FINLAND: Stockmann Records Improvement In Q2

The Stockmann group has reported improved results for its fiscal second quarter, which helped push up its first-half figures.

For the three months to 30 June, revenue edged up 0.5% to €352.7m, although this grew by 6.8% on an underlying basis. Meanwhile, it swung to an operating profit of €11.1m, reversing last year’s €4.1m loss.

The results meant first-half revenue was down 10.2% to €625.9m, although this declined by just 1.8% on an underlying basis. Further, the operating loss narrowed to €19.2m from last year’s €46.2m.

The group said it was helped by improved results at Lindex, as well as its cost-cutting programme.  Stockmann is now aiming for further savings of €20m in 2017.

Interim CEO Lauri Veijalainen noted:We are slowly, but surely, moving towards better performance. After streamlining our organisation and operational model, all the conditions are now in place to fully and further develop our selected focus areas (fashion, beauty, food and home products), invest in the renewal of our stores, develop online and digital tools, and fully utilise our new distribution centre.”