Magnet owner says Q4 sales will exceed expectations

Swedish kitchen business Nobia, the owner of UK brand Magnet, has reported that sales and operating profit in the fourth quarter 2020 will exceed expectations.

This is due to strong trading in the Nordic and Central Europe regions.

Net sales for the Group are estimated at SEK 3,449m (SEK 3,445m in Q4 2019) with an organic growth of approximately 5%.

The operating profit excluding items affecting comparability, is expected to be in the range of SEK 290 – 300m (SEK 214m in Q4 2019 including SEK -30m of non-recurring cost).

Items affecting comparability for the quarter is estimated to amount to SEK -144m.

Commenting on the update, Nobia said: “Market conditions since December are however still impacted by the corona pandemic.

“The recent more extensive lockdowns are impacting consumers’ access to our store network, and especially so in the UK, Denmark and Austria. Additional comments will be provided when the year-end report is presented.”