q3 last year allocates: Cost of goods sold -6.1 MSEK, Selling expenses -4.9 MSEK, Administrative 
expenses -5.5 MSEK, Other operating expenses -2.4 MSEK
Extracts from Consolidated Income Statement 
*Write-down of IT systems during Q1 current year was -152.2 MSEK.
Total cost for discontinuation of operations in the UK  during Q1 last year was -35.0 MSEK
Disposal of IT system  during Q3 last year was -99.9 MSEK
3 Months 12 Months
Specification of change in profits
3 Months
May 2023
MSEK - Jul 2023
Operating profit corresponding period previous year -16.2
Profit from sales 42.2
Change in gross margin 66.0
Change in administrative expenses -1.5
Change in expansion costs stores 1.6
Change in depreciation (excl right of use assets) 11.0
Change in depreciation right of use assets -5.5
Change in other operating income/expenses -113.1
Operating profit actual period -15.5
Gross margin rolling 12 months, % 
 
 
  
 Share of selling expenses, % 
 
  
 Operating profit, MSEK 
  
 
Operating margin rolling 12 months, % 
  
 
35.0
36.0
37.0
38.0
39.0
40.0
41.0
42.0
Q 1
20 22/2 3
Q 2 Q 3 Q 4 Q 1
20 23/2 4
0. 0
10.0
20.0
30.0
40.0
Q1 Q2 Q3 Q4
2022/23 2023/24
-100
0
100
200
300
Q1 Q2 Q3 Q4
2022/23 2023/24
0. 0
2. 0
4. 0
6. 0
8. 0
10.0
Q 1
20 22/2 3
Q 2 Q 3 Q 4 Q 1
20 23/2 4

===== SIDA 6 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  6  
 
Spot exchange rates for key currencies averaged 1.00 for NOK and 10.58 for USD, 
compared with 1.03 and 10.11, respectively, in the year-earlier period. Currency hedging 
was undertaken in USD and NOK. Currency hedging that fell due during the quarter had a 
positive impact of 17 MSEK (NOK) on earnings and a negative impact on inventory value 
through an increase of 1 MSEK (USD). The company’s policy is to hedge 50 per cent of the 
expected flow in each currency continuously, with three- to nine-month maturities. 
 
Investments 
Investments for the quarter amounted to 14 MSEK (32). Of this amount, investments in new 
or refurbished stores accounted for 5 MSEK (10). Investments in IT systems for the period 
amounted to 0 MSEK (17). The shares in Mathem were measured at fair value amounting to 
9 MSEK, unchanged during the quarter. 
 
During the quarter, measures were taken to streamline the company’s IT systems to better 
reflect the company’s strategy and simplified work processes. This has resulted in a write-
down of 152 MSEK.  
 
Financing and liquidity 
Cash flow from operating activities for the quarter totalled 328 MSEK (-35). Cash flow for 
the quarter after investing and financing activities was -37 MSEK (-197).  
 
The average 12-month value of inventories was 2,346 MSEK (2,133). Over a rolling  
12-month period, the stock turnover rate at the distribution centre was 4.8 times (5.0). 
 
At the end of the quarter, the inventory value was 2,221 MSEK (2,476). During the current 
financial year, the inventory value was impacted by external factors, such as increased 
costs for the purchase of products related to such factors as a weaker SEK in relation to 
the purchasing currency (USD), which were balanced by lower costs for incoming 
transports.  
 
The Group’s net debt at the end of the period, meaning interest-bearing liabilities less cash 
and cash equivalents, amounted to 1,640 MSEK (1,451). Excluding the effect of IFRS 16, the 
Group had net cash holdings of 85 MSEK (net cash holdings 260). Excluding the effect of 
IFRS 16, net debt in relation to EBITDA was -0.1 times (-0.4), which is in accordance with 
the company’s financial framework. Credits granted and loan commitments amounted to 
800 MSEK, of which 23 MSEK had been utilised at the end of the period. The company’s 
financial position remains strong. The equity/assets ratio was 28 per cent (37). 
Employees 
The number of employees in the Group was approximately 5,000. Recalculated to average 
full-time equivalents (FTEs), this corresponds to an average of 3,142 (3,278) during the 
quarter.  
Seasonal fluctuations 
Clas Ohlson’s market and operations are influenced by consumer purchasing behaviour. 
The company’s product range is particularly well suited to Christmas preparations and 
Christmas shopping, which means that the third quarter (November-January) is generally 
the strongest quarter of the financial year. This is followed by the second and first quarters 
and, finally, the fourth quarter, which is the weakest in terms of sales and profit. 
 
Parent Company 
Parent Company sales for the financial year amounted to 1,853 MSEK (1,640) and loss 
after financial items totalled -28 MSEK (-65). Investments for the period amounted to  
8 MSEK (27). Contingent liabilities for the Parent Company amounted to 172 MSEK (190). 
Cash flow, MSEK* 
   
*From operating activities 
-400
-200
0
200
400
600
800
1,000
1,200
1,400
Q1 Q2 Q3 Q4
2022/23 2023/24

===== SIDA 7 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  7  
 
Cost savings  
Clas Ohlson has continued efforts to simplify and streamline the organisation. Within the 
context of this and as previously announced, the company is reducing the workforce by 
approximately an additional 75 full-time white-collar employees. Also the previously 
announced evaluation of the company’s IT landscape continued and was completed 
during the quarter. With a more efficient organisation, a more simple way of working and a 
strategic direction on lowering IT costs, the company sees opportunities to consolidate 
and phase out additional IT systems that do not sufficiently support the business moving 
forward.  
 
The measures are expected to deliver cost savings and reduced depreciation totalling 
approximately 100 MSEK on an annual basis. The measures also entail costs of 
approximately 170 MSEK recognised in the quarter. The amount is split between 152 MSEK 
for write-down of IT systems and 18 MSEK in costs for headcount reductions. As previously 
communicated, approximately 15 MSEK pertaining to costs for headcount reductions is 
expected to be recognised in forthcoming quarters. The above costs have had a minor 
impact on cash flow. 
Events after the end of the reporting period  
Sales in August 
Sales in August increased by 14 per cent to 860 MSEK (758). Organic sales increased by  
14 per cent compared with the preceding year. Sales in comparable units and local 
currency increased by 14 per cent. Online sales increased by 11 per cent to 92 MSEK (83). 
Compared with the same month of the preceding year, the store portfolio was reduced by 
a net of three stores (reduction of four store in the preceding year). The total number of 
stores at the end of the period was 221 (224). For more information about the store 
network, refer to page 24.
Total sales during the May-Aug 2023 period increased by 9 per cent to 3,053 MSEK 
(2,801). Organic sales increased by 14 per cent compared with the preceding year. Sales in 
comparable units and local currency increased by 11 per cent compared with the 
preceding year. Online sales for the period increased by 10 per cent to 345 MSEK (315). 
Risks and uncertainties 
To develop an attractive and relevant customer offering and to ensure our 
competitiveness, we must understand how our business environment is changing. The 
operations that Clas Ohlson conduct entail risks that could negatively impact the Group to 
varying extents. These risks are divided into strategic, operational and financial risks.  
 
When managed correctly, risks may lead to opportunities and add value to the business. 
 
Distribution of sales   
MSEK Aug 2023 Aug 2022 SEK organic 
May-Aug 
2023 
May-Aug 
2022 SEK organic 
Sweden 381 330 15 15 1,394 1,260 11 11
Norway 379 344 10 14 1,312 1,214 8 12
Finland 101 83 21 8 347 314 10 -0
Outside the Nordics 0 1 – – 0 13 – –
Total 860 758 14 14 3,053 2,801 9 9
Of which online sales 92 83 11 11 345 315 10 10
Percentage change 
Month Accumulated
Percentage change

===== SIDA 8 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  8  
 
We work continuously to update the Group’s risk situation through a systematic process in 
which risks are identified, evaluated, managed and reported. Priority is assigned to the risks 
assessed as having the greatest negative impact in terms of probability and conceivable 
effects on operations. This work contributes to the strategic and operational management 
of the company. 
 
Risks of a strategic character primarily comprise risks associated with changes in the 
business environment and increased competition, shifts in technology and in customers’ 
purchasing habits, market positioning, and product range and offering as well as growth. 
Operational risks are mainly risks associated with purchasing and products, sustainability, 
IT systems, logistics, key individuals, leases, shrinkage and regulatory risks, while risks of a 
financial nature consist primarily of risks associated with changes in the economy, 
currency exposure, transport costs, raw material prices and salary inflation. 
 
For a detailed description of the Group’s significant risks and risk management, refer to 
pages 20-24 of the 2022/23 Annual Report. Risks and uncertainties associated with the 
developments in Ukraine, the effects of these and potential impact on the Group’s 
operations and earnings are routinely evaluated and monitored. The same applies to the 
macro situation at large with increased inflation and higher interest-rates. 
 
Audit 
This report is unaudited. 
 
Clas Ohlson AB (publ) 
Insjön, 6 September 2023 
 
 
Kristofer Tonström 
President and CEO

===== SIDA 9 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  9  
 
Financial statements
  
Consolidated Income Statement
May 2023 May 2022 Aug 2022 May 2022
MSEK - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Sales 2,193.1 2,043.6 9,173.9 9,024.3
Cost of goods sold -1,356.3 -1,325.3 -5,671.7 -5,640.6
Gross profit 836.8 718.3 3,502.2 3,383.6
Selling expenses -652.1 -648.8 -2,730.9 -2,727.6
Administrative expenses -46.0 -44.4 -186.3 -184.8
Other operatioing income 4.3 4.0 18.7 18.4
Other operating expenses* -158.6 -45.2 -298.1 -184.7
Operating profit** -15.5 -16.2 305.6 305.0
Financial income 0.5 1.0 2.9 3.4
Financial expenses -16.6 -15.5 -67.1 -65.9
Profit after financial items -31.6 -30.6 241.5 242.4
Income tax 5.2 6.5 -63.1 -61.8
Profit for the period -26.4 -24.1 178.3 180.6
3 Months 12 Months
*Write-down of IT systems during Q1 current year was -152.2 MSEK.
Total cost for discontinuation of operations in the UK  during Q1 last year was -35.0 MSEK
Disposal of IT system  during Q3 last year was -99.9 MSEK
**Head count reductions during Q1 current year allocates: Cost of goods sold -10.1 MSEK, Selling expenses -6.8 MSEK, Administrative expenses -1.2 MSEK
Head count reductions during Q3 last year allocates: Cost of goods sold -6.1 MSEK, Selling expenses -4.9 MSEK, Administrative expenses -5.5 MSEK, Other operating expenses -2.4 
MSEK
Consolidated Comprehensive Income Statement
May 2023 May 2022 Aug 2022 May 2022
MSEK - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Profit for the period -26.4 -24.1 178.3 180.6
Other comprehensive income, net of tax:
Items that later can be reversed back to the Consolidated income 
statement:
Exchange rate differences 21.7 -2.3 12.7 -11.2
Cash flow hedging -45.9 0.5 -29.3 17.1
Total -24.2 -1.8 -16.6 5.9
Items that later can not be reversed back to the Consolidated income 
statement:
Change in fair value of financial assets 0.0 -26.3 -122.3 -148.6
Total 0.0 -26.3 -122.3 -148.6
Total other comprehensive income, net of tax -24.2 -28.1 -138.8 -142.7
Total comprehensive income for the period -50.6 -52.3 39.5 37.9
Profit for the period attributable to:
Parent Company shareholders -26.4 -24.1 178.3 180.6
Non-controlling interests 0.0 0.0 0.0 0.0
Comprehensive income attributable to:
Parent Company shareholders -50.6 -52.3 39.5 37.9
Non-controlling interests 0.0 0.0 0.0 0.0
3 Months 12 Months

===== SIDA 10 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  10  
 
 
 
Data per share
May 2023 May 2022 Aug 2022 May 2022
- Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Number of shares before dilution 63,357,273 63,356,451 63,356,744 63,356,536
Number of shares after dilution 63,357,273 63,358,973 63,356,744 63,357,260
Number of shares at end of period 63,357,289 63,356,565 63,357,289 63,356,565
Earnings per share before dilution, SEK -0.42 -0.38 2.81 2.85
Earnings per share after dilution, SEK -0.42 -0.38 2.81 2.85
Comprehensive income per share, SEK -0.80 -0.82 0.62 0.60
3 Months 12 Months
Consolidated Balance Sheet
31 Jul 31 Jul 30 Apr
MSEK 2023 2022 2023
Assets
IT and software costs 138.0 475.3 307.5
Tangible assets 651.1 714.3 662.0
Right-of use assets 1,644.7 1,604.4 1,553.6
Securities held as fixed assets 9.5 131.7 9.5
Deferred tax assets 74.5 68.4 71.3
Other non-current receivables 12.3 24.1 15.6
Total non-current assets 2,529.9 3,018.2 2,619.5
Inventories 2,221.3 2,475.7 2,177.1
Accounts receivable 41.5 43.6 51.1
Tax assets 31.2 22.7 28.7
Other receivables 14.6 14.9 16.5
Prepaid expenses and accrued income 80.9 89.0 73.8
Cash and cash equivalents 108.9 260.1 143.1
Total current assets 2,498.4 2,905.9 2,490.2
Total assets 5,028.2 5,924.1 5,109.7
Equity and liabilities
Capital and reserves attributable to Parent Company shareholders
Share capital 82.0 82.0 82.0
Other contributed capital 90.4 90.4 90.4
Other reserves -63.4 -48.4 -40.7
Profit brought forward including profit for the year 1,279.4 2,044.7 1,305.6
Total equity 1,388.4 2,168.7 1,437.4
Long-term lease liabilities, interest bearing 1,182.5 1,198.6 1,111.2
Deferred tax liabilities 164.0 204.6 175.9
Other non-current provisions 0.0 3.4 0.0
Total non-current liabilities 1,346.5 1,406.6 1,287.1
Current lease liabilities, interest bearing 542.5 512.5 521.2
Accounts payable 757.0 840.9 752.7
Tax liability 44.2 53.6 41.2
Other current liabilities 324.6 298.3 212.7
Overdraft facilities 23.5 0.0 244.4
Accrued expenses and prepaid income 518.4 530.4 517.7
Contract liabilities 83.1 113.0 95.3
Total current liabilities 2,293.3 2,348.8 2,385.2
Total equity and liabilities 5,028.2 5,924.1 5,109.7

===== SIDA 11 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  11  
 
 
 
Consolidated Cash Flow
 May 2023 May 2022 Aug 2022 May 2022
MSEK - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Operating profit -15.5 -16.2 305.6 305.0
Adjustment for items not included in cash flow 325.1 221.8 1,009.7 906.5
Interest received 0.5 1.0 2.9 3.4
Interest paid -16.6 -15.5 -67.1 -65.9
Tax paid -43.8 -69.8 -122.1 -148.1
Cash flow from operating activities before changes in working capital 249.7 121.4 1,129.1 1,000.7
Change in working capital 78.6 -156.0 174.7 -59.9
Cash flow from operating activities 328.3 -34.6 1,303.7 940.8
Investments in intangible assets 0,0 -16.9 -19.0 -35.9
Investments in tangible assets -14.1 -15.5 -86.1 -87.5
Investments in securities held as fixed assets 0.0 0.0 0,0 0,0
Change in current investments 0.0 0,0 0.0 0.0
Cash flow from investing activities -14.1 -32.4 -105.0 -123.4
Change in current liabilities, interest-bearing -220.9 0.0 23.5 244.4
Repayment of lease liabilities -130.1 -129.6 -550.0 -549.5
Change in non-current receivable 0.0 0.0 -0.0 0,0
Dividend to shareholders 0.0 0.0 -823.6 -823.6
Cash flow from financing activities -351.0 -129.5 -1,350.2 -1,128.7
Cash flow for the period -36.8 -196.5 -151.5 -311.2
Cash and cash equivalents at the start of the period 143.1 456.6 260.1 456.6
Exchange rate differencs in cash and cash equivalents 2.6 -0.0 0.3 -2.3
Cash and cash equivalents at the end of the period 108.9 260.1 108.9 143.1
3 Months 12 Months

===== SIDA 12 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  12  
 
 
 
 
Sales by segment*
May 2023 May 2022
MSEK - Jul 2023 - Jul 2022
Total sales 2,193.1 2,043.6
Net sales by geographic markets:
Sweden 1,013.8 930.4
Norway 933.6 870.2
Finland 245.7 231.0
Outside the Nordics - 12.1
Depreciation intangiable and tangiable assets -52.7 -63.7
Depreciation right-of use assets -131.6 -126.1
EBIT -15.5 -16.2
Net financial items -16.1 -14.5
Result after financial items -31.6 -30.6
Tax 5.2 6.5
Profit for the period -26.4 -24.1
Assets
Non-current assets 2,529.9 3,018.2
Current assets 2,498.4 2,905.9
Investments
Intagible assets - -16.9
Tangible assets -14.1 -15.5
*The Group’s operations are divided into segments based on how the Group’s senior executives follows up 
performance and assigns resources. As of financial year 23/24, Clas Ohlson Group comprises one retail segment. The 
categorization reflects the Group’s organization and shared processes such as purchasing, logistics, sales, etc. Internal 
monthly follow-up focuses on the Group as a whole, with complementary geographic sales information. The 
performance measures presented represents the main performance measure by which the operations are evaluated.
Detaljhandel
Segment
3 Months
Change in equity
May 2023 May 2022
MSEK - Jul 2023 - Jul 2022
Equity brought forward 1,437.4 2,221.6
Paid-in option premiums:
Value of employee services 1.7 -0.6
Total comprehensive income -50.6 -52.3
Equity carried forward 1,388.4 2,168.7
3 Months

===== SIDA 13 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  13  
 
 
 
31 Jul 31 Jul
MSEK 2023 2022
Securities held as fixed assets,
 valued at fair value at the beginning of the year 9.5 158.0
Change in fair value 0.0 -26.3
Securities held as fixed assets,
 valued at fair value at the end of the period 9.5 131.7
The assessed valuation takes into account Mathem's future capital needs. Mathem is valued at a 
discount of 19 percent compared to the multiple referenced from a peer group of inventory-holding e-
commerce retailers. 
Equity value of 9.5 MSEK. A +/- 10% change in the multiple would have affected the value by +/- 0.9 
MSEK. Value changes are accounted for in total comprehensive income. 
Investment in Mathem’s equity instrument is not held for trading. Instead, they are held for medium to 
long-term strategic purposes. Accordingly, the directors of the Company have elected to designate the 
investment in equity instrument as at FVTOCI (Fair Value Through the statement of Other 
Comprehensive Income) as they believe that recognising short-term fluctuations in the investment’s 
fair value in profit or loss would not be consistent with the Group’s strategy of holding the investment 
for long-term purposes and realising their performance potential in the long run.
No dividends was received from equity investment designated as at FVTOCI.
Valuation method for securities held as fixed assets, level 3:
Company: MatHem, 5% shareholding
Valuation Method: 
The assessed valuation implies a multiple of 0.5 times the company's revenues per 31st March 2023 
and is based on latest available rolling twelve months revenue.
Securities held as fixed assets, valued at fair value
The table below indicates fair value for financial assets in the Group. The financial instruments 
are categorized on three levels:
Level 1: Fair value established based on listed prices in an active market for the same instrument.
Level 2: Fair value established based on valuation techniques with observable market data, either 
directly (as a price) or indirectly (derived from a price) and not included in Level 1.
Level 3: Fair value established using valuation techniques, with significant input from data that is not 
observable in the market. 
Forward contracts
31 Jul 31 Jul
MSEK 2023 2022
Sell/buy
NOK/SEK -12.3 -1.1
NOK/USD -8.3 17.3
Total -20.6 16.3
Deferred tax asset/liability 4.2 -3.4
Forward contracts valued at fair value
 at the end of the period -16.4 12.9
The amount for forward contracts NOK/USD are allocated as follows:
NOK/SEK -13.2 -1.4
SEK/USD 4.9 18.8
Total -8.3 17.3
The currency pairs recognized in the balance sheet are as follows:
Current assets 3.5 23.5
Current liabilities 24.1 7.2
As per balance-sheet date, outstanding cash-flow hedging existed according to the following table 
per currency pair (carrying amount and fair value)
Forward contracts belong to the derivative category, which is used for hedging purposes. All 
derivatives are measured at fair value, established by using forward contract prices on balance-sheet 
date, meaning, level 2 in the fair value hierarchy according to IFRS 13. The company hedge the 
expected flow in each currency every month, with three to nine-month maturities. Forward contracts 
with negative market value are recognized in the item Current liabilities, non-interest bearing. Forward 
contracts with positive market values are recognized in the item Other receivables.

===== SIDA 14 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  14  
 
 
 
 
The quarterly overview is available on https://about.clasohlson.com/en/investors/financial-data/. 
  
Key ratios
 May 2023 May 2022 Aug 2022 May 2022
 - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Sales growth, % 7.3 -0.6 4.6 2.7
Gross margin, % 38.2 35.1 38.2 37.5
Operating margin, % -0.7 -0.8 3.3 3.4
Return on capital employed, % – – 9.2 8.8
Return on equity, % – – 11.8 10.6
Equity/assets ratio, % 27.6 36.6 27.6 28.1
Equity/assets ratio, excl IFRS 16, % 43.8 52.8 43.8 43.0
Net debt/EBITDA – – 1.3 1.6
Net debt/EBITDA, excl IFRS 16 – – -0.1 0.2
Sales per sq.m in stores, SEK thousand 8.0 7.1 32.6 31.7
Number of stores at period end 221 225 221 222
Average number of employees 3,142 3,278 3,093 3,128
Number of Club Clas members 5,104,807 4,467,043 5,104,807 5,025,512
Data per share
Number of shares before dilution 63,357,273 63,356,451 63,356,744 63,356,536
Number of shares after dilution 63,357,273 63,358,973 63,356,744 63,357,260
Number of shares at period end 63,357,289 63,356,565 63,357,289 63,356,565
Earnings per share before dilution, SEK -0.42 -0.38 2.81 2.85
Earnings per share after dilution, SEK -0.42 -0.38 2.81 2.85
Comprehensive income per share, SEK -0.80 -0.82 0.62 0.60
Cash flow per share*, SEK 5.18 -0.55 20.58 14.85
Equity per share, SEK 21.91 34.23 21.91 22.69
3 Months 12 Months
* From operating activities

===== SIDA 15 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  15  
 
 
 
 
 
 
 
  
Parent Company Income Statement
May 2023 May 2022 Aug 2022 May 2022
MSEK Note - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Sales 1,852.6 1,640.2 7,637.6 7,425.2
Cost of goods sold 1 -1,341.3 -1,253.1 -5,669.6 -5,581.4
Gross profit 511.3 387.2 1,968.0 1,843.8
Selling expenses 1 -342.6 -380.6 -1,453.5 -1,491.5
Administrative expenses 1 -39.5 -38.3 -143.9 -142.7
Other operating income 4.3 4.0 18.8 18.5
Other operating expenses -158.6 -37.2 -295.8 -174.4
Operating profit -25.2 -64.8 93.6 53.9
Dividends from group companies 0.2 0.0 121.8 121.5
Financial income 0.3 0.5 3.1 3.3
Financial expenses -3.3 -1.1 -15.7 -13.4
Profit after financial items -27.9 -65.5 202.8 165.3
Appropriations 0.0 0.0 175.2 175.2
Profit before tax -27.9 -65.5 378.0 340.4
Income tax 5.8 13.6 -56.9 -49.1
Profit for the period -22.1 -51.9 321.1 291.3
3 Months 12 Months
Parent Company Comprehensive Income Statement
May 2023 May 2022 Aug 2022 May 2022
MSEK - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
-22.1 -51.9 321.1 291.3
- -26.3 -122.3 -148.6
- -26.3 -122.3 -148.6
-22.1 -78.2 198.9 142.7
May 2023 May 2022 Aug 2022 May 2022
- Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Depreciations for the period 40.0 49.9 182.5 192.4
3 Months 12 Months
Profit for the period
Other comprehensive income, net of tax:
Other comprehensive income, net of tax
Total comprehensive income
Note 1 Depreciations 3 Months
Items that later can not be reversed back to the Consolidated income statement:
Change in fair value of financial assets
12 Months

===== SIDA 16 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  16  
 
 
 
 
Parent Company Balance Sheet
31 Jul 31 Jul 30 Apr
MSEK 2023 2022 2023
Assets
IT and software costs 134.0 472.2 303.4
Tangible assets 468.5 517.5 483.2
Securities held as fixed assets 9.5 131.7 9.5
Deferred tax assets 3.7 4.1 3.6
Non-current receivables from Group Companies 0.3 0.2 0.2
Other non-current receivables 0.0 2.3 0.0
Participation in Group Companies 45.5 45.5 45.5
Total non-current assets 661.4 1,173.6 845.5
Merchandise 1,591.5 1,937.6 1,599.1
Accounts receivable 20.4 24.6 33.1
Tax assets 31.1 15.2 26.5
Receivables from Group Companies 117.9 36.1 193.7
Other receivables 0.3 1.3 1.1
Prepaid expenses and accrued income 120.7 107.8 89.6
Cash and cash equivalents 30.2 184.2 52.4
Total current assets 1,912.1 2,306.9 1,995.5
Total assets 2,573.5 3,480.5 2,840.9
31 Jul 31 Jul 30 Apr
MSEK 2023 2022 2023
Equity and liabilities
Share capital, 65,600,000 shares with a quotient value of 1.25 SEK 82.0 82.0 82.0
Statutory reserve 106.8 106.8 106.8
Development fund 11.5 28.2 16.1
Total restricted equity 200.3 217.1 204.9
Profit brought forward 568.7 1,080.5 271.0
Fair value fund -242.9 -120.6 -242.9
Profit for the year -22.1 -51.9 291.3
Total non-restricted equity 303.7 908.0 319.4
Total equity 504.1 1,125.0 524.4
Untaxed reserves 805.5 980.6 805.5
Accounts payable 743.7 815.5 722.8
Tax liabilites 0.0 1.6 0.0
Liabilities to Group companies 27.0 66.4 69.2
Current liabilities, intereset-bearing 23.5 0.0 244.4
Contract liabilities 60.0 57.7 73.1
Other current liabilities 57.9 53.7 65.4
Accrued expenses and prepaid income 351.9 379.8 336.2
Total current liabilites 1,264.0 1,374.8 1,511.1
Total equity and liabilities 2,573.5 3,480.5 2,840.9

===== SIDA 17 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  17  
 
Accounting policies 
Compliance with regulation and reporting standards 
Clas Ohlson applies the International Financial Reporting Standards (IFRS) and interpretations from the IFRS Interpretation 
Committee (IFRIC) adopted by the EU. This interim report has been prepared in accordance with the Swedish Annual 
Accounts Act, IAS 34 Interim Financial Reporting and RFR 1 Supplementary Accounting Rules for Groups. Disclosures in 
accordance with IAS 34 Interim Financial Reporting are provided in the notes and elsewhere in this interim report.  
Basis for reporting 
The Parent Company’s financial statements have been prepared in accordance with the Swedish Annual Accounts Act and 
the Swedish Financial Reporting Board’s Recommendation RFR 2. The same accounting policies are applied as for the 
Group, except in those cases described under the section headed “Parent Company accounting policies” in the 2022/23 
Annual Report on page 49. 
 
For the consolidated financial statements, the same accounting policies and calculation methods as in the latest annual 
report are applied. No new or revised IFRS and interpretations applied from 1 May 2023 have had any discernible effect on 
the consolidated financial statements.  
 
For a more detailed description of the accounting policies applied to the Group and Parent Company in this interim report, 
refer to the 2022/23 Annual Report, pages 44-49.

===== SIDA 18 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  18  
 
Alternative performance measures 
This section contains a reconciliation of certain alternative performance measures (APMs) with the closest reconcilable 
items in the financial statements. As analysis tools, APMs are limited, and must be considered in their context and not as a 
replacement of financial measures prepared in accordance with IFRS. APMs are presented to improve an investor’s 
evaluation of the operations, as an aid in forecasts of forthcoming periods, and to simplify meaningful comparisons of 
earnings between periods. Management uses these APMs, for example, to evaluate the operating activities compared with 
previous results, for internal planning and forecasts and to calculate certain performance-related remuneration. For 
definitions, refer to page 21. The APMs recognised in this quarterly report may differ from similarly named measures used by 
other companies.  
 
 
 
 
 
 
 
 
 
 
 
 
May 2023 May 2022 Aug 2022 May 2022
Return on equity - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Net profit for the period, MSEK – – 178.3 180.6
Average equity, MSEK – – 1,517.2 1,699.7
Return on equity – – 11.8% 10.6%
3 Months 12 Months
Reason for use: Return on equity is a measure of profitability in relation to the book value of equity. Retun on equity is also a measure of how investments are 
used to generate increased income.
Return on capital employed
Operating profit, MSEK – – 305.6 305.0
Interest income, MSEK – – 2.9 3.4
Average capital employed, MSEK – – 3,364.1 3,504.3
Return on capital employed – – 9.2% 8.8%
Reason for use: Return on capital employed is a measure of profitability after taking into account the amount of capital used. A higher return on capital employed 
indicates that capital is used more efficiently.
Gross margin
Gross profit, MSEK 836.8 718.3 3,502.2 3,383.6
Sales, MSEK 2,193.1 2,043.6 9,173.9 9,024.3
Gross margin 38.2% 35.1% 38.2% 37.5%
Reason for use: Gross margin shows the difference between net sales and the cost of goods sold expressed as a percentage of net sales. Gross margin is 
affected by several factors, for example, product mix, price trend and cost reductions.
Gross profit, MSEK
Sales 2,193.1 2,043.6 9,173.9 9,024.3
Cost of goods sold -1,356.3 -1,325.3 -5,671.7 -5,640.6
Gross profit 836.8 718.3 3,502.2 3,383.6
Reason for use: Gross profit shows the difference between net sales and the cost of goods sold. Gross profit is affected by several factors, for example, product 
mix, price trend and cost reductions.
Equity per share, SEK
Total equity, MSEK 1,388.4 2,168.7 1,388.4 1,437.4
Number of shares at end of period (millions of share) 63.36 63.36 63.36 63.36
Equity per share 21.91 34.23 21.91 22.69
Reason for use: Equity per share measures the company´s net value per share and determines whether a company increases its shareholders capital over time.
EBITDA, MSEK
Operating profit -15.5 -16.2 305.6 305.0
Depreciation, amortisation and write-down 335.3 189.9 942.5 797.0
EBITDA 319.8 173.7 1,248.1 1,102.0
Reason for use: Measures the financial performance before depreciation, amortisation, write-down, interest and tax.

===== SIDA 19 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  19  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
May 2023 May 2022 Aug 2022 May 2022
EBITDA excl IFRS 16, MSEK - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Operating profit excl IFRS 16 -33.1 -36.0 231.3 228.3
Depreciation, amortisation and write-down excl IFRS 16 203.7 63.7 410.6 270.6
EBITDA excl IFRS 16 170.6 27.7 641.9 498.9
Reason for use: Measures the financial performance before depreciation, amortisation, write-down, interest and tax.
3 Months 12 Months
Sales growth, MSEK
Sales actual period 2,193.1 2,043.6 9,173.9 9,024.3
Sales  previous period 2,043.6 2,055.6 8,771.7 8,783.7
Sales growth 7.3% -0.6% 4.6% 2.7%
Reason for use: The change in sales reflects the company´s realised sales growth over time.
Average inventory value, MSEK
Average inventory value – – 2,346.4 2,396.8
Reason for use: Shows average inventory value over the past 12 months. 
Cash flow from operating activities per share, SEK
Cash flow from operating activities, MSEK 328.3 -34.6 1,303.7 940.8
Number of shares before the dilution (millions of share) 63.36 63.36 63.36 63.36
Cash flow from operating activities per share 5.18 -0.55 20.58 14.85
Reason for use: Cash flow from operating activities per share measures the cash flow that the company generates per share before capital investments and 
cash flows attributable to the company’s financing.
Net debt, MSEK
Interest bearing liabilities – – 1,748.4 1,876.8
Cash and cash equivalents – – 108.9 143.1
Total Net debt – – 1,639.6 1,733.7
Reason for use: Net debt shows the company's indebtedness over time.
Net debt excl IFRS 16, MSEK
Interest bearing liabilities excl lease liabilities – – 23.5 244.4
Cash and cash equivalents – – 108.9 143.1
Total Net debt excl IFRS 16 – – -85.4 101.3
Reason for use: Net debt shows the company's indebtedness over time.
Working capital, MSEK
Total current assets 2,498.4 2,905.9 2,498.4 2,490.2
-Cash and cash equivalents -108.9 -260.1 -108.9 -143.1
-Current non-interest bearing liabilities -1,727.3 -1,836.3 -1,727.3 -1,619.6
Working capital 662.2 809.5 662.2 727.5
Reason for use: Working capital is used to measure the company’s ability to meet short-term capital requirements.

===== SIDA 20 =====

FINANCIAL STATEMENTS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  20  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 2023 May 2022 Aug 2022 May 2022
Operating margin - Jul 2023 - Jul 2022 - Jul 2023 - Apr 2023
Operating profit, MSEK -15.5 -16.2 305.6 305.0
Sales, MSEK 2,193.1 2,043.6 9,173.9 9,024.3
Operating margin -0.7% -0.8% 3.3% 3.4%
Reason for use: The operating margin shows operating profit as a percentage of net sales and shows operational profitability.
3 Months 12 Months
Operating profit excl IFRS 16
Operating profit, MSEK -15.5 -16.2 305.6 305.0
IFRS 16-effect -17.6 -19.9 -74.4 -76.7
Operating profit excl IFRS 16 -33.1 -36.0 231.3 228.3
Reason for use: To create comparability in analyses where years prior to IFRS 16 are included. 
Equity/assets ratio
Total equity, MSEK 1,388.4 2,168.7 1,388.4 1,437.4
Total assets, MSEK 5,028.2 5,924.1 5,028.2 5,109.7
Equity/Assets ratio 27.6% 36.6% 27.6% 28.1%
Reason for use: A high equity/assets ratio provides the financial scope and independence required for conducting the operations and managing variations in the 
need for working capital and for capitalising on business opportunities.
Equity/assets ratio excl IFRS 16
Total equity excl IFRS 16, MSEK 1,493.5 2,289.2 1,493.5 1,540.9
Total assets excl IFRS 16, MSEK 3,408.3 4,333.6 3,408.3 3,580.8
Equity/assets ratio excl IFRS 16 43.8% 52.8% 43.8% 43.0%
Reason for use: A high equity/assets ratio provides the financial scope and independence required for conducting the operations and managing variations in the 
need for working capital and for capitalising on business opportunities.
Capital employed, MSEK
Total assets 5,028.2 5,924.1 5,028.2 5,109.7
Long-term non-interest bearing liabilities -164.0 -208.1 -164.0 -175.9
Current non-interest bearing liabilities -1,727.3 -1,836.3 -1,727.3 -1,619.6
Capital employed 3,136.9 3,879.8 3,136.9 3,314.1
Reason for use: Capital employed measures the company’s ability, in addition to cash balances and cash equivalents, to meet the needs of the operations.
Comprehensive income per share, SEK
Comprehensive income for the period, MSEK -50.6 -52.3 39.5 37.9
Average number of shares before dilution (millions of share) 63.36 63.36 63.36 63.36
Comprehensive income per share -0.80 -0.82 0.62 0.60
Reason for use: Measures the comprehensive income in relation to average number of shares before dilution. 
Earnings per share (before and after dilution), SEK*
Net profit for the period, MSEK -26.4 -24.1 178.3 180.6
Number of shares before dilution (millions of share) 63.36 63.36 63.36 63.36
Number of shares after dilution (millions of share) 63.36 63.36 63.36 63.36
Number of shares before dilution -0.42 -0.38 2.81 2.85
Number of shares after dilution -0.42 -0.38 2.81 2.85
*Defined in accordance with IFRS

===== SIDA 21 =====

KEY RATIO DEFINITIONS  
CLAS OHLSON THREE - MONTH REPORT 2023/24  21  
 
Key ratio definitions 
Clas Ohlson uses certain financial measures in this interim report that are not defined in accordance with IFRS. Clas Ohlson 
believes that these key ratios are relevant to users of the financial report as a supplement for assessing Clas Ohlson’s 
performance. These financial measures are not always comparable with the measures used by other companies since not all 
companies calculate such financial measures in the same way. Accordingly, these financial measures are not to be regarded 
as a replacement for measures defined according to IFRS. The measures not defined according to IFRS are presented 
below, unless otherwise stated. 
 
Return on equity 
Net profit for the period expressed as a percentage of average 
equity. Average equity is calculated as the total equity for the most 
recent 12 months divided by 12.  
Return on capital employed 
Operating profit plus financial income expressed as a percentage 
of average capital employed. Average capital employed is 
calculated as the total capital employed for the most recent 12 
months divided by 12.  
Gross margin 
Gross profit divided by sales for the period. 
Gross profit  
Gross profit is calculated as the total of sales less cost of goods 
sold. 
Dividend yield 
Dividend per share divided by the year-end share price. 
EBITDA  
Operating profit/loss before interest, tax, depreciation, 
amortisation and write-down. 
EBITDA excl IFRS 16 
Operating profit/loss before interest, tax, depreciation, 
amortisation and write-down excl effect on operating expenses 
according to IFRS 16.  
Equity per share 
Equity divided by the number of shares outstanding at the end of 
the period. 
Share of selling expenses, % 
Selling expenses in relation to sales. 
Sales growth 
Sales in relation to sales during the year-earlier period. 
Average inventory value 
Average inventory value is calculated as the total inventories for 
the most recent 12 months divided by 12. 
Cash flow from operating activities 
Operating profit adjusted for items not included in cash flow, 
interest, paid tax and change in working capital. 
Cash flow from operating activities per share 
Cash flow from operating activities divided by the average number 
of shares before dilution.  
Net debt 
Interest-bearing liabilities less cash and cash equivalents.  
Net debt excl IFRS 16 
Interest-bearing liabilities excl interest-bearing lease liabilities less 
cash and cash equivalents. 
Net debt/EBITDA  
Net debt divided by EBITDA for the last 12 months. 
Organic growth  
Sales growth in local currencies, excluding acquisitions. 
P/E ratio 
Share price at year-end divided by earnings per share before 
dilution. 
Working capital 
The total of current assets, minus cash and cash equivalents 
(inventories and current receivables), less current non-interest 
bearing liabilities.  
Operating margin 
Operating profit divided by sales for the period. 
Operating profit 
Operating profit comprises profit before financial items and tax. 
Operating profit excl IFRS 16 
Operating profit comprises profit before financial items and tax 
excl effects on operating expenses according to IFRS 16.  
Equity/assets ratio 
Equity at the end of the period divided by the balance-sheet total 
(total assets). 
Equity/assets ratio excl IFRS 16 
Equity at the end of the period divided by the balance-sheet total 
(total assets) excl effects relating to equity and interest-bearing 
lease assets according to IFRS 16.

===== SIDA 22 =====

GLOSSARY  
CLAS OHLSON THREE - MONTH REPORT 2023/24  22  
 
Capital employed 
Balance-sheet total (total assets) less current liabilities and non-
current liabilities, non-interest-bearing liabilities. 
Comprehensive income per share 
Comprehensive income divided by average number of shares 
before dilution. 
Payout ratio 
Dividend divided by earnings per share before dilution. 
Earnings per share (before and after dilution)* 
Profit for the period divided by the number of shares (before and 
after dilution). 
 
*Defined in accordance with IFRS. 
 
 
 
Glossary 
Club Clas 
Clas Ohlson’s loyalty programme. 
Sales per square metre 
Store sales in relation to the effective retail space. For new stores, 
a conversion has been made in relation to how long the store has 
been open. 
Cost of goods sold 
Cost for purchases of goods and transport costs, customs and 
handling costs until the goods are displayed in a store or delivered 
to the customer. 
Comparable units 
Units that have been in operation during the current period and the 
entire year-earlier period.

===== SIDA 23 =====

THE SHARE  
CLAS OHLSON THREE - MONTH REPORT 2023/24  23  
 
The share 
Clas Ohlson Series B shares have been listed on Nasdaq Stockholm since 1999 and 
are included in the Consumer Services sector index. At 31 July 2023, the share price 
was SEK 85.75 and the total market capitalisation amounted to 5,433 MSEK.  
Number of shares 
The number of registered shares totalled 65,600,000 (5,760,000 Series A shares 
and 59,840,000 Series B shares), unchanged from the preceding year. On 31 July 
2023, the company held 2,242,711 shares (2,243,435) corresponding to 3.4 per cent 
of the total number of registered shares. At the end of the period, the number of 
shares outstanding, net after buy-back, was 63,357,289 (63,356,565). 
 
Dividend policy 
Clas Ohlson’s dividend policy is that the dividend is to comprise at least 50 per cent of  
Earnings per share after tax, taking into account the company’s financial position.  
 
The Board of Directors proposes that a dividend of 1.50 SEK per share be paid for the  
2022/23 financial year. It is proposed that payment be made in September. 
 
 
 
 
Owner CLAS A CLAS B Capital Votes
Haid family 3,023,880 12,029,103 22.9% 36.0%
Tidstrand family 2,736,120 7,079,828 15.0% 29.3%
Nordea Fonder 5,283,178 8.1% 4.5%
If Skadeförsäkring AB 2,427,530 3.7% 2.1%
Vanguard 1,412,463 2.2% 1.2%
Norges Bank 957,145 1.5% 0.8%
Dimensional Fund Advisors 797,913 1.2% 0.7%
SHB Fonder & Liv 793,395 1.2% 0.7%
Fidelity International (FIL) 728,029 1.1% 0.6%
BlackRock 644,988 1.0% 0.5%
Acadian Asset Management 596,749 0.9% 0.5%
American Century Investment 
Management 490,781 0.7% 0.4%
SEB Fonder & Liv 468,002 0.7% 0.4%
Nordnet Pensionsförsäkring 444,992 0.7% 0.4%
Avanza Pension 356,175 0.5% 0.3%
Total top 15 5,760,000 34,510,271 61.4% 78.4%
Other shareholders 25,329,729 38.6% 21.6%
Total 5,760,000 59,840,000 100.0% 100.0%
Shares owned by Clas Ohlson 2,242,711 3.4% 1.9%
The largest shareholders per 31 July 2023
Share data 
Listing Nasdaq Stockholm 
Mid Cap 
Ticker Clas B 
Industry Consumer Services 
ISIN code SE0000584948 
  
Earnings per share, SEK 
  
 
Dividend per share, SEK 
 
 
-2.00
-1.00
0. 00
1. 00
2. 00
3. 00
4. 00
5. 00
Q1 Q2 Q3 Q4
2022/23 2023/24
0. 00
1. 00
2. 00
3. 00
4. 00
5. 00
6. 00
7. 00
*Ordinary  dividend
**Extra dividend
***Proposed dividend

===== SIDA 24 =====

CLAS OHLSON IN BRIEF  
CLAS OHLSON THREE - MONTH REPORT 2023/24  24  
 
Clas Ohlson in brief 
Clas Ohlson’s overall purpose is to make home fixing available, 
sustainable and enjoyable for everyone.  
The company was founded in 1918 as a mail order business based in Insjön, Dalarna, 
Sweden. Today, we are one of Nordic countries’ strongest retail brands with customers 
in three markets, with over 5 million members of Club Clas, approximately 5,000 co-
workers, and sales of approximately 9 billion SEK. The Clas Ohlson series B share has 
been listed on Nasdaq Stockholm since 1999.  
 
Read more about how we help people fix their homes with practical and sustainable 
solutions at attractive prices at about.clasohlson.com/en/  
 
Update on store network  
Clas Ohlson’s ongoing review of the store network takes into consideration the market 
conditions, new customer behaviour patterns, demand projections and contracts signed 
with property owners. On the reporting date, the number of contracted forthcoming 
store openings was 9, and the total number of stores was 221 (225). 
 
Openings/closings Q1 2023/24 
• Norway, Fredrikstad Torvbyen, closed 2 June 2023  
Events after the end of the reporting period 
• Sweden, Kalmar Baronen, closed 11 August 2023  
• Norway, Kristiansand, new store opened 24 August 2023 
• Sweden, Stockholm Västermalmsgallerian, scheduled to open in November 2023 
• Norway, Notodden, scheduled to open in November 2023 
• Norway, Kolbotn, scheduled to open in November 2023 
• Norway, Oslo Nygata, scheduled to open in March 2024 
• Sweden, Halmstad Hallarna, scheduled to open in March 2024 
• Sweden, Sundsvall city, scheduled to open in March 2024 
• Sweden, Malmö Kronprinsen, scheduled to open in April 2024 
• Sweden, Falkenberg, scheduled to open in April 2024 
• Finland, Oulu Kaakkuri, scheduled to open in May 2024 
 
Strategic focus areas 
• Relevant assortment all year around 
• A growing and profitable online business 
• Expand the store network 
• Efficient customer communication 
• A competitive cost base 
• Execution on our sustainability agenda 
Financial targets/framework 
• Sales are to increase organically by 5 per 
cent per year 
• The operating margin is to amount to 
between 7-9 per cent per year 
• The dividend is to comprise at least 50 per 
cent of earnings per share after tax, 
considering the company’s financial position  
• Net debt in relation to EBITDA, excluding the 
effect of IFRS 16, to be below two (2) times. 
Investments are to be made with regards to 
the company’s financial position, cash flow 
and strategic activities 
Sustainability targets 
• The Planet: Climate neutral and fully circular 
by 2045 – own operations to be climate 
neutral by 2026. Joined the Science Based 
Targets initiative. 
• People: A sustainable and long-term 
employer with happy co-workers  
• Society: Contributing to a fair and 
prosperous society for future generations 
 
 Financial calendar 
 8 September 2023 Annual General Meeting 
 
6 December 2023 Six-month Report 2023/24 
 
6 March 2024 Nine-month Report 2023/24 
5 June 2024 Year-end Report 2023/24 
4 September 2024 Three-month Report 2024/25 
4 December 2024 Six-month Report 2024/25