Lindex’s excellent Christmas sales lifts Stockmann in December

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The Stockmann Group’s sales in December amounted to 173.7 million EUR, of which retail sales under the Stockmann and Lindex brands, excluding Russia and the product areas the company has withdrawn from, amounted to 146.0 million. Sales in the continuing product and market areas were up 1.6 percent due to Lindex’s excellent Christmas sales.

The Group’s sales for the full year 2015  in the continuing product and market areas were down by 1.3 per cent.

”Although the full-year sales of our core business did not grow, the direction is the correct one,” says Per Thelin, CEO of Stockmann.

The Group’s sales for the full year 2015 amounted to 1 563.0 million EUR, of which retail sales under the Stockmann and Lindex brands, excluding Russia and the product areas the company has withdrawn from, amounted to 1 245.8 million.

“In 2015, the Stockmann Group implemented its strategy determinedly and withdrew from several operations that were outside its core business. Stockmann will also withdraw from its retail business in Russia. In the future we will focus on retail under the Stockmann and Lindex brands, and our real estate operations. Although the full-year sales of our core business did not grow, the direction is the correct one. Stockmann’s comparable sales were up in December and our market share in our biggest product area, fashion, has grown in 2015, although we have reduced the number of price-driven campaigns. Lindex was very successful in its Christmas sales with sales growth of over 8 per ent in December,” says Per Thelin, CEO of Stockmann.

Stockmann divested Seppälä and the Academic Bookstore during 2015, and also replaced some of its own product areas in the department stores (e.g. electronics, books and toys) by those of tenants. A new owner is being searched for the Hobby Hall distance retail business in Finland. In November 2015, Stockmann announced that it will sell its Russian department store operations to Reviva Holdings Limited. The operations are estimated to transfer to the new owner on 1 February 2016. In its financial statement for 2015 Stockmann will report Russian department store business as a discontinuing operation. Stockmann will publish its financial statements bulletin for 2015 on 18 February 2016 at 8:00 EET.

Stockmann Retail’s sales in the continuing product and market areas were down by 5.6 percent in December. In Finland, department stores’ sales in the continuing product areas were down by 6.2 percent, which was partly due to a smaller number of price-driven sale campaigns. The strongest sales growth was achieved in the cosmetics product area. Sales in the Baltic countries’ continuing product areas were down by 1.0 per cent. Partly due to the weak Russian rouble, euro-denominated sales in Russia were down by 25.4 per cent.

Lindex’s sales were up 7.2 percent at comparable exchange rates. The good sales development continued, with growth in all countries except in Russia and Poland, where Lindex has closed down stores during the year. Children’s wear had the best sales growth of all product areas. Euro-denominated sales were up 8.3 percent, or 9.4 percent excluding Russia.

Stockmann Retail’s full year sales in the continuing product and market areas were down by 4.0 per cent. In Finland, department stores’ sales in the continuing product areas were down by 3.8 percent, and in Baltic countries by 4.9 percent. Euro-denominated sales in the Russian department stores were down by 25.8 percent, mainly due to the weak Russian rouble.

Lindex sales were up 3.3 percent at comparable exchange rates, with growth in all the market areas. Euro-denominated sales were up 0.3 per cent.

The Group’s sales figures include merchandise sales exclusive VAT in stores and department stores. The figures do not include other operating income such as rental income or service fees.

 

Sales (exclusive of VAT) in December

 

12/2015

EUR mill.

Change-%

Change-%, continuing product and market areas*

Stockmann Retail, Finland

72.0

-21.7

-6.2

Stockmann Retail,

international operations

25.6

-19.2

-1,0

Stockmann Retail, total

97.7

-21.0

-5.6

Lindex, total

76.0

8.3

9.4

Operations in Finland, total

81.2

-24.9

-4.2

International operations, total

92.6

-3.5

7.7

Stockmann, total

173.7

-10.4

1.6