Stockmann’s in rouble-trouble

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The fall of the Russian rouble weakens Stockmann’s revenues.
The star of the Group is Lindex that grows internationally.

The Stockmann Group’s revenue was down 6.8 per cent on the previous year and amounted to 202.8 million EUR in October 2014. The decline was partly due to currency effects, mainly the Russian rouble, which weakened by almost 20 percent compared to the euro. Revenue at comparable exchange rates was down 2.6 percent.

The Department Store Division’s revenue was up in the Baltic countries and in rouble in Russia, but due to the weak Russian rouble, euro-denominated revenue was down. In Finland, revenue declined less than in the previous months due to the successful Crazy Days campaign. The division’s total euro-denominated revenue decreased by 6.7 per cent; down 6.3 per cent in Finland and 7.5 per cent in international operations.

Lindex’s revenue was on a par with the previous year at comparable exchange rates with growth in most of the markets except in Sweden. Due to currency effects, euro-denominated revenue was down 5.2 percent. Seppälä’s revenue was down 20.3 percent or down 8.1 percent in comparable stores, excluding the closed 30 stores during the past 12 months. The Fashion Chain Division’s total revenue decreased by 7.2 per cent; down 5.7 percent in Finland and 7.5 percent in international operations.

Revenue (exclusive of VAT) in October

EUR mill.
Department Store Division, Finland 90.0 -6.3
Department Store Division,
international operations
50.6 -7.5
Department Store Division, total 140.6 -6.7
Fashion Chain Division, Finland 10.9 -5.7
Fashion Chain Division,
international operations
51.3 -7.5
Fashion Chain Division, total 62.2 -7.2
Unallocated 0.0
Operations in Finland, total 101.0 -6.2
International operations, total 101.8 -7.5
Stockmann total 202.8 -6.8

Revenue (exclusive of VAT) in January-October

EUR mill.
excl. terminated franchising*
Department Store Division, Finland 591.8 -10.2 -10.6
Department Store Division,
international operations
298.3 -9.4 -9.4
Department Store Division, total 890.0 -9.9 -10.2
Fashion Chain Division, Finland 110.9 -9.2 -9.2
Fashion Chain Division,
international operations
497.5 -6.9 -6.9
Fashion Chain Division, total 608.5 -7.3 -7.3
Unallocated 0.2
Operations in Finland, total 702,9 -9.9 -10.3
International operations, total 795.8 -7.8 -7.8
Stockmann total 1 498,7 -8.8 -9.0

Change-%: change compared with the corresponding period of the previous year.
*Change compared with the revenue excluding the Zara franchising operations in Finland which were terminated on 1 March 2013.