CDON Rises Most in a Month After Earnings: Malmoe Mover
CDON Group AB (CDON), an online retailer of fashion and media products, rose the most in over a month in Stockholm after the company said profit almost doubled as it expanded into new markets and added products.
The share rose 11 percent, the biggest jump since Dec. 20 last year, or 4.70 kronor to 46.90 kronor as of 1:48 p.m. local time. The Malmoe, Sweden-based company was the biggest gainer in the Stockholm All Share index.
CDON Group said net income rose 86 percent to 48.4 million kronor ($7.2 million) while other retailers, such as KappAhl Holding AB (KAHL) and Clas Ohlson AB (CLASB), have said in recent reports the retail environment was weak. Sales rose 71 percent to 1.32 billion kronor as fashion site Nelly.com expanded to additional European markets and were boosted by the acquisition of a 90.1 percent stake in brand furniture internet store Rum21 AB in January last year, the company said today in a statement.
“Continued strong sales growth is key for CDON Group and we can see that we have strong momentum in our business,” Chief Executive Officer Paul Fischbein said. “CDON Group is currently in an intense growth phase, with investments being made to exploit this opportunity.”
Swedish broadcaster Modern Times Group AB (MTGB) spun off CDON in December 2010.
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