Weak exchange rates affected Stockmann negatively

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The Stockmann Group’s revenue was down 9.1 percent on the previous year and amounted to 138.5 million EUR  in August 2014.

Weak exchange rates of the Russian rouble, Swedish krona and Norwegian krone continued to negatively affect euro-denominated revenue. Revenue at comparable exchange rates was down 6.3 per cent.

The Department Store Division’s revenue was up in the Baltic countries and in rouble in Russia, but weak performance continued in Finland. The division’s euro-denominated revenue in total decreased by 10.7 per cent; down 13.8 per cent in Finland and 3.0 per cent in international operations.
Lindex’s revenue was on a par with the previous year at comparable exchange rates. Due to currency effects, however, euro-denominated revenue was down 5.2 percent. Seppälä’s revenue was down 20.7 per cent, partly due to closures of several unprofitable stores in Russia during the past 12 months.

The Fashion Chain Division’s revenue in total decreased by 7.4 per cent; down 9.8 per cent in Finland and 6.9 per cent in international operations.