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Clas Ohlson Annual Report 2018-19

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Clas Ohlson Annual Report 2018-19 Annual and Sustainability Report 2018/19 CLAS OHLSON 2018/19 1 Contents 2 This is Clas Ohlson 4 – Markets 6 The year in review 10 CEO’s statement BUSINESS ENVIRONMENT 14 Drivers and trends 16 Stakeholder expectations STRATEGY & TARGETS 18 Strategic framework 21 Targets and target fulfilment OUR WAY OF WORKING 24 Business model 26 Governance and responsibility 32 Co-workers OPERATIONS 38 A unique customer offering 44 – Purchasing 46 – Ambitious quality approach 48 – Our products and services 50 Outstanding customer service 51 – Available sales channels 60 Smart and simple 61 – Distribution 67 – Organisation and competence mix ANNUAL REPORT 72 Directors’ Report 77 – Appropriation of earnings 78 – Risks and uncertainties 82 – Chairman’s statement 83 – Corporate governance 92 – Board of Directors 94 – Group management 96 Consolidated financial statements 99 Parent Company financial statements 102 Notes 122 Certification of the Annual Report 123 Auditor’s report 126 Sustainability report 128 Supplementary sustainability information 128 – Eight current target areas 130 – Our value chain 132 – Clas Ohlson’s contributions to the SDGs ABOUT THE ANNUAL REPORT Clas Ohlson presents financial and non-financial 136 – Sustainability risks information integrated in a single report. The report includes standard and specific 138 – GRI Index disclosures based on the GRI guidelines, Standards. The scope of the statutory sustainability report is stated on page 126. The statutory annual report encompass- 142 The share es the Directors’ Report and the financial statements on pages 72-122. 146 Quarterly data 147 Key ratio definitions and glossary 148 Alternative performance measures Clas Ohlson is a Swedish company and is subject to Swedish law. All values are 150 Ten-year overview stated in Swedish kronor (SEK). Values in millions of SEK are abbreviated MSEK 152 Store overview and thousands of SEK as SEK 000. Unless otherwise specified, figures in paren- 154 History thesis pertain to 2017/18. Data regarding markets and competition reflect Clas 156 Annual General Meeting and reporting calendar Ohlson’s own assessments if a specific source is not quoted. These assessments are based on the best and most recent factual data from published sources in the public sector and the consumer goods industry. This Annual Report has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish and the English version, the former shall have precedence. 2 CLAS OHLSON 2018/19 THIS IS CLAS OHLSON OUR MISSION To help and inspire people to improve their everyday life by offering smart, simple and practical solutions at attractive prices. Welcome to Clas Ohlson! In 1918, the entrepreneur Clas Ohlson founded attractive prices. We also urge our value chain to a mail order business in Insjön, Dalarna, Sweden, become more resource-efficient and we respect to which he gave his name. Today, Clas Ohlson is people and the environment in all parts of our a retail company with customers in five markets, operations. Our corporate culture, the Clas Ohl- about 5,000 co-workers, and sales of approxi- son spirit, is based on an approach inspired by our mately 8.8 billion SEK. A lot has happened since founder regarding how we treat our customers the beginning, but one thing has been the same and each other. all these years: every day, we want to help and inspire people to improve their everyday life by The Clas Ohlson share has been listed on Nasdaq offering smart, simple and practical solutions at Stockholm since 1999. CLAS OHLSON 2018/19 3 THIS IS CLAS OHLSON | MARKETS Clas Ohlson locations Stores Online We have 232 stores in four countries and our entire affordable product range for solving everyday practical problems is available around the clock at clasohlson.com. Employees NORDIC REGION NORWAY SWEDEN Percentage of total sales 90 97 Finland, 12% Online Online Sweden, 44% 1,668 2,598 Norway, 41% FINLAND 42 Online 538 OUTSIDE NORDIC COUNTRIES Outside Nordic countries in one segment Clas Ohlson reports operations in the UK and Germany in one segment: “Outside Nordic countries.” Percentage of total sales UK GERMANY Outside Nordic countries, 3% 3 Online Online 6 113 CHINA (PURCHASING OFFICES) 63 4 CLAS OHLSON 2018/19 THIS IS CLAS OHLSON | MARKETS More information about Clas Ohlson’s markets can be read at about.clasohlson.com. ONLINE SWEDEN SWEDEN NORWAY FINLAND Percentage of total sales Start year: 1918 Start year: 1985 Start year: 2002 97 stores 90 stores 42 stores Online 6% 7 new stores, net, 2018/19 1 new store, net, 2018/19 3 new stores, net, 2018/19 Development during the year Development during the year Development during the year After some 20 years of positive The Norwegian market was The 2018 retail year in Finland growth in the consumer durables characterised by a rapid rate of featured relatively stable sales retail area, the industry is showing change and customers appre- for the industry as a whole with signs of slowing down. Growth ciate new initiatives as Click & variations i different segments. has shifted from stores to online Collect, which is rising in popu- A large percentage of sales still shopping, which has contributed to larity month by month. The new take place in traditional stores, Stores 94% higher price and margin pressure fix-it counter service concept, although large growth is taking for the industry as a whole. With a launched to date in two stores, place online. Clas Ohlson has a sustained strong customer base, for offers a new shopping experience solid position in the market with example with 2.3 million Swedish and service level for Clas Ohlson favourable opportunities to be Club Clas members, Clas Ohlson customers. Four stores were even more relevant to Finnish retains a very strong position in the refurbished during the year and customers. Sales in 2018/19 Swedish market. Sales increased Clas Ohlson retained its strong rose 7 per cent (SEK). a total of 5 per cent (SEK) in the position in the market with a 9 financial year. per cent (SEK) sales increase for the year. Sales Sales, MSEK Sales, MSEK Sales, MSEK online, MSEK 3,853 1,064 3,571 432 998 3,658 913 3,588 3,287 3,190 3,483 819 3,295 2,928 2,934 747 284 268 299 372 14/15 15/16 16/1717/18 18/19 14/15 15/16 16/1717/18 18/19 14/15 15/16 16/1717/18 18/19 14/15 15/16 16/1717/18 18/19 UK GERMANY Start year: 2008 Start year: 2016 3 stores Online sales only 4 stores were closed in 2018/19 4 stores were closed in 2018/19 Sales, MSEK Development during the year Development during the year During the financial year, the UK retail mar- The German retail market continued to ket was marked by changes in consump- change in 2018 in line with consumption tion patterns, resulting in store closures and increasingly moving online. During the 284 372 a higher share of online shopping. During year, Clas Ohlson announced a new 354 the year, Clas Ohlson announced a new direction for the company’s international 299 direction for the company’s international presence, which resulted in the four 268 market presence, entailing that the store stores in Hamburg being closed during network in the UK will be successively the financial year. Going forward, Clas closed to instead concentrate the customer Ohlson will concentrate its focus on offering on online shopping. online shopping in the German market. 14/15 15/16 16/1717/18 18/19 CLAS OHLSON 2018/19 5 Digital in-store solutions enhance the customer experience. 6 CLAS OHLSON 2018/19 THE YEAR IN REVIEW An eventful year DURING THE 2018/19 FINANCIAL YEAR, Clas Ohlson launched a new growth strategy and took many concrete steps following this new strategy. Total sales of 8.8 billion SEK repre- sent a 7 per cent increase on the preceding year and sales growth online rose by 47 per cent, which is in line with the overall growth target of doubling online sales every second year. In the past year, sales increased to a total of 8,772 have been initiated to create long-term profitable MSEK. This corresponds to an organic sales growth in an action programme that we have growth of 4 per cent and an increase of 1 per named CO100+. cent in comparable units and local currency. Operating profit for the year amounted to 94 Growth in stores and online MSEK (468), impacted by non-recurring costs All of our sales channels contributed to growth corresponding to 405 MSEK associated with during the year. While online sales increased 47 CO100+, the business system that was launched per cent to 432 MSEK (295), while the in-store through the sCORE project, and the closure of sales growth was 1 per cent. During the year, we the store networks in the UK and Germany. Ac- opened eleven stores and closed eight stores. Of cordingly, underlying operating profit amounted the new stores, six were in the smaller Lab Store to 497 MSEK. The operating margin amounted and Compact Store formats. All store closures to 1.1 per cent and earnings per share to 1.13 were made in the UK and Germany, where we SEK. decided in the autumn to close stores in favour of a business model focused entirely on online sales. An organisation with its sights set on As a result, there was a net addition of three new the future stores. During the year, we strengthened the organisa- tion in several areas, while we reduced our per- New growth strategy sonnel numbers in others, mainly as a result of Since our new growth strategy was launched in our new strategic approach to markets outside the May 2018, a large number of specific projects Nordic region.
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