Clas Ohlson AB (CLASB), a Swedish discount hardware and electrical retailer, fell the most in six weeks after its July sales growth failed to gain as much as analysts expected.
Clas Ohlson fell as much as 3.6 percent and was 3.3 percent lower at 101.25 kronor at 3:23 p.m. in Stockholm trading, the biggest drop since June 1. The Stockholm OMX All-Share Index was down 0.6 percent.
Clas Ohlson, which sells products ranging from nail clippers to lawn mowers, is impacted by the broadly weak consumer appetite in Europe. The Insjon, Sweden-based company is expanding into the U.K. to diversify its geographic Nordic stronghold.
Sales in July rose 4 percent from the previous month to 526 million kronor ($78 million) and 5 percent compared with a year earlier. Analysts expected growth of 10.8 percent, according to a poll compiled by Direkt. The discount retailer said it had 162 stores opened as of July 31.
To contact the reporter on this story: Adam Ewing in Stockholm at firstname.lastname@example.org
To contact the editor responsible for this story: Toby Alder at email@example.com