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The new value-oriented Simply Magnet collection continued to drive top line improvement at kitchens chain Magnet in the third quarter.


Sterling sales were up 5 per cent year-on-year in the three months to end September, parent company Nobia said in a filing with the Swedish stock exchange.


The lower price segment—and its Simply Magnet programme in particular—was cited as having driven growth in the UK division. As in the second quarter, Magnet closed a single store to end the period with 206 UK showrooms.


In reporting currency, Nobia said its UK division net sales reached SEK 1,535m,* (£118m) up around 27 per cent year-on-year. However, that includes SEK 111m (£8.5m) of revenue from its recently acquired Rixonway Kitchens business and around SEK 159m (£12m) from currency gains.


UK third quarter profits were up by half to SEK 163m (£12.5m), again benefiting from exchange rate changes.


* currency converted 31 October 2015